Introducing the VideoCoin Network’s Rewards Program

We’ve made earning cash and VideoCoin tokens(VID) simple on the VideoCoin Network. If you are a holder of the VID token, you have the opportunity to participate in the VideoCoin Network’s Rewards Program. The three key topics you need to know about the Rewards Program are the Network participants, how to stake and how to get paid for participating.

Network Participants

Before we jump into the details on Rewards, it’s important for you to understand how to participate in the VideoCoin Network. There are two ways you can participate in the VideoCoin Network: as a worker, and as a delegator.

Workers are responsible for doing “work,” which for VideoCoin Network means processing, storing, or delivering video services.

Delegators are individuals or collective groups of participants that elect to provide(“stake”/”delegate” in industry terms) a number of tokens to a worker in the Network in order to support their reputation and receive a portion of the payment the worker received. Workers benefit from staking because the support increases their reputation and increases the change they will receive more work.

How to Delegate

Each VID token holder first has to decide which worker(s) to support. The list of workers will be published and updated in real-time. This list will show worker reputation and commissions the worker is paying out to delegators. The token holders can use this list to select a worker.

Once you have decided on a worker to support, you find a worker’s public delegating address through the VideoCoin Delegating Tool in the Publisher Studio interface. Use the VideoCoin Delegating Tool to finish the delegating process, locking up your tokens and commit your tokens to a worker.

Getting Paid for Participating

From then on, whenever the worker completes a job on the Network, that worker will be paid. Workers will be paid rewards in the mix of fiat(cash) and in VID tokens that they specify. From each worker reward, a minimum of 20% is paid to the delegators. If multiple delegators are involved, rewards will be shared out proportionally to the number of tokens delegated to that worker.

Cash rewards are automatically paid on a third-party blockchain. VideoCoin token rewards are automatically paid on the VideoCoin blockchain.

That’s pretty much the basic way the Rewards Program works. Not too complicated in general. Of course, there are details that are still being worked out as we head toward release, including what happens when a worker does not perform well — there will be penalties the Network will impose to make sure workers deliver on their commitments, and stakers will take on that risk as well — that’s why it’s important to stake those workers you believe to be reputable and worthy of your support. More on this will be detailed closer to commercial launch following Everest.

Click here to learn more about our Rewards Program: https://www.videocoin.io/rewards/