Hey guys, love the feedback. I think I forgot to mention that what we are hoping to do is educate people who are new to crypto about mining, and encourage mass adoption by allowing them to receive their first crypto. We have a digital ID system that also rewards them with tokens when they verify their ID, for example.
So you basically giving away some shittokens with no intrinsic value to users who opt in to use your wallet?
Lets get this straight. If you are building a system where people just earn money from doing nothing then its going to fail. Those in app tokens that they get -
1.How are they going to encash the ETH value?
2.Will they be traded on a market? If so who is going to buy them?
If you are willing to give mining rewards - how is the mining process going to be streamlined? Is there any proof of the mining procedure or just some cloud mining (a scam)?
The idea is that through Blockhive's deals with partnerships, the ESTY token could be redeemed for promotional offers, mining power being one of them, as it is one of the currently active products Blockhive offers (
https://blog.blockhive.ee/blockhive-announces-launch-of-eesti-mining-e5bf01b9ff8a). On this page you can see a post by the state-administered Eeesti Energia, the biggest energy group in the Baltics, talking about the partnership with Blockhive:
https://www.enefit.com/en/technology-parksWe do not offer cloud mining, but rather administration, operational management and hosting services for companies and larger investors.
Other types of rewards, aside from "hashback", we would be able to offer due to our existing business in that field, such as digital ID management, eResidency services, blockchain dev. training for example.
People would not need do anything different than what they usually would do in order to send crypto, people still need a wallet, any wallet, if they want to use crypto. Why not receive something rather than nothing for doing it?
I don't know if it would be worth it.
Seems like a very convoluted way to offer cashback rewards, meaning that it's not very easy to calculate exactly how much you're getting.
I can't really imagine that you'd earn anything meaningful and you basically have to jump through some hoops to actually cash out your rewards.
Why not give people some actual cashback rewards in ETH? Just skip the whole mining token giveaway process.
If you are receiving ETH over a period of 90 days, you have incentive to keep up with the market, to be informed about the state of crypto. With regards to calculation, the rewards are expressed in hash-power. So for 1000 tokens, you get 1mh/s for 90 days, for example. To cash your reward you just click a button inside the wallet- no jumping through any hoops.