The time has arrived!
As announced in our Status Update #4, we planned to launch a program to reward members of our community for supporting the project by undertaking marketing activities. Over the past few months, we’ve worked on the first approach to this, and are now in a position to officially launch our Social Reward Program, as of April 1.
What is the Social Reward Program?
The Social Reward Program is a marketing campaign by Tixl. Everyone who holds at least 1 MTXLT can join the program on the Tixl website. People who join the Social Reward Program are called “Ambassadors”. An Ambassador can earn points by supporting Tixl through different activities on social media (mainly Twitter), e.g. by liking or retweeting a post. At specific times, the points that have been earned by way of the marketing activities will automatically be converted to an amount of MTXLT, which will then be credited to the Ambassador.
How Long Will the Social Reward Program Run?
At this stage, the program will continue run with no end date currently set. That means we plan to run it for the foreseeable future, but don’t envisage it will run forever. The program is designed to be divided into phases. Each phase is planned to run over the course of three months, with the first phase starting on April 1, 2020. Consequently, the first phase will end on June 30 and the second phase will begin on July 1.
Which Activities Qualify for Rewards?
You can find which activities will get rewarded on the Social Reward Program Overview Page. Initially, there will only be a handful of activities, but we’ll add more activities over the coming days and weeks. New Social Reward Program activities can be added at anytime and we’ll let you know about these through our different social media channels - so make sure you are subscribed to them!
What are the Requirements to Join the Program?
There are four requirements you must fulfill to become an official Ambassador. These steps are also outlined under the Social Reward Program tab on the Tixl account page.
- The Ambassador must accept the Social Reward Program Terms and Conditions on the Tixl website.
- The Ambassador must provide proof (micro-transaction) that he or she owns at least 1 MTXLT. The 1 MTXLT must be held in the wallet over the full Social Reward Program quarter.
- If not previously completed during the token sale, the Ambassador must go through a KYC process.
- The Ambassador must authorize the Social Reward Program Twitter app.
How Big is the MTXLT Pool for the First Phase?
For the first phase - from April 1 to June 30, 2020 - the pool size will be 100 MTXLT. At the time of writing, this equates to ~$2,500. We think this amount is appropriate for three months of (hopefully) boosted social media reach. We know that the corresponding USD value may vary between now and June 30. Ideally the value will increase, which could help motivate new people to join both the Tixl community and the Social Reward Program.
How will the MTXLT Pool be Divided Up?
Every Ambassador will collect points during each phase of the Social Reward Program. At the end of each phase, the points from the efforts of all Ambassadors will be totalled. The MTXLT pool amount will then be divided by the total of these points. The resulting figure will then be multiplied by the points earned by each individual Ambassador to work out their share of the pool of MTXLT.
Examples (with virtual numbers):
- Three Ambassadors are participating in the first phase
- Ambassador A earns 1000 points
- Ambassador B earns 200 points
- Ambassador C earns 500 points
- In total, this results in 1,700 points earned
- 100 MTXLT / 1,700 points = ~0.05883
- Ambassador A will receive ~58.88 MTXLT
- Ambassador B will receive ~11.77 MTXLT
- Ambassador C will receive ~29.44 MTXLT
Please note: the numbers above are only to illustrate the how the division of MTXLT will work. We are hoping to welcome a lot more Ambassadors into the program than 3!
When will the Pool be Distributed?
MTXLT will be transferred at the next token distribution date after the end of a Social Reward Program phase. The tokens will be distributed to the Binance Chain address which is added to the “Token Distribution” tab of the Tixl account page.
What are the Future Opportunities?
If the Social Reward Program works for Tixl, we are considering licensing the same software to other projects. These projects would become clients who could then use our software to launch comparable programs for their own tokens. Also, the use of this software would not be limited to just crypto projects.
A Social Reward Program, as a service, would solve many marketing problems a lot of companies face. When we did our research, we couldn’t find any tool or system that fit our needs. If we were able to license the software to other projects, we could also require them to burn a certain amount of MTXLT as payment for the use of the the software.
At this stage, the focus is on making the Social Reward Program a success for our project, but it is always good to explore other opportunities to increase the value of Tixl.