⚖️How the Protocol Works
"Smart contracts have the potential to revolutionize the way we do business by automating processes." — Vitalik Buterin
Rewards Structure:
CryptOpinion operates on a transparent rewards system designed to incentivize participation and ensure the integrity of survey responses. Here's a breakdown of the reward structure:
Creation Cost: The cost of creating a survey is calculated as 100 multiplied by the number of questions multiplied by the number of participants required.
Participant Rewards: Participants are rewarded with 35 units of the designated cryptocurrency per question answered.
Verifier Reward: Verifiers, who ensure the quality of survey responses, receive 20 units of the designated cryptocurrency per question reviewed.
Reward Rate: The reward rate chosen by the survey creator affects the reward for participation. For example, if the rate is set to 10, participants receive 10 times the standard reward, resulting in 350 units of the designated cryptocurrency per question answered.
Since each participation requires verification by three verifiers, the total reward distributed for a survey is calculated as (35 + 3 * 20) multiplied by the number of participants required, resulting in 95 units per participant. As per the protocol, 5% of these rewards are harvested by CryptOpinion to cover operational costs.
Staking Requirements:
To participate in or verify a survey, individuals are required to stake at least 30% of the potential rewards. For example, if a participation could potentially earn 105 $COPI, the participant must stake 31 $COPI, which remains locked until the verification process is completed. This staking mechanism ensures a commitment to honesty and integrity throughout the survey process.
Verifier Selection:
When the number of verifier candidates registered for a survey exceeds the required number of participants, the possibility of electing verifiers is unlocked. Verifiers are elected randomly from the pool of verifier candidates to ensure impartiality and trust in the verification process. However, owners of answers cannot be elected to review their own responses. Inactive Verifiers can be re-elected every 6 hours.
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