Bounties and Rewards — Earn LOOM Tokens for Participating in the Network 💰

Matthew Campbell
Sep 25 · 6 min read

TL;DR: Loom Network will be giving away millions of locked LOOM tokens to the community for taking part in the network — running validators, deploying dapps, creating content, as well as curating and voting on content. The promotion only runs for 6 months.

You may have noticed that we just kicked off a campaign to onboard more dapp developers. Since the network is live, performant, and stable, with dedicated external validators, we are now starting to ramp up our focus on adoption more intensely.

In order to help grow our ecosystem, we want to continue rewarding our existing stakers, validators, and current and future dapp developers with LOOM tokens for doing various tasks.

Loom Network has the largest lead in blockchain scalability, but instead of continuing at a steady pace, we are shifting into an even higher gear. We want to accelerate hard over the next year and beyond to increase this lead.

Deploying Dapps

We’re kicking things off with a large bonus for dapp developers: During October only, 500K LOOM will go to each of the first 10 new quality dapps deployed to Loom Basechain and listed on DappRadar. So you better get your app out there quickly. Outside of that, here are the other bounties developers can earn:

  • Launch a functional block explorer — 2M LOOM
    Create a fully functional block explorer for Loom Basechain and other chains. For examples of what we’re looking for, see mintscan.io, etherscan.io, and tronscan.org
  • Deploy a dapp to Basechain with an average of 20+ daily active users (DAU) — 500K LOOM
    Deploy a dapp to Basechain and register it on DappRadar.com. Average 20+ DAU over a 3-week span.

Content Creation

If you produce high quality content about Loom Network (and its technologies, products, etc.) in order to help the community — such as how to build an app with Unity or how to get the dev environment set up — we want to give you rewards. If you aren’t technical, you can always make videos or write blog posts explaining the benefits of using Loom. For other social media outside of videos and articles, please email us: satoshi[at]loomx.io

Videos:

  • Tutorial video — 300K LOOM
    Video tutorials can be on any technical aspect of creating and deploying a dapp to Loom Basechain. It should be accessible to someone who has a beginner to intermediate level of experience with development. A great tutorial will explain each step in detail so viewers leave with a better understanding of how to interact with Loom.
  • Non-technical video — 100K LOOM
    You have creative freedom on this, but good submissions will cover the value and benefits of Loom tech, and what it means for developers, end users, and others. A successful video will go beyond the surface level (“Loom is an interoperable solution”) and should leave the viewer with a newly gained appreciation for Loom Network.

Articles:

  • Building an app with Unity — 300K LOOM
    Write a detailed and high quality article that explains how to build a dapp using Unity from scratch to end product.
  • Using the Loom Transfer Gateway — 300K LOOM
    Write a detailed and high quality article that explains how to use the Loom Transfer Gateway. Tutorial should be accessible to someone who has gone through the CryptoZombies.io course and has beginning level experience with blockchain tech.
  • Using Solidity for Loom — 200K LOOM
    Write a detailed and high quality article that explains how to use Solidity for Loom, with special emphasis on the steps needed to develop for Loom compared to Ethereum.
  • Deploying a dapp to Loom — 200K LOOM
    Write a detailed and high quality article that explains how to deploy a dapp to Loom, with each step clearly explained. The article should show how to take a ready made dapp for Ethereum and deploy it to Loom Basechain.
  • Non-technical article — 50K LOOM
    Write a detailed and high quality article that explains what Loom Network is. You have creative control, but good submissions will cover the value and benefits of Loom tech, and what it means for developers, end users, and others. A successful article will go beyond the surface level (“Loom is an interoperable solution”) and should leave the viewer with a newly gained appreciation for Loom Network.

Content Curation and Voting

Besides creating original content, we will also be rewarding users for their involvement in the community by curating existing content about Loom Network from around the interwebs. Starting in November, we will be letting you submit and vote for the best content on Loom Network. Just by voting, you’ll get a portion of the tokens allocated to the voting pool each month. Also, validators will get rewards based on the percentage of their stakers that voted each month. Can you say win-win-win?

Validator Bonuses

Validators do a lot to secure the network, and we want to make sure they are aligned and incentivized to grow the network even more. We will have monthly validator bonuses, rewarding them on specific tasks and metrics. Each month, we will delegate an extra 2 million LOOM to the validators that did best on our monthly bounties, and they will get to keep this amount after 6 months. We also encourage validators to engage their communities, and the ones who perform best on the metrics will receive an extra share of the bonuses.

FAQ

Where do the tokens come from?

Tokens all come from the Loom Network’s token supply, mostly from unused token rewards.

Will these tokens be locked? For how long?

Yes, they will be locked for 3 months on bounties and 6 months on validators incentives.

When is the deadline to participate?

We are running this promotion for the next 6 months, ending on March 31, 2020. All rewards will be awarded on a first-come, first-served basis.

How will content submissions be judged?

Only high quality submissions will be eligible for bounties and rewards. We will look at quality, originality, creativity, and social engagement received.

Can any of the content cover market prices, trading, or investing?

No. Content may only be about Loom Network products and tech.

How do I submit my entry to be judged?

Please email your submissions to satoshi[at]loomx.io with the subject as Bounty Submission, and be sure to include your name and a brief description of what the entry is.

What Happens Next?

In October, we will start by manually handing out these bonuses. Then in November, once our Durian Hardfork is live (the one after Basechain), all the voting and incentives will be built into the chain.

We will be reviewing the entries during the 6-month program and contacting bounty winners directly after judging has been completed. Due to the amount of emails we receive, we may not be able to respond to everyone.

Thank you for being a part of the community and participating in the network. We are super excited for the increased adoption, and we want to give back to the community and help it grow even faster!

Loom Network is the production-ready, multichain interoperable platform for serious dapp developers — providing developers the tools they need to scale high-performance user-facing dapps today.

New to Loom? Start here.

Want to stake your LOOM tokens and help secure Loom Network? Find out how.

And if you enjoyed this article and want to stay in the loop, go ahead and sign up for our private mailing list.

Loom Network

🛸 The production-ready, multichain interop platform for serious dapp developers — http://loomx.io

Matthew Campbell

Written by

Cofounder https://loomx.io build scalable blockchain games and social apps on the Loom SDK.

Loom Network

🛸 The production-ready, multichain interop platform for serious dapp developers — http://loomx.io

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