Cashback just for the transaction itself? Or only when if the purchase made using the cryptocurrency.
Cashback idea when it comes to payments used is not really new and there are some contenders are exist already.
Topic: [Idea]Cryptocurrency that rewards users for transacting(like cashback)-thoughts? (Read 143 times)
October 17, 2021, 02:15:23 AM
October 13, 2021, 10:44:55 AM
Trying to understand exactly what users will be rewarded with and what they can do with the rewards, but I can't see the texts on the image clearly. That should help me determine whether this will be sustainable long-term
October 12, 2021, 09:21:43 AM
when you say "more transaction generate more rewards" you mean that your model have infinity amount of supply?
You mentioned the part of motivating users through the return, but you did not mention the mechanism for miners to mine bolcks and get rewards.
Is it proof of work? Or proof of share?
It is important to manage the price of the currency to be either stable or upward, and therefore the profits achieved by the user will pay him to continue using it, whether the seller or the buyer, but this enters you against:
You mentioned the part of motivating users through the return, but you did not mention the mechanism for miners to mine bolcks and get rewards.
Is it proof of work? Or proof of share?
It is important to manage the price of the currency to be either stable or upward, and therefore the profits achieved by the user will pay him to continue using it, whether the seller or the buyer, but this enters you against:
- Ensure the decentralization of the network.
- The quantity supplied: which should not exceed 1% to 10% annually as an increase.
October 10, 2021, 12:49:08 AM
The problem I see here is that for a credit card company it is not as big a burden if the user "spams" their network since it is a centralized database. But in a decentralized network (assuming your idea is aiming for decentralization) if someone spams the network, it will be a burden.
If the incentive is enough, people will abuse it by spamming the network. If the incentive is low then it won't even be an incentive for people to make transactions.
Additionally since the random "winner" is chosen by the miner, the miner can also abuse it to get that reward. They can spam their own block for free.
P.S. I personally find it weird that users need a monetary incentive to use a cryptocurrency! For example I am not paid to use bitcoin, but I do it because of other "incentives" I get (eg. financial sovereignty).
Thanks for your feedback.If the incentive is enough, people will abuse it by spamming the network. If the incentive is low then it won't even be an incentive for people to make transactions.
Additionally since the random "winner" is chosen by the miner, the miner can also abuse it to get that reward. They can spam their own block for free.
P.S. I personally find it weird that users need a monetary incentive to use a cryptocurrency! For example I am not paid to use bitcoin, but I do it because of other "incentives" I get (eg. financial sovereignty).
So 2 issues raised:
* Spam transactions - transaction fees are still kept in the network to prevent spam(like in any other crypto network). Rewards are proportional to those fees to ensure that function of preventing spam by fees is maintained.
* Miner choosing "winning" transactions - there's "future commitment" to prevent that - rewards are generated 5 blocks ahead of transactions that are considered for rewards. At the point when transaction is made, there's no way for user or even miner to know if it'll win later(tx hash is hashed together with future block hash N+5).
October 10, 2021, 12:41:24 AM
The problem I see here is that for a credit card company it is not as big a burden if the user "spams" their network since it is a centralized database. But in a decentralized network (assuming your idea is aiming for decentralization) if someone spams the network, it will be a burden.
If the incentive is enough, people will abuse it by spamming the network. If the incentive is low then it won't even be an incentive for people to make transactions.
Additionally since the random "winner" is chosen by the miner, the miner can also abuse it to get that reward. They can spam their own block for free.
P.S. I personally find it weird that users need a monetary incentive to use a cryptocurrency! For example I am not paid to use bitcoin, but I do it because of other "incentives" I get (eg. financial sovereignty).
If the incentive is enough, people will abuse it by spamming the network. If the incentive is low then it won't even be an incentive for people to make transactions.
Additionally since the random "winner" is chosen by the miner, the miner can also abuse it to get that reward. They can spam their own block for free.
P.S. I personally find it weird that users need a monetary incentive to use a cryptocurrency! For example I am not paid to use bitcoin, but I do it because of other "incentives" I get (eg. financial sovereignty).
October 09, 2021, 11:17:33 PM
Dear community,
I have an idea for a cryptocurrency that I was hoping to get feedback/thoughts from you folks.
Idea's very simple: cryptocurrency that rewards users for transacting in it (and thus incentivizes use/adoption of itself).
Similar concept in traditional finance - cashback and rewards on credit cards - has been widely adopted by most, if not all, card brands.
We have made a Proof of Concept - it's functional, here's a diagram that summarizes idea and adds some details on how it works.
https://vincentiv.net/images/Vincentiv_Summary_v8.png
More details are available on website - there's a working testnet and blockchain explorer that you can use to see it in action.
Questions for the community:
- Thoughts / feedback on the idea?
- Would you consider using such crypto should it become available on exchanges?
- If you'd like to participate as a developer or investor - please reach out directly.
I have an idea for a cryptocurrency that I was hoping to get feedback/thoughts from you folks.
Idea's very simple: cryptocurrency that rewards users for transacting in it (and thus incentivizes use/adoption of itself).
Similar concept in traditional finance - cashback and rewards on credit cards - has been widely adopted by most, if not all, card brands.
We have made a Proof of Concept - it's functional, here's a diagram that summarizes idea and adds some details on how it works.
https://vincentiv.net/images/Vincentiv_Summary_v8.png
More details are available on website - there's a working testnet and blockchain explorer that you can use to see it in action.
Questions for the community:
- Thoughts / feedback on the idea?
- Would you consider using such crypto should it become available on exchanges?
- If you'd like to participate as a developer or investor - please reach out directly.
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