The Bloom smart token (BLT) allows organizations to participate in evaluating user identities and creditworthiness. It also serves as the voting token to guide the evolution of the Bloom protocol.
BLT will serve as a voting mechanism for instituting changes to the BloomScore phases and algorithms.
Payment history providers and lenders will need to submit proposals to the ecosystem regarding why they are trustworthy, what their business does, and why their data should be included in the BloomScore.
Identity attesters and risk assessors on the Bloom network will be able to set prices and receive payment for their services in BLT.
These organizations pay BLT as an application fee and, in turn, users who vote on their eligibility will receive a portion of that fee.
While the network is in its infancy without a wide array of attesters, it is more susceptible to attack. In order to increase the immediate resilience of the network, users will be required to put up a small amount of BLT as collateral for users who they invite.
This collateral serves as protection against a mass-scale network of malicious accounts.