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White Paper for Details Contents 5.1 Overall architecture 5.2 Storage layer 2.1 Market status quo 5.3 Smart contract layer 2.2 The debut of NFT 6.1 Token allocation 3.1 Platform introduction 6.2 INO 3.2 Platform principles 6.3 How to obtain BNCH 3.3 Platform architecture design 6.4 How to spend BNCH 3.4 Advantages 6.5 BNCH mining model 3.5 NFT 2.0 6.6 BNCH business model ­ 4.1 Tokenization of rights and benefits 4.2 Peer-to-peer trading of utility token 4.3 Auction of utility token 4.4 Utility token collateral loans 4.5 Transaction dividend 4.6 NFT limit order 4.7 More applications 4.8 Community DAO governance Overview In 2012, a person named Yoni Assia published a blog post titled bitcoin 2.X (aka Colored Bitcoin) initial specs1. In this blog post he discussed colored coins. Colored coins were transferred in the Genesis transaction therefore they are unique and identifiable from regular bitcoin transactions. Later, another author, Meni Rosenfeld, wrote an article titled Overview of Colored Coins2 to further explore colored coins value. The first blockchain -based game was created in 2015, Spells of Genesis3. Its developers released in-game assets on the blockchain through Counterparty4. The game development was funded by the issuance of the Bitcrystals token (BCY)5. This token was also the currency in the game. In 2017, Peperium6 was born. Peperium styles itself as a decentralized meme marketplace and trading card game (TCG) where anyone can create memes and store them permanently on IPFS and Ethereum. Peperium's platform token was called RARE. It was used to create memes and pay for listing fees. Then Cryptopunk was created by two creative technologists who realized that they could create a unique character native to the Ethereum blockchain, this is the original idea of NFT7. With that idea, they created CryptoKitties, a blockchain-based simulation game that allows players to adopt, feed, and even trade their virtual cats8. Crypto- Kitties became a hit in October 2017. It also brought NFT game into the mainstream. NFT stands for Non-Fungible Token, it is a non-homogeneous token, which means that NFT is indivisible, irreplaceable, and unique9. NFT's features made it the ideal candidate as an anchor of value for goods and commodities in the real world. NFT's features also allow it to represent artworks since each artwork has a unique intrinsic value. 1.Yoni Assia: Bitcoin 2.X (aka Colored Bitcoin) - initial specs. https://yoniassia.com/coloredbitcoin/ 2.Meni Rosenfeld: Overview of Colored Coins. https://allquantor.at/blockchainbib/pdf/rosenfeld2012overview.pdf 3.https://spellsofgenesis.com/ 4.https://counterparty.io/platform/ 5.https://crystalsuite.com/bitcrystals/ 6A Beginners Guide to Non-Fungible Tokens (NFTs). https://smartvalor.com/en/news/a-beginners-guide-to-non- fungible-tokens-nfts 7.CryptoPunks - Larva Labs. https://www.larvalabs.com/cryptopunks 8.CryptoKitties | Collect and breed digital cats!. https://www.cryptokitties.co/ 9. Non-Fungible Token Definition: Understanding NFTs. https://www.investopedia.com/non-fungible-tokens-nft-5115211 However, every NFT token has a different value, because NFT is non- homogeneous and not interchangeable. This makes the free trading of NFTs relatively difficult. Without trading, there is no liquidity10. This will ultimately lead to serious constraints on the development of the in dustry. NFT has consumer, financial, and speculative attributes. From the perspective of industry infrastructure, NFT needs a new type of fast trading mechanism, price discovery mechanism, derivatives trading mechanism and collateral loan mechanism. Among them, the fast trading mechanism and price discovery mechanism (including valuation and pricing) are particularly important,these two mechanisms can facilitate the fin- ancialization of NFT assets. The fast trading mechanism allows NFTs to be traded promptly, while the price discovery mechanism can provide a fair price acceptable to all parties11. Together these mechanisms will greatly enhance the tradability and liquidity of NFT. CHAIR is the world's first decentralized NFT trading platform for rights and benefits. CHAIR tokenizes rights and benefits to mint utility NFTs and establishes a brand new trading system with the decentralized technology concept. Any individual, enterprise, and institute can mint, trade or auction NFT with one simple click. Buyers will be able to directly access the rights and benefits represented by the NFT and participate in trade mining. With the smart contracts as rule enforcement, users can easily identify the ownership of NFT based on blockchain information. Therefore, the entry barrier is greatly reduced for average users to purchase NFT with CHAIR's platform token and to lock in the future rights and benefits of the NFTs. Users can also participate in trading, mining, and platform dividend sharing in the future. NFT holders can transfer their NFT or engage in limit order sales and auctions. 10. NFTs, explained. The Verge. https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq 11. What is NFT? Non-fungible tokens explained - CNN. https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-feseries/index. html CHAIR's revolutionary auction mining and trade mining model produces a positive economic cycle. Unlike the traditional inflationary mining transactions, all participants in the CHAIR trade mining will receive a dividend from the profits. Combined with the newest DeFi products, CHAIR Proof of Stake and Proof of Work mining, and trading dividends, CHAIR allows users to actively and securely participate in profitable mining activities. At the same time, as a decentralized platform, CHAIR adopts the decentralized autonomous organization (DAO) mechanism to make decisions on major platform events. The DAO mechanism can ensure that all users have the equal right to participate in fair platform governance through the voting system. Users will be able to safeguard their own rights and benefits from jeopardy. 2. NFT Market Background 2.1 Market status quo At present, the majority of NFTs are relying on the Ethereum network for issuance, trading, and circulation12. However, the congestion and expensive gas fees of the Ethereum network have restricted NFT's further deve- lopment. Currently, the application scenario of NFT is still relatively limited. It is mostly concentrated in niche markets such as games, cryptoart works, and card collectibles13. There has been no largescale application for the general population. NFT application should enter the mass market and allow the average users to participate.This will boost the liquidity of the NFT market. 2.2 The debut of NFT -2020.8.12 Paris Hilton, the heir to Hilton Hotels, sold a digital painting of her pet cat14. -2021.2.28 Grimes, the wife of Tesla founder Elon Musk, sold $5.8 million worth of digital content through Nifty Gateway within 20 minutes15. - 2021.3.21 Jack Dorsey, CEO of Twitter, sold his first Twitter feed as an NFT at an auction for over $2.9 million16. - The NFT application has now also made its way to the NBA,where it is used to purchase famous highlights from iconic basketball games, such as Lebron James' slam dunk17. 12.Non-fungible tokens (NFT) | ethereum.org. https://ethereum.org/en/nft/ 13.TIME. NFTs Are Shaking Up the Art World—But They Could Change So Much More. https://time.com/5947720/nft-art/ 14.Paris Hilton sells Ethereum-based artwork for $17,000 - Decrypt. https://decrypt.co/38969/paris-hilton-sells-ethereumbased-artwork-for -17000 15.Grimes Made $5.8 Million in 20 Minutes Selling NFT Art. https://www.businessinsider.com/grimes-nft-art-warnymphsells-for-millions- 20-minutes-2021-3 16.Jack Dorseys first ever tweet sells for $2.9m - BBC News. https://www.bbc.com/news/business-56492358 17.WSJ: The Whales of NBA Top Shot Made a Fortune Buying LeBron Highlights. https://www.wsj.com/articles/nba-top-shot-nft-crypto- digital-collectibles-11615266042 3 platform introduction 3.1 Platform overview CHAIR is the world's first decentralized NFT trading platform for rights and benefits. On the CHAIR platform, users could tokenize any right or benefit into NFT assets and sell or auction the NFT tokens on the CHAIR public marketplace. At present, the NFT asset category is highly homogeneous with nearly 99% of them represented by artworks. In the near future, more NFTs should arise from financial assets, digital identities or data related rights and benefits, etc. BNCH is the token for the construction and operation of the CHAIR platform. 1)Behavioral rights NFT: Warren Buffett could mint an NFT token for his annual 'Power Lunch'19. The NFT can then be traded or auctioned on CHAIR. The holder of this NFT will have the right to lunch with Warren Buffett. 2)Token rights NFT: Jack participated in the Telegram initial coin- offering. Jack can tokenize his locked position to sell or auction it. CHAIR allows users to release their locked profits in advance and increase the liquidity of their fixed assets. 3)Investment interest NFT: The investment company discovers and invests in high-quality projects20. The investment company tokenizes the private placement quota for the projects. Buyers of the investment interest NFT will obtain the private placement quota for the upcoming projects. Holders of the investment company's NFT will in effect become a limited partner of the investment company. 19.Yahoo Finance. $69 million reasons why you should care about NFTs. https://finance.yahoo.com/news/69-million-reasons-why -you-should-care-about-nf-ts-121858223.html 20. Blockchain Technology Offers Businesses a New Way to Connect with Consumers. https://www.prnewswire.com/news-releases/ blockchain-technology-offers-businesses-a-new-way-to-connect-with-consumers-301260287.html 3.2 platform principles Rights and benefits are the most valuable assets in the future.
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