It’s All About the Money, Money, Money…
Let’s face it…it is.
While we would love to think that our users are sufficiently motivated to contribute to the Ignite RATINGS platform purely due to its awesomeness and innovation, a little touch of incentivisation in the form of cold, hard cash (well, ETH) never hurt.
I am extremely proud to announce that we have completed distribution of our first Ignite INDEX rewards to our eligible users, and for those most deeply entrenched in the Ignite RATINGS platform, it has been quite a handsome payday — some users have even seen their first rewards more than cover their original contributions during Ignite’s crowdsale.
The Headline Numbers
POSITION 1 — Basic Attention Token (BAT)
Total gain: $3,202.72 (128.14%)
Average total reward: $123
Highest total reward: $424
Highest influence reward: $350
Highest IGNT holding reward: $114
POSITION 2 — Binance Coin (BNB)
Total gain: $6,459.61 (258.45%)
Average total reward: $806
Highest total reward: $2,032
Highest influence reward: $1,676
Highest IGNT holding reward: $428
Calculating Rewards
Index gains are shared 50% to eligible users, 30% to the Ignite INDEX (increasing the deployable capital base), and 20% to Ignite for operational purposes.
Of the 50% of gains used to reward our users, 70% is based on user reputation and influence, specifically users’ influence on each gaining asset’s ratings; and 30% is calculated based on a user’s average IGNT holding during the time that the Index position was open.
When it comes to calculating influence, the Ignite RATINGS system records, in near real-time, the amount of influence that is being exerted by a user on an asset rating — this is calculated at ratings category level and aggregated to provide a “Total Influence Score” for each user. This is the score that we use to calculate a user’s “Sway”, this being a real-time indication of influence, but not a true holistic picture of historic influence. To do this, we take each user’s maximum Total Influence Score for the period that an asset position was open, and express this as a percentage of the total sum of all users’ Total Influence Scores for the period. This provides us with a clear, accurate and unequivocal view of exactly just how much influence every user has had on an asset rating while a position has been open, and also the proportion of influence-linked rewards that each user is entitled to.
IGNT holding rewards are simple to calculate, as they are based on each user’s average IGNT holding for the period that a position is opened — the Ignite RATINGS system continually scans all registered wallets and records IGNT and IGNX token balances. Again, a user will receive a proportion of the holding rewards equal to his/her holdings expressed as a percentage of all eligible users’ average IGNT holdings. Allocating 30% of rewards to reflect IGNT holdings has proved an excellent way for new users to ensure that they can still receive considerable rewards, while focusing on building up their reputations through ratings submissions.
…and as I type, the Ignite HIVE has elected to close another position for a 57% gain!
These are truly exciting times for the Ignite project, as we are seeing our ideas come to fruition and theories validated, with the Ignite HIVE clearly outperforming the market and, very importantly, a number of other crypto “index funds” and projects (analysis of this performance will appear in a future article).
With the Index continuing to identify opportunities and continuing to deploy capital, now is as good a time as any to join the Ignite RATINGS platform…so, if you like the idea of potentially monetising your ICO/STO/IEO/crypto research, and want to join an awesome online community of like-minded individuals, come and join the HIVE!
