ComingChat launches an exclusive reputation warrant system on January 26.
The Reputation Warrant system provides an opportunity for platforms to identify and therefore incentivize high-quality contributions from participants, which will include content creation, community building, and gameplay, to name a few. This is critical to the growth and sustainability of any Web3.0 project. At the same time, designing a Reputation Warrant system requires complex considerations around reputation supply, distribution, and credibility. Therefore, using our knowledge of economic theory and game design, we advocate the design of a Reputation Warrant system based on a pair of tokens — one to represent reputation and the other to provide liquidity — which can serve as tangible measurements for meaningful contributions expressed.
In ComingChat, Mini Points will serve as a liquidity-providing credit, providing a form of compensation that enables contributors to liquefy some of the value they create into a convertible currency. For example, the early invitation of the platform can get 2 Mini Points based on recommendation activities. Contributors can obtain liquidity tokens — Mini Points through invitations, which are used for NFT transactions and exchanges in the platform, and support the exchange between Mini Points and other cryptocurrencies.
This time around, we’re issuing new Reputation Warrant that identify and reward users who contribute value to the platform — a form of signalling that these users can use to boost public reputation. We will use “Hummingbirds, ETH, BTC, Moon” to withdraw reputation level.
Reputation Warrant System Rules:
Get one experience-value-point (EVP) by using ComingChat every 30 minutes per day.
Maximum experience-value -point per day is 1.
Every 2 experience-value-points could you get an icon.
There are 4 reputation icons: Hummingbirds, ETH, BTC, Moon, and when you accumulate four of each icons, you automatically get upgraded to the next icon.
After you get three hummingbirds, you keep using ComingChat and accumulate 2 experience value points, and the Hummingbird icon will disappear, and upgrade into 1 ETH icon.
ComingChat’s Reputation Warrant will take the form of Social Contribution Points. These Reputation Warrant can be acquired by users including people and communities through access to services, content contributions, financial conversions, and more. Importantly, in the Comingchat crypto environment, social contribution values can often represent ownership and uniqueness (in the case of CID NFTs), and they are decentralized and portable due to the existence of the blockchain. Reputation Warrant can be used in the global Internet economy, not just limited by a single platform or policymaker.
We propose a dual-Reputation Warrant system in which one token, which we call “Mini Points”, is a user-transferable asset. The second type of warrant, “icon such as the moon”, is used as a non-transferable reputation signal. In effect, tiers generate a bonus of Mini Points that can be used as a tradable currency. Also, since Mini Points accumulate towards levels, the two are actually linked.
At a high level, our design facilitates a feedback loop where users receive tier bonuses from high-quality contributions on the platform, such as contributing content, moderating, or winning gameplay. Then, when users with higher levels will get more platform benefits, the Mini Points included in the benefits can be traded as currency. User demand for Mini Points drives the need to earn tier bonuses, which incentivize high-quality contributions.
In the platform bonus policy, under the convex bonus rate, a larger share of each bonus should go to users with higher grades. That is, the bonus increase from 1 to 2 is higher than the bonus increase from 0 to 1. Convexity rewards users who have participated in the system for a long time, providing more motivation to maintain the state of participation. We believe that there is a direct proportional relationship between the bonus returns obtained by users for level upgrades and the returns obtained by ComingChat. The platform revenue obtained by ComingChat depends on the value contributed by the contributors to create the platform. In other words, we believe that users with higher grades create more value for the platform and should receive more dividends.
ComingChat will receive various dividends in the future. Whether it is listed on Coinmarket or Nasdaq, it cannot be separated from the output of every contributor. Therefore, when ComingChat really starts to gain benefits, it will also obtain the income feedback from the contribution value according to the rating of the Reputation Warrant.
2022 will be an extraordinary year for Web3.0, and even more extraordinary for ComingChat.
We will unite like a DAO to democratize all assets and contributions. The birth of the NFT creation platform promotes the creation of every individual, and more importantly, NFT protects emerging young artists and retains the ownership of their works. Play-to-earn offers new possibilities for the digital economy and distributed networks addresses the digital divide and more.
Every interaction of a ComingChat user when he spends time and effort on the platform will be considered a valuable behaviour. We use the benefits brought by these high-value behaviours to piece together the user’s reputation value and contribution value, so as to return the benefits.
ComingChat’s mission is to build a metaverse for the entire ecosystem. With the economic structure of Bitcoin, it aims to reshape the digital economy system for billions of people around the world by building a simple, secure, and private global payment system and financial infrastructure. It further strengthens the interaction between the Internet and the real world by serving as a gateway for users to enter the Web3.0 world where a programmable identity system is established with CID as users’ digital identity, thus achieving unprecedented interoperability.
It will be a trustworthy, and user-centered metaverse platform that enhances user interaction services including:
- Decentralized social system
- Bitcoin wallet
- NFT ecosystem