Are you an adopter interested in contributing to the future of early-stage crypto projects?
Powerloom Protocol is a decentralized data protocol serving the ever-growing informational needs of users of smart contract-based applications such as DeFi, Web3 games, and more.
Today, we are calling all adopters in our community to join Powerloom as they initiate Phase 1 of the Powerloom Incentivized Testnet. This is an opportunity for early adopters to earn rewards by helping optimize network reliability, operations, performance, and security.
Testnet Overview
Rewards
For Phase 1 of the testnet program, Powerloom Network has designated 1,000,000 tokens (equating to 0.1% of current token supply) specifically for snapshotter participants. Assuming a maximum of 100 eligible participants, the base reward will be the equivalent of 10,000 tokens to be distributed at mainnet launch.
In addition, each successful participant (i.e., top 100-ranked in points) will also receive a non-transferable medallion as a soulbound token. The medallion is intended to provide the holder with additional future community rewards and incentives leading up to and through mainnet launch. Further information will be made available as the network launch date nears.
Eligibility to receive rewards is conditional on Powerloom’s terms and conditions. Participants will be required to complete KYC verification and link their participating wallet. For more information on how to accrue points, please see the Powerloom Incentivized Testnet page here.
Eligibility:
Users must meet the following criteria to be eligible for participation:
- Certain jurisdictional limitations apply. Please see Powerloom’s Terms and Conditions for further details.
- Participants will need to allocate certain computing resources with a reliable internet connection.
- A non-custodial Ethereum wallet (e.g., via Metamask) is required to connect and engage with Powerloom Network.
- Basic requirements for running a snapshotter are listed at the following URL and are subject to change without prior notice: https://github.com/Powerloom/deploy#requirements
- Eligibility to receive rewards is also conditional on Powerloom’s terms and conditions, and participants will be required to complete KYC verification and link their participating wallet.
Timeline:
The total incentivized testnet period is expected to last 90 days. While Phase 1 is expected to last 30 - 45 days, snapshotters may continue participating until the incentivized testnet period is marked as complete. The final list of activities will be published when the first wave of users are onboarded on or around August 31st, 2023. Powerloom may expand the timeline at their sole discretion. Additional information on the subsequent rewards will be made available prior to the completion of the incentivized testnet period.
About Powerloom
The rise in the popularity of DAOs, automated markets, and other ‘code-as-law’ paradigms in the last half a decade has quietly laid the grounds for democratizing access to power of computing and information.
Powerloom Protocol is a decentralized data protocol serving the ever-growing informational needs of users of smart contract-based applications such as DeFi, Web3 games, and more.
By utilizing data compositions built upon smaller units of data validated by network participants, Powerloom will provide a decentralized, accurate source of information upon which rich data applications like dashboards, bots, aggregators, and insights trackers can be built.
Useful/Community Links
- Powerloom Protocol Overview: https://powerloom.io/protocol-overview
- X: https://x.com/PowerloomHQ
- Github: https://github.com/Powerloom
- Discord: https://powerloom.io/discord
- Medium: https://medium.com/powerloom
Source Blog : https://blog.coinlist.co/announcing-powerlooms-incentivized-testnet-on-coinlist/