Testnet 1 Reward Distribution is Starting!
We are happy to announce that the distribution of Testnet 1 rewards has started. If you are a Testnet 1 participant, you can now claim your LOC here.
Before you do, we want to elaborate on the reward structure and the process of distribution. Each participant started with a score of 100%, and depending on multiple factors such as wallet downtime or missing daily transactions, penalties applied to the end score.
For example turning off the wallet for one week resulted in a penalty of 7 percent points. Not filling the confirmation form, that was sent out during the testnet, resulted in a penalty of 10 percent points. The full list can be found here.
The remaining score at the end of the period determines your Testnet 1 reward based on the following formula
(Your Score/Total Score)*Prize Pool = Your Reward
where the total score refers to the total amount of points all participants achieved together. This means that someone who achieved a score of 80% will receive twice the reward of someone who achieved 40%.
Your final reward in $ is then converted to LOC at a rate of $0.44 per LOC. This rate represents our average buying price from exchanges during the past few days. As a result, the total prize pool is 34,091 LOC.
A score of 100% results in a reward of 495 LOC. Participants may calculate their rewards by multiplying 495 LOC with their own percentage. Rewards will be rounded to full numbers.
Reward Distribution
In an attempt to protect the LOC price from negative side effects, we will be limiting the distribution amount to a maximum of 5,000 LOC per day. If the claimed amount exceeds 5,000 LOC on a given day, the remaining participants will receive their rewards on the following day. The first day of distribution is Monday.
By default, rewards will be sent to the Ethereum address that was submitted with the participation form. If you want to change your address, kindly note it when claiming.
We want to thank all participants for their valuable contributions and are looking forward to Testnet 2, which we will update you about in our upcoming monthly recap.
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