Everyone now days should own some cryptocurrency. As more and more users come online it’s handy to learn about blockchain technology and have access to it. The best and easiest entry point into cryptocurrencies is Ethereum, and for now, Nitrodog will base its economy around the Ethereum Platform.
Step 1: Get an Ethereum Wallet
MetaMask is a Chrome Extension that allows you to manage wallets in your browser. You can use this wallet to store your Eth and tokens
Step 2: Buy some Ethereum
Coinbase is the most straight forward way to buy Ethereum and other cryptocurrencies. Once you buy some Eth, transfer it to your Metamask wallet.
Step 3: Create Tokens (Authors)
Authors can create their own tokens using Ethereum Smart Contracts. As a rule, the Nitrodog ecosystem’s standard for the number of tokens issued for each book is 100,000 token. One token should be worth one copy of a corresponding author’s book irrespective of title. Books in series don’t get individual tokens. Short stories and anthologies do not get their own token.
Step 4: Buy or Earn Tokens (Readers)
Readers can use Eth to crowdfund new content from authors. They can also earn book tokens for reading, reviewing or interacting with content offered by Author’s seeking to promote their work.
Step 5: Trade Tokens
Once issued with book tokens, readers can trade them on a decentralised platform like Forkdelta or EtherDelta, or they can buy content from authors. An author can accept other author’s token, to their discretion.