# What is Compendia
Compendia is a Layer 2 Database Network where anyone can create and contribute to open databases of any category (e.g. apps, markets, cryptocurrencies, music, videos, games, etc). Apps and services can pull data from these databases for free.
In the future, Ethereum smart contracts can also use this data (e.g. for DeFi applications).
Think of Compendia as an oracle network, but instead of serving one piece of simple data for one specific topic, the network can serve full data collections from many sources relating to any topic.
You can also think of Compendia as the Wikipedia of databases for apps, services, blockchains, smart contracts, IoT, A.I. and more.
BIND is Compendia's native cryptocurrency. BIND represents Vote Power (or Power) on the network (1 BIND = 1 Power). With Vote Power, you can vote for validators (the miners of the network).
The top forty-seven validators on the network with the most votes mine blocks, which means they verify transactions and earn block rewards and transaction fees in return.
Validators also have the ability to upload databases to Compendia. These databases can then be used by apps and services for free.
The apps using these databases can rank their items by measuring the vote power of the validator that uploaded it. Therefore, BIND not only influences forging positions of validators, but also database item positions.
BIND is not spent on voting (apart from a small transaction fee when setting a vote). Instead, the voting power of a Compendia wallet consists of the total sum of its BIND balance and stake.
See how the network's economy and the BIND coin work at the Economy section.
You can lock BIND in you wallet for a period of time to increase you voting power without extra costs. This is called staking.
The minimum to stake is 5,000 BIND.
This minimum can change in the future based on validator/holder consensus.
For example: 5,000 BIND normally represents 5,000 vote power. If you stake these BIND for 12 months, the vote power increases to 50,000 for that duration.
There are various features and levels with staking.
To find out more, see the Economy - Staking section.
# Earning BIND
You can earn BIND by participating in various ecosystem initiatives.
Some possibilities for earning ("farming") BIND currently include:
Staking and voting: You can vote for a validator on Compendia and benefit from the services and rewards that they may offer to voters. Some validators choose to share a fixed percentage of BIND that they earn from block rewards with their voters. You can review the value proposals from validators by clicking on their names in the Bindscan Block Explorer and reading their descriptions.
Contributing to databases: Validators may reward people for contributing to their databases. Check out their descriptions to find out what you can do for a validator to get paid BIND.
Using Compendia Databases with your app: Some validators are planning to grant BIND to developers who will build or extend apps and websites that integrate with Compendia's databases. You can join the Telegram to present your app.
Running a validator: As a validator you can earn block rewards consistently. The top 47 validators earn 3.90 BIND per forged block, and the top 5 earn 4.84 BIND. An active validator forges one block approximately every 5 minutes.
Yield Farming: The community-powered ßindfarm app lets you farm BIND rewards by adding to the wBIND-ETH Liquidity Pool on Uniswap.
Disclaimer: Compendia is a decentralized blockchain network. The above examples for "Earning BIND" are community-contributed examples and initiatives. There are no inherent or guaranteed ways to earn or obtain BIND. Any of the above (and any future) initiatives may cease to exist at any time.
BIND (a "Utility Token") has no inherent financial value and should only be obtained by people who want to use the network. BIND is not a financial asset and should not be held as a financial investment. Do not expect to gain any financial returns from holding BIND, or any other Utility Token, Cryptocurrency, or Blockchain Coin.
# Use Cases
Any service that processes databases (meaning: almost any application on the internet) can benefit from Compendia databases.
- App store where all apps are maintained by users and validators on Compendia.
- DeFi (Decentralized Finance) app that pulls cryptocurrency data from Compendia into a blockchain or smart contract (not only simple price data, but also DEX volume, volatility, etc.).
- Video streaming app that displays trending videos retrieved from Compendia databases.
- Social blogging app that ranks posts based on the ratings on Compendia databases.
- News site where articles and their reliability are validated by various nodes on Compendia.
- Machine Learning algorithm that's trained by data on Compendia.
- Wiki service that formats and displays encyclopedia-like data of a specific category.
We're still building the tools that allow applications to easily integrate with the network's databases.
The first application to integrate with Compendia is the nOS multi-blockchain wallet app:
|nOS||Crypto Wallet & App Store||TBA|
Interested in expanding this list? Join us on Telegram!
- Awesome Compendia - an awesome list of official and unofficial resources maintained by validators bfx and cryptomaniac.
- CompendiaValidators.com - a dashboard for reviewing validator proposals and blogs (for voters and validators) by validator the_bobbie_bunch.
- Bindfarm - community-powered BIND yield farming. Join the wBIND-ETH liquidity pool on Uniswap and earn BIND in real-time, made by validator bindfarmer.
Compendia is proudly powered by the ARK Core blockchain framework.