BTV white paper

Status: DRAFT v0.1. This is the working draft of the BTV white paper. Numbers and structure are designed to align with MiCA Annex I requirements for fungible (non-asset-referenced, non-e-money) crypto-assets and to provide US securities-law distance under the Howey framework. Final publication requires legal review in each launch jurisdiction and ratification by the BitView team and design-partner cohort. Nothing in this draft constitutes an offer of securities or an offer to sell.

1. Abstract

BitView is an on-chain rewards layer for live streaming, built on Solana mainnet. Streamers fund token-distribution events that reward chat viewers in real time; viewers claim their accruals non-custodially to a self-managed Solana wallet. BTV is the platform's native utility token, designed to:

1. Serve as the anti-sybil stake that gates accrual eligibility for viewers.
2. Provide fee discounts on the BitView swap router and platform services.
3. Act as the settlement currency for the sponsorship marketplace and Identity-tier streamer-token liquidity pools.
4. Vest governance rights over protocol parameters in Phase 5+.

BTV has a fixed total supply of 1,000,000,000 (1 billion) units, no inflation after the initial emission curve completes, and no redemption right, profit-share, or guaranteed price appreciation. Holders are crypto-native participants in the BitView platform; BTV is not an investment vehicle.

2. Issuer information

MiCA Annex I, Part A.

Field	Value
Issuer name	To be set on incorporation of the operating entity
Issuer legal form	To be confirmed (BVI / Cayman / similar) with counsel
Issuer jurisdiction	TBD
Issuer registered address	TBD
Issuer LEI	TBD
Token issuance date	Phase 2 launch, target Q[X] Y[Y]Y[Y]
Token contact	btv-whitepaper@bitview.so

The issuer is BitView's operating entity. The team is publicly identified on the BitView site and via the GitHub organisation. No member of the team has been subject to insolvency proceedings in the last five years.

3. The BitView platform

Brief context. Full architecture in Architecture.

BitView consists of four open-source modules:

• bitview-app — Next.js frontend (streamer creation, viewer dashboard, claim UX).
• bitview-bot — Rust backend (Twitch chat listener, accrual loop, REST API, MongoDB-backed state).
• distributor — Audited Anchor merkle-distributor program (forked from the Jito/Jupiter merkle distributor; reports from Neodyme and OtterSec).
• checkpoint — Documentation portal (this site).

A streamer creates a distribution event with on-chain parameters (total_token, periodicity_seconds, duration_seconds). The bot listens to the streamer's Twitch chat and, every periodicity_seconds, credits each present + linked viewer's wallet a per-tick share of the pool. At end of stream, a merkle root is published on-chain via the distributor program; viewers claim their share with a standard new_claim instruction. The whole flow is non-custodial — BitView never controls user funds.

4. The crypto-asset (BTV)

MiCA Annex I, Part B.

4.1 Type and characteristics

BTV is a fungible crypto-asset that does not qualify as:

• An asset-referenced token (it is not pegged to or backed by any basket of assets, currencies, or commodities).
• An e-money token (it is not pegged to a single fiat currency).
• A financial instrument under MiFID II (no profit-share, no redemption right, no claim on issuer assets).

It is a utility token under the MiCA framework — a digital asset that provides access to and discounts on services available on the BitView platform.

4.2 Technical specification

Field	Value
Standard	SPL Token-2022
Network	Solana mainnet
Decimals	6
Total supply (fixed)	1,000,000,000 BTV
Mint authority	Multi-sig (3-of-5), revoked after initial mint per emission schedule
Freeze authority	None (revoked at deployment)
Transfer fee	None on protocol layer (BitView fees are atop, not built into the mint)

After the full emission schedule completes (60 months from token genesis), the mint authority is permanently revoked.

4.3 Rights and functions

A BTV holder may:

1. Stake BTV as anti-sybil collateral. Required minimum 100 BTV for accrual eligibility on the BitView platform. Stake can be slashed if the wallet is confirmed as fraudulent (industrial sybil).
2. Hold BTV for fee discounts. Holding ≥10K BTV reduces the swap protocol fee from 0.10% to 0.07%; ≥100K reduces it to 0.04%.
3. Use BTV as a sponsorship-marketplace currency. Brand sponsors may settle in BTV (with a discount versus USDC) to access BitView streamer audiences.
4. Participate in governance (Phase 5+). BTV-weighted voting on protocol fee schedules, marketplace listing curation, and treasury allocations.

A BTV holder may not:

• Redeem BTV for a fixed amount of any other asset.
• Claim a share of BitView platform revenue.
• Demand the issuer perform any specific action (other than governance votes the holder may participate in).
• Treat BTV as a security or investment vehicle. The market price of BTV is determined by secondary-market trading; the issuer makes no representation about future price levels.

4.4 Supply allocation

Total: 1,000,000,000 BTV. Subject to community ratification before issuance.

Bucket	%	Tokens	Vesting
Viewer rewards (5-year emission)	30%	300,000,000	Linear over 60 months from genesis
Streamer onboarding bonuses	15%	150,000,000	Distributed against verified-streamer milestones; held in protocol-controlled wallet
Liquidity bootstrap	15%	150,000,000	Locked in BitView-treasury LP positions (BTV/USDC, BTV/SOL, streamer-token/BTV)
Treasury (operations, audits, partnerships)	15%	150,000,000	4-year linear, 1-year cliff
Team	12%	120,000,000	4-year linear, 1-year cliff
Investors / strategic	8%	80,000,000	3-year linear, 6-month cliff
Public launch / community sale	5%	50,000,000	Unlocked at genesis

Vesting schedules are enforced on-chain via the Solana vesting primitives standard. The issuer cannot accelerate vesting unilaterally.

4.5 Emission schedule (viewer rewards bucket)

The 30% Viewer-rewards bucket (300,000,000 BTV) emits to the rewards distributor over 60 months on a front-loaded but predictable curve:

Year	% of bucket emitted	BTV emitted/year	Cumulative
1	32%	96,000,000	96M
2	24%	72,000,000	168M
3	18%	54,000,000	222M
4	14%	42,000,000	264M
5	12%	36,000,000	300M

Front-loading is intentional: it bootstraps the network during the phase when streamer-funded pools are smallest. By year 3, streamer-funded pools should be the dominant viewer reward source, and BTV emission tapers.

After month 60, the bucket is fully emitted and no further BTV is minted in this category. The platform must be self-sustaining via streamer-funded pools by that point.

The full emission schedule is encoded in the on-chain rewards distributor contract and cannot be modified by the issuer.

5. Technology

MiCA Annex I, Part C.

5.1 Underlying technology

• Network: Solana mainnet — proof-of-history consensus combined with proof-of-stake (Tower BFT). Block time ~400ms. Average transaction fee under $0.001 at typical congestion.
• Token standard: SPL Token-2022 (Solana-native fungible token standard, audited and battle-tested).
• Smart contracts: BitView reuses the audited Jito/Jupiter merkle distributor program for claim mechanics. Custom BitView contracts (vesting, sponsorship escrow, governance) are independently audited before deployment.
• Open source: All BitView source code is published under permissive license at https://github.com/bitview/.

5.2 Distributed ledger guarantees

• Settlement finality: Solana provides probabilistic finality at ~13 seconds (32 blocks) and economic finality at ~12 minutes (epoch boundary). Token transfers are irreversible after finality.
• Immutability: the SPL token mint and the distributor program state are immutable except through documented authority paths (multi-sig + timelock).

5.3 Audits

• Distributor program: audited by Neodyme (report: distributor/audit/neodyme_report_v2.pdf) and OtterSec (report: distributor/audit/ottersec_audit.pdf).
• BTV-specific contracts (vesting, governance, sponsorship escrow): to be audited by two independent firms before mainnet deployment. Audit reports will be published on this site under Transparency → Audits.

5.4 Bug bounty

• Program: continuous bug bounty up to $100K USD-equivalent for critical findings.
• Scope: all BitView-deployed Solana programs and BitView-operated custodial-adjacent surfaces (sponsorship escrow only).
• Hosting: managed via Immunefi or equivalent reputable platform.

6. Risks

MiCA Annex I, Part D. Holders should read this section carefully before acquiring BTV.

6.1 Market risk

The market price of BTV is determined by secondary-market trading and may decrease, including to zero. Past performance, simulations, or projections do not guarantee future market levels. The issuer makes no representation about future BTV market price.

6.2 Liquidity risk

Although BitView seeds initial BTV/USDC and BTV/SOL liquidity from the 15% liquidity-bootstrap allocation, secondary market liquidity is not guaranteed. Holders may be unable to sell BTV at a fair price, or at all, during periods of market stress.

6.3 Smart contract risk

BTV is a Solana SPL token. Bugs or exploits in:

• The Solana network itself.
• The SPL Token-2022 program.
• BitView-deployed vesting / governance / escrow contracts.

…could result in loss of BTV, theft of funds, or operational disruption. Audits and the bug bounty mitigate but do not eliminate this risk.

6.4 Regulatory risk

Cryptocurrency regulation is evolving across jurisdictions. The issuer designs BTV to be a utility token under MiCA and to avoid US securities exposure, but legal classification is ultimately determined by regulators and courts. An adverse determination could:

• Restrict trading of BTV in specific jurisdictions.
• Require the issuer to suspend operations in specific markets.
• Result in delisting from secondary venues that operate in adverse jurisdictions.

6.5 Operational risk

The BitView platform depends on:

• Solana mainnet availability.
• RPC provider availability (Helius primary, Triton/Quicknode failover).
• MongoDB persistence.
• Twitch IRC access.
• Centralized authentication (Twitch OAuth).

An outage in any component may interrupt accrual, claim, or swap functionality. The issuer maintains redundancy where economically practical but does not guarantee uninterrupted service.

6.6 Governance risk

When governance rights vest in BTV holders (Phase 5+), holders may collectively make decisions adverse to the value or utility of BTV (e.g., voting in fees that reduce platform competitiveness, or treasury allocations that deplete reserves). Hard-cap protections (no single wallet voting more than X%) mitigate but do not eliminate this.

6.7 Counterparty risk

BTV holders rely on the issuer to maintain the BitView platform during the bootstrap phase. If the issuer ceases operations:

• The Solana SPL mint continues to exist, but its utility (fee discounts, anti-sybil stake, sponsorship currency) depends on BitView platform existence.
• Vested team / investor allocations continue per their on-chain vesting schedule.
• Treasury LP positions continue to earn LP fees.
• The audited distributor program continues to allow claims of already-finalized distributions.

The platform's open-source posture and the on-chain merkle distributor mean a community fork could in theory continue operations, but holders should not rely on a fork for utility.

6.8 Sybil-stake slashing risk

Holders who use BTV as anti-sybil collateral and are detected (or falsely flagged) as engaged in industrial sybil farming may have their stake slashed to the protocol treasury. The detection pipeline is designed for low false-positive rate, and a manual-review appeal path exists, but holders should be aware of this risk if their BTV is staked.

6.9 Concentration risk

At genesis, vested team + investor allocations sum to 20% of total supply, with BitView treasury holding an additional 15%. Until governance vests in 2027+, the issuer effectively controls a meaningful share of BTV. Concentration is documented; holders should weigh it.

7. Environmental impact

MiCA Annex I, Part F (sustainability disclosures).

BTV is issued on Solana mainnet, which uses a proof-of-stake consensus mechanism. Per the Crypto Carbon Ratings Institute:

• Solana network energy consumption: ~3.2 kWh per million transactions.
• Solana network CO₂ equivalent: ~1.6 kg per million transactions.

For comparison, Bitcoin uses ~700,000 kWh per million transactions; a typical credit card network (e.g., Visa) uses ~1.5 kWh per million transactions. Solana is roughly comparable to traditional payment networks in per-transaction energy consumption.

BitView platform-level energy consumption (frontend, backend, MongoDB, RPC) is approximately equivalent to a typical small-scale SaaS application. Specifics will be quantified in the annual transparency report once production traffic is stable.

8. Issuance and distribution events

8.1 Genesis event

At genesis (token issuance day):

• The full 1B supply is minted into the BitView treasury wallet (multi-sig, 3-of-5).
• Allocations to vested wallets (team, investors, treasury, liquidity bootstrap) are immediately transferred per the schedule.
• The 5% public launch allocation (50M BTV) is made available via a fixed-price launch (TBD: launchpad partner, mechanism).
• Liquidity-bootstrap allocations are deposited into Meteora DLMM pools (BTV/USDC, BTV/SOL) at the launch price.

8.2 Public launch / community sale

• Allocation: 50M BTV (5%).
• Mechanism: TBD. Candidates: fixed-price launch, modified Dutch auction, allowlisted community offering. Whichever mechanism, participants will be screened against OFAC and geo-blocked from jurisdictions without legal coverage.
• Documentation: specific terms, KYC requirements, and risk warnings will be published in a separate offering document at the time of launch.

8.3 Ongoing emission

The 30% Viewer-rewards allocation emits to the rewards distributor per the schedule in §4.5. No discretionary minting is permitted after genesis. All vesting and emission curves are enforced on-chain.

9. Governance roadmap

Phase	Decision authority
Phase 1–4	Issuer (BitView operating entity, multi-sig 3-of-5)
Phase 5 (Governance)	Issuer + BTV holder vote (issuer retains veto on safety-critical changes during transition)
Phase 6+	BTV holder vote (issuer fully decentralized)

Concrete governance scope at Phase 5+:

• Swap protocol fee rate (within bounds: 0.05% – 0.30%).
• Token-launchpad fee.
• Sponsorship-marketplace take rate.
• Treasury allocation policy.
• Marketplace listing curation criteria.

Out of scope for governance:

• Modification of vested allocations (immutable).
• Modification of emission schedule (immutable).
• BitView platform shutdown (cannot be voted; only issuer can decide).
• KYC / sanctions compliance policy (regulatory floor, not a vote).

10. Disclaimers

• No offer of securities. This document is informational. It does not constitute an offer to sell, or solicitation of an offer to buy, any security in any jurisdiction.
• No investment advice. Nothing in this document is investment, financial, legal, or tax advice.
• Forward-looking statements. Statements about future plans, emissions, or platform capabilities are subject to change. Actual outcomes may differ materially.
• Jurisdictional restrictions. BTV may not be sold or distributed in jurisdictions where doing so would violate local law, including but not limited to sanctioned jurisdictions and US persons (subject to evolving guidance).
• Translation. This document is published in English as the authoritative version. Translations are provided for convenience only; in case of conflict the English version prevails.

11. Document control

Field	Value
Document version	0.1 (DRAFT)
Last updated	At time of publication of the relevant final version
Authoritative source	https://checkpoint.bitview.so/docs/business/btv-whitepaper
Change log	Maintained in the GitHub repository for this site
Contact	btv-whitepaper@bitview.so

Reminder: This is a draft. The final published white paper is a separate document approved by the issuer's board, reviewed by qualified counsel in each launch jurisdiction, and ratified by the design-partner cohort. Numbers and structure here represent the current best understanding and may change before final publication.