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Testing the new read.cash points system

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Avatar for Cain
Written by   287
2 months ago

In case you weren't aware, read.cash has implemented a new fund to attract users. Currently the fund is showing a total of $2,342, but I believe the actual amount is closer to $30,000 based on the top donors listed at the top of the site (update: top donors are for read.cash overall, not the fund itself).

The fund will be distributed to the site's users based on an intricate points system. Click the link for details, but the basic gist is that you get points for achieving various goals for different engagement levels. Each day 0.5% of the fund will be distributed based on a total points allocation. For example, if the fund ever reaches $1,000,000, each day $5,000 will be distributed to users who earned points the previous day. You can even track your daily progress by hovering over your balance on the top right to reveal how many points you've earned that day. Next to your points total, if you click on the "?" you'll see a pop-up like this:

The idea is to incentivize people to engage with the site and grow the community using an incentive model. I think it's a fascinating experiment, but it will only work if more people know about it, so let's spread the word!

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Comments

Testing it too, I'm liking how things are working right now, in this new system I can earn 1$ per day or more.

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1 month ago

It very much informative article.I think useful for everyone Thank you ver very for this article.

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1 month ago

Mostly correct, but the fund is ~ $2,350, so only about $11.75 is distributed daily :)

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2 months ago

I also thought the same at first but when see the detail it turn out to be fund is still 2350 , So that's mean we collectively need to raise awareness about this and how and why important this is.

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2 months ago

Yep, "top donors" might be a bit misleading here, but we haven't figured out a better title/layout yet. We're still figuring out how to honor our top benefactors.

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2 months ago

It sounded better when I thought the fund was at $30,000 =)

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2 months ago

We'll get there eventually and beyond, it's just a week old :) If the fund does what it does - it'll stimulate people to talk, write, comment. The more activity - the more people will join and create even more activity. At some point this will get interesting for some big sponsors with deep pockets. I mean even $30,000 for some exchange is peanuts, probably even $300,000 is pocket change :)

When I was writing I suddenly thought that maybe we should integrate our affiliate program with it... so that whenever your invitee gets a point - you get some percentage too.. We'll need to talk it over, but I think that's fair.

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2 months ago

Why ? If the top donor donated around 20k ? or are you waiting a little more to updated it? to see how the points system is going.

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2 months ago

Click "Show more". Top donor is the one who used more than $20K to upvote people on read.cash, but he hasn't donated to read.cash fund. It's not "top donors to read.cash fund" it's "people who spent most money on read.cash" and it's ranked by actual money spent, not money pledged. But it's really hard to figure out a short name for this instead of "top donors".

EDIT: Maybe we should call it "top read.cash supporters" :)

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2 months ago

Got It, I was thinking something differente, Now I understand he info on that list, thanks.

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2 months ago

I don't think you even need that to be honest. It just seems to be anonymous anyway. It also clutters up the top of the home page when viewing on mobile. If you listed the actual donors that might be one thing, but not sure I see the point of it if everyone is anonymous.

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2 months ago

It's up to each donor to decide to be public or anonymous. One just needs to click "Show more" and hover over his/her name to make it public. We'll probably make a notification to make it more visible. It just feels a bit wrong to publish how much money did a person spent here if he/she doesn't want that public. I think that many just haven't discovered the choice to be public yet :)

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2 months ago

It is a great and awesome article and it really help. Anyone who did not know anything about read cash can gain knowledge from here.

$ 0.00
2 months ago

It is a great and awesome article and it really help. Anyone who did not know anything about read cash can gain knowledge from here.

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2 months ago

Yeah! Cain, you've said it all:"but it will only work if more people know about it". This is a good call on the community to really promote read.cash, thereby promoting BCH to the greatest height.

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2 months ago

It is a great and awesome article and it really help. Anyone who did not know anything about read cash can gain knowledge from here.

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2 months ago

Can't i just have it all :P

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2 months ago

It is a great and awesome article and it really help. Anyone who did not know anything about read cash can gain knowledge from here.

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2 months ago

Thank you, I wasnt aware of a few things you mentioned in here. This new point system is awesome. I enjoy all of your articles

$ 0.05
2 months ago

It is a great and awesome article and it really help. Anyone who did not know anything about read cash can gain knowledge from here.

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2 months ago

Mostly good post. I am your 100th subscriber! Congrats!

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2 months ago

I think this is a great idea and a way to encourage engagement, writing, reading, etc.

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2 months ago

It is a great and awesome article and it really help. Anyone who did not know anything about read cash can gain knowledge from here.

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2 months ago

Thanks for informing us

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2 months ago