CiBit: A Cryptocurrency for Academic Impact

Cryptocurrencies have been an emerging venture for the past decade and a half. Their evaluations and amounts are increasing in the past couple of years. In this research we developed a cryptocurrency that aims to manifest academic reputation in a digital form. With the rise of mainstream cryptocurrency, CiBit aims to innovate and capitalize on the academic credentials system by integrating a new form of credit. Academic research is essential for building a reputation in academia, benefiting both researchers and their institutions. However, the true impact of research on academic society has remained largely unmonetized. CiBit Cryptocurrency seeks to address this gap by developing a non-mineable cryptocurrency where the generation of coins is directly linked to the number of citations and publications of academic articles. The objective of CiBit is to create a decentralized system where the authority over the currency is distributed among universities and academic institutions, which will act as banks and determine the currency's value. This decentralized approach ensures that no single entity has central control over the currency, promoting fairness and transparency in its valuation. Additionally, the CiBit platform includes a digital wallet feature, facilitating coin transactions between individuals and allowing withdrawals from academic institutions. By linking academic impact to a quantifiable and profitable currency, CiBit aims to provide a novel incentive for researchers and institutions, thereby enhancing the recognition and economic value of academic contributions.