The Power of Participation: How the VEND Token Rewards Network Engagement

Empty wax honeycombs built by bees, without human involvement

Introduction

In the world of Web3 and blockchain technologies, one of the most important aspects of a thriving ecosystem is active participation from its community members. Vendible, a unique identity network powered by the VEND token, acknowledges this key factor by reserving 49% of the token’s circulating supply specifically for participation rewards.

With the launch of the Vendible network and its flagship product, Trustible, an expansive array of rewards will incentivize involvement within the network. These participation rewards have already sparked significant interest and are playing a central role in building a robust and active Vendible community. This article aims to delve deeper into these rewards, their current usage, and future potential.

Participation Rewards: Current Status

The first commitments from the participation supply were targeted at individuals who joined the unique identity network by setting up their uID (unique identity) account in Trustible. This has provided an incentive for early adopters to take an active role in the network. Additional rewards have been set aside for our greatest supporters, our citizens of Ible City, who get greater rewards for being members inside our network.

Upcoming rewards from the participation pool are designated for users who engage in the referral program, thereby encouraging existing members to contribute to the growth of the Vendible network by attracting new participants.

Participation Rewards: Future Potential

While the current participation rewards have proven effective, Vendible aims to expand the use of the participation pool to a variety of impactful areas.

1. Decentralizing Nodes: Vendible’s identity network can support all public and private blockchains by linking our key system and Merkle tree and running nodes for each network. The plan is to expand to many more networks and decentralize the node participation by incentivizing others to run nodes. This strategy promises to increase the robustness and reliability of the network.
2. Community Support: Recognizing the value of an active community, Vendible plans to reward members for their support and promotion of the project. Various programs will be community-driven, taking input from members to determine the initiatives that will generate the most impact for the network.
3. Expanding Storage Options: Vendible uses advanced encryption for data storage in IPFS (InterPlanetary File System), providing secure, user-owned data management. To meet stricter standards for data storage, Vendible will use the participation pool to incentivize those who provide additional storage options for the identity network.
4. Distributed Work: Vendible believes that a swarm method of distributed work will ensure operational efficiency and cost-effectiveness. By rewarding contributions to the network’s development and operation, the participation pool can help Vendible remain lean, thereby returning more revenue to the network’s members. These rewards may include development and business bounties.

Beyond these potential uses, there’s room for the participation pool to become an even more versatile tool. For instance, it could be used to incentivize bug bounties, helping to identify and rectify any vulnerabilities within the system. It could also be leveraged to foster innovation within the Vendible ecosystem by funding grants for developers to build new applications or solutions on the network.

The participation pool will see inflows as external applications consue node and storage services, helping to ensure a sustainable source of support for the community.

Conclusion:

Vendible’s decision to allocate a significant portion of the VEND token supply to participation rewards underlines the project’s commitment to community engagement and decentralized growth. It is this focus on rewarding active involvement that sets Vendible apart and positions it for robust, community-driven development in the long term.

As a member of the Vendible network, you’re not just a user — you’re a participant, a contributor, and a stakeholder in a system that values your input. The participation pool is our way of saying thank you for your support and dedication to the Vendible vision. So, get involved, spread the word, and let’s shape the future of Web3 together.

To learn more about Vendible and join our unique identity network, visit our website or follow us on Twitter. You can also become a citizen of our network and set yourself up to maximize your rewards inside our product Trustible by picking up some Ible City NFTs.