UPDATE
This project has been reformed into a rewards program token instead of crowdfund/investment token.
EARNFREEBTC is a rewards token for the bitcoin faucet/advertising service http://earnfreebitcoins.com. Users who sign up for the rewards program are distributed 5 tokens each time they receive a payment from the website. Each week, a bonus BTC reward (in the form of BITCOINEX) is distributed to every token holder based on the total number of sponsored website visits the service has served in the past week. This gives token holders an incentive to increase the popularity of the website, as it has a direct impact on the bonus income received. EARNFREEBTC is a limited resource, permanently capped at 100,000 units and will be distributed until there is none left. The only way to obtain these tokens is through distributions from the website, or from acquiring from other users. More info and current stats can be found here: http://earnfreebitcoins.com/xcp
Original Post:
First post in the metacoin central :)
EARNFREEBTC is a dividend paying asset built on the CounterParty protocol. It represents all profit made from http://earnfreebitcoins.com , a pet project of mine that has been running since late 2012.
For those of you who have not been to "Earn Free Bitcoins" yet, essentially it is a combination advertising service and a glorified BTC faucet, similar to "Bit Visitor" (which has been around a little bit longer). The basic idea is that you enter in your bitcoin address, fill out a captcha and then are shown one of our sponsored websites for X amount of time (e.g 3 minutes). Once the timer runs out, you can click next to verify your visit time and collect your BTC. On the flip side, advertisers can submit URLs and pay for sponsored visits on a semi "pay what you want" per visitor purchase system. 40% of the income from these URL submissions is paid out to the visitors, 30% is paid to our affiliate advertisers, and the remaining 30% is kept by the service for costs and profit. With 60 - 100,000 visits per month, it has resulted in a nice steady stream of coin, for both us, our visitors and our affiliates.
The introduction of the EARNFREEBTC token engages the user base and the community in the further success of the website. More importantly, funds used from the crowd sale are to be used to market the site (increasing traffic, ad revenue and sponsored link purchases), upgrade the servers and fund development time in order to build new features into the site and make it more profitable.
Dividends are paid using XBTC (see here: https://forums.counterparty.co/index.php/topic,404.0.html ), which is another user created asset, but serves the purpose of acting as a 1:1 gateway for Bitcoin. 1 BTC = 1 XBTC. XBTC can be redeemed or bought using their automated vending address. There are a few advantages of using XBTC over paying out payments of strictly BTC. 1) Dividends are actually recorded in the public counterparty ledger 2) "dust" amounts can be sent without any problems (we cant pay out our smaller shareholders with the current dust transaction limits on the BTC network) and 3) Several counterparty features work much smoother with using pure asset tokens. Trading on the DEX with XBTC is much easier.
Where can I get some EARNFREEBTC?
Aside from the occasional small giveaways, you can simply purchase them! I am currently crowd-selling 40,000 out of 100,000 total shares, which means 40% of the websites profit will be paid out to token holders each week. The price is 0.00025 BTC per share, but these are also divisible so less than one share can be purchased.
To get EARNFREEBTC tokens, send any amount (from your counterwallet) to the following address: address removed, old program discontinued
Within 24 hours you will receive the equivalent amount of tokens.
For a more detailed description, more info and for any updates, check out the official page: http://earnfreebitcoins.com/xcp
