BlockFame is an Ethereum sidechain that utilizes a unique Proof-of-Celebrity consensus mechanism. Through a smart contract verification process, only well-known celebrities can become miners that process transactions on the network. 100% of all transaction fees and block rewards get automatically donated to a charity that the miner gets to choose.
Celebrities are perfect candidates to become trusted authorities, since normal individuals, in most cases, carry little credibility. If the financial gain is worthwhile, individuals could be susceptible to becoming complicit in compromising a network. By introducing the Proof-of-Celebrity consensus engine along with a well structured token distribution, we deliver a reliable, charitable, and unique cryptocurrency for end users, based on the security of a group of celebrities that place their fame and reputation at stake.
Every 5 seconds, a new block of transactions is validated by a celebrity miner and saved to the BlockFame Blockchain. With each block, the protocol rewards the miner with transaction fees and block rewards, and through a smart contract powered verification and initialization process, these fees and rewards will be automatically disbursed to a charity in a transparent manner that is available for public audit. The BlockFame Network will launch initially with 21 celebrity miners. The complete list of celebrity miners will be announced at the launch of the BlockFame mainnet.
Throughout history, money has always been donated to the needy knowing that it will make a difference in the world. Charity, non-profit, non-governmental, and social organizations that spearhead initiatives for community or group benefit will have extended opportunities to execute on their goals through a surplus of funds made available to them through the generosity of the celebrities that represent them. Positive impacts will be recognized worldwide through a transparent process that the public can easily track.
When compared to Bitcoin or Ethereum, users will not only find a drastic improvement in network performance and reduction in transaction fees, but a simple way to help charities without having to donate money. BlockFame has an even distribution model that encourages price stability. As a stable asset, this helps ensure that your holdings won't be subjected to large price swings in short periods of time.
Charities that have working relationships with celebrities will have a prioritized opportunity to become a network verified charity. Charity verification will be based upon industry standard rating systems that take into account financial health, accountability, and transparency.
After a simple verification and setup process, a celebrity can begin mining on the BlockFame Network. Blockchain records will indicate which celebrity validated each transaction, placing the celebrity miner’s name at the forefront of each block that is generated, along with a total amount identified for automatic disbursement to the charities that the celebrity miner has chosen to represent.
Our cross-chain bridge is a Decentralized App that provides a method for transferring ERC20 FAME tokens to native BlockFame FAME Coins. This will allow the BlockFame Network to grow initial liquidity by bridging Ethereum tokens to the BlockFame Mainnet at launch.
The BlockFame Explorer helps you navigate through the network by giving you a visual representation of any transaction. Visit the celebrity Miner Profile or Charity Profile pages to get a succinct view of all donations made and received. Watch the BlockFame Network make automatic donations in real-time!
