TLDR: The Creator Prize rewards question creators, offering a share of the prize pool for thought-provoking questions that lead to engaging discussions. The Support Prize allows users to support questions they believe will trend, with potentially large rewards.
In the world of content and discussion platforms, users often get validation in the form of likes and responses. But at Socrates, we’ve introduced various awards such as the Discussion Prize, Likes Prize, and Reason Prize on Socrates, to appreciate the active engagement and quality responses from our users.
However, questions are the foundation upon which insightful discussions are built. Therefore, we’ve introduced the Creator Prize to acknowledge the significance of questions and the efforts of those who create them on our platform. Additionally, we recognise the importance of community support for great questions through the Support Prize.
Now, let’s delve into the details of the Creator Prize and the Support Prize.
What is the Creator Prize?
Creating questions not only ignites lively discussions on our platform but can also be a rewarding pursuit. When you pose a question, you stand to earn a share of the prize pool, making your contributions all the more valuable. Question creators can secure 5% of the total points awarded to users who successfully earn the rewards from their question’s pool. To put it simply, let’s consider this scenario: you invest a mere 0.16 points to ask a question, and if that question later distributes 1000 points among the different prize winners, you could potentially earn up to 50 points as a commission!
The more questions you ask, the greater your opportunities to earn points. What’s more, if your question becomes trending, it will likely draw in a larger audience, resulting in increased votes, reasons, and likes, all contributing to the prize pool; as the total prize pool grows, you have a chance to earn more points. In addition to the points contributed by participating users, approximately 50% of the platform’s Pioneer Pen sales and Pen upgrade revenue from the previous day will also be allocated to the bonus pool for trending questions. That is, the prize pool for trending questions is significantly larger than that of regular questions. Finally, around 10% of the Pioneer Pen revenue is considered as the trending bonus for trending questions. So, make sure you ask intriguing and thought-provoking questions!
Make sure to keep an eye out on our Medium, because we’ll be providing you with additional tips and insights helping you to craft questions with the potential to trend and make the most of your contributions to our dynamic web3 community.
What is the Support Prize?
The Support Prize is all about boosting questions. It’s a democratic feature open to everyone, allowing users to support questions they believe have the potential to become trending. Beyond showing your interest, your support actively bolsters the question’s popularity, increasing its odds of being seen by more people and having more people interact with it.
What happens when a question you’ve supported becomes a trending question? That’s when the magic of the Support Prize unfolds. Users who backed the question before it became trending qualify to partake in the prize pool once the trending question’s journey comes to an end. It’s a rewarding way to be part of the success story and a testament to your insight. However, if the question doesn’t become trending, don’t worry; your supported points will be returned to you. We want to encourage you to actively participate without being worried that you’ll lose your contributions.
How do we calculate your reward?
Your Support Prize reward is determined by several key factors:
- The number of supported points
- The duration of your support
- The question’s position on the Popularity Ranking (comprising the top 20 questions with the highest popularity score) at the time you offered your support
- The overall Support Prize pool
The longer you stand by a question, the greater your potential reward. Not only this, but if you direct your support towards a question that’s not already on the Question Queue List, if it then becomes trending, you’re eligible for a remarkable 80% share of the Support Prize pool. The reason you can potentially earn more substantial rewards is because we value that you’ve shown an ability to recognise and identify questions with the potential to become trending.
However, if your support is targeted at a question already on the Question Queue List, don’t worry, because you’re still eligible for a 20% share of the pool, which reflects the competitive nature of these questions. For a more in-depth explanation of the algorithm and how these rewards are calculated, we encourage you to explore our whitepaper, which provides all the intricate details. Furthermore, stay tuned for the forthcoming article all about trending questions!
How can NFT Genesis Pens boost common questions?
As an exciting twist, you can also use NFT Genesis Pens to support common questions, known as NFT Genesis Pen support. This innovative feature accelerates the progress of common questions to become trending, giving users an even better chance of sharing the Support Prize. For details, please refer to the “Supporting common questions with NFT Genesis Pens” section in our whitepaper.
In summary, the Support Prize offers a dynamic and rewarding way to be an active and impactful member of our community. Your contributions matter, and through this initiative, you not only uplift common questions but could also get rewarded for your engagement!
The Creator Prize and the Support Prize are our way of recognising and rewarding your contributions to our community. Whether you’re creating thought-provoking questions or supporting potential trending topics, your involvement matters. We’re here to provide you with ongoing tips and insights, and are excited to see your impact on our dynamic platform. Join us on this rewarding journey with Socrates.com , and let’s keep the discussions vibrant and engaging. Happy questioning!
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