Bolbhav Currency
Understanding the Bolbhav currency is fundamental to understanding the Bolbhav platform. This page contains all the minute details about this internal currency denoted by tokens.
Introduction
Users earn tokens for contributing on the platform and they spend tokens to accessing various features within the application.
Contributing price data on the app.
Onboarding other users on the app using one's referral link.
Validating data submitted by other users.
Buying tokens from other users.
Purchasing subscription using money.
Getting tokens via trail plan or any other subscription that does not involve paying money.
Two types of virtual currency
Depending on the task, a user can earn either of gold or silver tokens.
Silver Tokens
Silver tokens cannot be redeemed into money. However, they are necessary to use the app. Silver tokens are reduced when a user sees price information. Silver tokens can be transferred between users.
Gold Tokens
Gold tokens can be redeemed into real money, and hence they can be more valuable to a user. There is also a provision to convert the Gold Tokens into Silver Tokens at the ratio of 1:2 respectively.
Why is there a need for two types of currency?
The two currencies help us control our expenditure and give us more wiggle room to incentivize users to undertake certain activities. For example, if we are entering into a new mandi and want to attract contributors, we can increase the proportion of gold tokens rewards to incentivize data contribution. As gold tokens can be converted into money, many people will start contributing. But this also adds up quickly and we would have to spend a lot of money. So, once we have critical number of contributors in the mandi, we shift to silver tokens. As silver tokens cannot be converted into money, it helps us keep us expenses in check.
Silver tokens
How are silver tokens reduced?
All features of Bolbhav can be accessed only if a user has silver tokens. Currently, Bolbhav has a single feature of price information. The logic behind reducing silver token in the Bolbhav app is designed to maximize user benefit while ensuring fair usage:
Reduction Upon Access: Silver tokens are only reduced when a user accesses price information on the app. Each day the user accesses the app, 4 tokens are deducted from their total balance.
Daily Reset:
The count is reset at 12:00 AM IST each day, and reduction occurs only once per day, regardless of the number of times or variety of price information viewed.
No Deduction for Outdated Information:
To maintain the value of real-time information, tokens are not deducted if the price information on the app is older than one day (current date minus one day).
Why the per day usage lead to reduction of 4 tokens?
The decision to reduce 4 tokens per day in the Bolbhav app was primarily based on affordability and accessibility considerations for smallholder farmers. Originally, the app charged 20 rupees for a week (approximately 2.8 rupees per day). In transitioning to a usage-based charge model, maintaining the 20-rupee plan was essential to keep the product accessible. Therefore, setting the rate at 5 days of access for 20 rupees (which translates to 4 rupees per day) was seen as a reasonable enhancement from the previous plan, balancing affordability with operational sustainability.
How can users get silver tokens without contibution?
In most cases, users are awarded free trial plan after they sign-up on the app for the first time. In the trail plan they get 20 silver tokens. To avail premium features again, users need to purchase silver tokens through in-app purchase. Below is the categories of different paid plans
Amount in INR | Number of Silver tokens |
250 | 250 |
100 | 100 |
20 | 20 |
Gold Tokens
How are gold tokens redemeed into money?
How are gold tokens converted into silver tokens?
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