Today, the business information industry has several key problems that make the information they provide less than useful for critical aspects of business interactions. Two key issues are centralized data creation and centralized data validation. Currently, business information providers centralize and standardize “business data” by controlling the creation and validation of this information utilizing the antiquated bureau system. Similar to news agencies, information bureaus were designed to collect, verify and distribute information.
Like news agencies, information bureaus are challenged by advances in technology, inability to scale and the rate of change in the modern world. In short, they are still driving taxis in an uber world. They’re a closed system, focused on financial information and capture most of the value exchange centrally.
Trust Exchange has created a platform that can solve this problem. We enable participants to create their own information network, connect individuals, organizations and companies to collaborate in the creation and validation of mission critical information. To learn more about our plan and current functionality, you can visit whitepaper.trustexchange.com.
What follows is the current plan on distributing value throughout the network appropriately to all participants: information requestors, creators and validators.
Reward Distribution Summary
As described in the Trust Exchange Whitepaper (whitepaper.trustexchagne.com) participants in the network can earn rewards by contributing data to the platform. Trust Exchange has allocated 1.5 Billion TREX tokens to the reward pool for the purpose of incentivizing contributions to the platform in the form of data creation or data validation. TREX will be distributed daily to all participants based on their role in the network, active contributions and bonus rewards offered by requesters or Trust Exchange. Two types of rewards will be distributed: System Rewards and Bonus Rewards.
System Rewards
We have allocated a lifetime total of 1.5 Billion tokens for the daily reward pool. During the first year of operation, 20% of the lifetime total (300 Million TREX) will be distributed to participants. The reward pool will be halved each subsequent year for the entire life of the project. Year 1: 300M TREX, Year 2: 150M TREX, Year 3: 75M TREX etc.
Each day, participants will receive their allocation of system rewards which will be calculated as follows:
System Rewards = Participation Reward + Contribution Reward
Participation rewards will be 10% of the total daily reward/number of participants (individuals or organizations holding Certificate Tokens (NFTs)
Contribution rewards will be a formulaic reward that distributes 90% of the daily rewards to participants based on their weighted contributions to the network. The formula can be modified in the Trust Exchange application layer to incentivize data creation, validation or manage the tokenomics.
Bonus Rewards
Bonus rewards will be variable each day and will consist of third party rewards/bonuses and Trust Exchange rewards and bonuses. For example, Trust Exchange clients can provide additional bonuses for data they may need. A bank may provide bonuses for specific restaurants in order to prove that they are open and operating. A contributor would earn those by validating the restaurant is open and perhaps uploading a copy of their check or credit card receipt.
Total System rewards would be the sum of System Rewards plus Bonus Rewards. In the above example a contributor might earn the following total rewards:
Total = Participation rewards (Bronze Curator + Gold Validator) + Contribution Rewards + Contribution Bonus (from Trust Exchange Client)
Projected Reward Distribution to Year 1 Participants
**Note:
**- Year 1 Limit on Memberships: 81,000 (“Founder Members:)
- Multiple Memberships do NOT stack rewards. Rewards will only be paid to the highest membership level in wallet
- “Founder Member” will receive perpetual Founder’s Bonus for each subsequent year
To learn more about this project, read our whitepaper: whitepaper.trustexchange.com, Discord: https://discord.gg/KVekM5cg or visit our website: https://www.trustexchange.com
Posted Using LeoFinance Beta
Here is the summary of the reward system @baltai @taskmaster4450le
Posted Using LeoFinance Beta