Idea: Building A Blockchain Rewards Pool With BCH

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Written by

A Crypto Hodler playing with FIRE

2 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: read.cash, Bitcoincash, Blogging, Web3, Defi, ...

read.cash is an awesome website allowing us to write and earn BitcoinCash for our efforts. It allows us to earn tips from each other and from the TheRandomRewarder who is the largest tipper. If you are not already using the platform, you should consider adding it to your arsenal of crypto earning tools.

As the site grows in popularity and more people use the platform, how will the development of tips progress when spread across more users?

Could a future Blockchain-based rewards system be implemented using for example BitcoinCash or SmartBCH?

This could help future-proof read.cash and support a growth model supporting more use of BitcoinCash. This could be a Win/Win situation.

How could such a system work?

It would turn read.cash into a true web3 Defi platform and give users the power to upvote/curate content they like. The size of the reward could be based on the user's holding of BitcoinCash.

With a rewards pool model, users of read.cash could earn BitcoinCash through curation of articles and good interaction through commenting. Other users could up or downvote articles and comments and earn a reward from the reward pool with their interaction.

The rewards pool could work alongside the tipping model, so it could be an extra strengthening of the platform.

Good content is also important and the rewards pool system could be split between authorship and curation. Authors who produce good content can earn rewards and also those curating the content. Those with a bigger stack of BitcoinCash would have larger upvotes and a higher standing within the rewards pool community.

There are similar social blockchain apps existing using this model, but none are using BitcoinCash yet and this could be a great expansion for BCH. Furthermore, the future could hold further developments and use-cases built upon a BitcoinCash social platform.

Other Dapps could be developed and also it would be easy for noise.cash to also join the rewards pool.

What are your thoughts?

Thanks for reading.