🎇Rewards
Get (and give!) rewards for support.
Last updated
Get (and give!) rewards for support.
Last updated
Rewards signify the proof of support from stake-stream creators. Cofi gives every user the ability to designate a month-by-month reward that earners can receive when supporting them. These rewards are customizable, made specifically by each recipient for their supporters. While Cofi only supports pictures as rewards for now, we expect to support many different types of digital file types later on.
As a supporter, you earn unique, verifiable, traceable, and ultimately blockchain-backed rewards that you can use as proof-of-support anywhere in the world. These rewards are upgradable to Ethereum-based NFTs and can even be bought and sold on common NFT trading platforms like OpenSea.
Rewards can be made by any Cofi user. By designating a month, year, and customization details, a person can automatically reward their supporters through digital, unique rewards. You can plan multiple months of rewards in advance and each person who supports you earns their corresponding unique reward. Rewards are "lazy-minted" on Ethereum when they are earned. Each reward is assigned a unique cryptographic hash that proves a time and recipient as well as their support. Each of these is capable of "upgrading" into their fully minted, Ethereum-based NFT.
Subscribers (*) have access to a couple more tools when creating their rewards. At launch, GIFs are supported for subscribers, as well as stake-stream size limitations and leaderboard positioning month-to-month. For example, subscriber rewards can designate a GIF reward that is only dispensed to the top 3 supporters who create stakes of $100.00 USD or more. This would limit the supply of rewards available for that month as well as create incentives for supporters to compete for extra-scarce items.
When a Cofi user offers a standard reward, stake-stream supporters automatically receive the reward at the end of the corresponding month. However, a subscriber might set limitations that limit the availability of the reward (and this information is available in each individual rewards' information screen).
Once a reward is earned, supporters can choose to upgrade their rewards to Ethereum ERC-721 NFTs, which are supported across most Ethereum wallets and exchanges. Upgraded rewards can be:
Transferred to any Ethereum-compatible wallet
Sold on NFT marketplaces like OpenSea and EnjinX
Used as profile pictures on Twitter and other Ethereum-compatible platforms
... amongst other things.
The process of upgrading rewards is backed by the Ethereum network. Like stake-streams, this incurs a cost that ensures correct usage of the Ethereum network. Once this process is completed, all subsequent transfers would also incur network fees as a function of the Ethereum blockchain.
