The annual growth rate of the Influencer Market is 35.3%, with an estimated value of $84.9 billion by 2028. 80% of Web 3.0 Enterprises make campaigns with Influencers as the primary traffic channel.
Our team had experience in providing more than 300 ad campaigns globally with influencers in Web 3.0 for 12 Enterprises during the half of the year.
We faced and confirmed problems in ads cooperations, which leads to delays and losses of funds:
- Long response time or no response from the influencer, due to a lot of requests in Direct Messages.
- Delaying the date of the campaign
- There is no complete history and statistics of the influencer's advertising campaigns in one place.
We concentrated on solving the global problem in ad cooperation with influencers and involvement for both sides. We produce the dual-token reputation model to motivate influencers to stay active on the platform, achieve more experience, and receive additional rewards.
What it does
A decentralized influencer marketing platform with reputation-based rating and rewards.
Influencers actively reply to incoming bookings. Businesses plan and book advertising campaigns faster.
Advertising campaigns can be scheduled for a specific date and get completed on time
The whole history of advertising campaigns is saved on one platform, as a portfolio for the influencer. Businesses could check out examples and results of the influencer's past advertising campaigns.
Payments for ad campaigns directly to influencers, using USDC and Circle Services
We propose a two-token reputation system, whereby one token, which we call “B4B Points,” serves as a non-transferable reputation signal. The second token, “B4B Coins” is a transferable asset dispensed to holders of points and monthly campaign turnover on a regular cycle.
B4B POINTS - INDIVIDUAL RATING INDICATOR
Points credibly link their holders to the source of reputation on the platform. The Rating support activity on the platform - speed of accepting requests, in-date campaign publishing.
Influencers who want additional Rewards based on B4B Points and Monthly Income should have NFTs with parameters suitable for their personality.
B4B POINTS EARN B4B COINS MONTHLY
To create a form of liquid value attached to reputation, B4B Coins accrue to B4B Point and NFT holders through a series of dividends. Each B4B Point holder is awarded B4B Coins based on the number of points they have, NFT params, and Monthly Income.
B4B COINS - GROWING, VALUABLE AND TRANSFERABLE TOKENS
Unlike with points, the total number of coins is limited to give them value as a currency. Our platform has a long-run limit on coin supply — there are only so many of them that can ever be minted. The average total dividend will decrease yearly.
How we built it
Before Hedera Hackathon started, we had prepared the concept of our solution and built our team with experience in Influencer Marketing and Blockchain Development.
First of all, we discussed and produced a Whitepaper about our product with main features.
Product Development consists of 3 parts:
1) Personal account for brands is built using Typescript, and ReactJS (Ant Design). There is a web application for laptops.
- Sign Up / Sign In / Password Recovery
- Brief about company, product
- Business Profile & Description
- Subscription Payments
- Suitable Influencers Search List
- Influencer Profile (description, statistics, History)
- Booking Page
- Payment Campaign (USDC, using Circle Service)
- Campaign Workflow
- Campaign Feedback
2) Personal account for influencers we built using Typescript, and ReactJS. There is a web application for mobile devices.
- Sign Up / Sign In / Password Recovery
- KYC from social media
- Profile (description, Statistics, history)
- Wallet with B4B Points & Coins balance, NFT
- How to earn B4B Points and transform them into Coins?
- Calendar and prices
- Booking requests
- Receive Payments Campaign
- Campaign Workflow
- Campaign Feedback and receiving B4B Points
3) Smart-contracts algorithm for issuing and distributing B4B Points and Coins
- Counter in smart-contract
- Total Supply - Unlimited
B4B Сoins smart-contract
- ERC20 tokens
- Total Supply - Limited
B4B Liquidity Pool smart-contract
- B4B Coins and USDT equivalent
- Burn B4B Coins function
Calculation and minting B4B Points smart-contract
- Algorithm for Calculating the number of Points
- Minting B4B Points for Influencer
Calculation and minting B4B Coints smart-contract
- Algorithm for monthly issue B4B Coins
- Algorithm for the monthly distribution of B4B Coins, based on Points and Turnover
- Minting B4B Coins for Influencer
Receiving Payments smart-contract
- Receive USDT as a fees
- Distribute to Platform support and B4B Liquidity Pool
Challenges we ran into
1) It's too difficult to develop a dual-token Tokenomics for Business Requirements. During the Hackathon, we changed the algorithm 4 times, learned a lot of p2e mechanisms, and improve our algorithm, based on our experience in his section.
2) There were some difficulties with Hedera Smart Contract Service integration. After the deployment of Solidity Smart contracts, it needed time to connect the smart contract with web applications. We had help and found docs o complete it.
3) It was difficult at the end of the Hackathon to understand that we couldn't complete the fully-working product. We changed the strategy and concentrate on the main functions to show the main functionality. We plan to continue working, complete the product after the hackathon and release the B4B Platform!
Accomplishments that we're proud of
We developed the concept and launched the 1st release of really useful instruments for Enterprises. Our team combined all our experience in providing campaigns and researched the market of competitors.
We believe that our solution will be game-changing in Influencer marketing. It will be more useful for both sides - Enterprises and Influencers.
Transparent history and payments help in cooperation. The reputation system stimulates to be more activity for the platform and it is a community social mechanism. The rewards model helps to make marketing campaigns with word of mouth and increase the number of users on the platform.
What we learned
Our platform is based on Hedera Hashgraph to achieve transparent, fast, and low-cost transactions.
We use Hedera Smart Contrat Services to create a transparent algorithm for achieving reputation and distributing rewards. B4B Coins were developed based on Hedera Token Service.
We use USDC for crypto payments from Enterprises to Influencers. In the future, we plan to use the Circle Payment Service to convert fiat payments to USDC.
To log in on the platform we used Hash Pack Services and Wallet. We connected it via QR-code and it works for mobile and web adaptive for our web application.
We use Virtual Machines from GCP. In the future, we plan to use GCP for productive software architecture.
What's next for B4B.WORLD
During the Hedera Hackathon we have created the concept of the B4B Platform and developed the fully working MVP with the main Use Cases for Influencer and Enterprises.
Next, we plan to continue developing the Platform and lead to the release of B4B 1.0 in 3 months. We plan to receive grants or investments for the Platform development and also concentrate on community building for our platform, especially with our previous clients.
- MVP Tech Concept & Full Tokenomics
- Grants & Investments
- Open pre-registrations
- Community building
- Closed Beta
- Crypto payments
- Booking page
- Public Beta
- B4B Coins listing
- Users growing for Web 3.0 brands and Influencers
- In-App Score & Feedback
- Integration with Social Platforms
- Fiat payments
- Scaling for Apps & Tech industries
- DAO & Governance for smart-contract parameters