We’ve had an exciting past month. From the ICO, to the BitMax listing, to the launch of Social Mining, we have been very busy indeed.
We now look towards another upcoming event — the 1st bounty distribution on September 1st!
At Ferrum, we strive to turn every challenge into an opportunity. What could be considered a challenge of distributing nearly 500,000 FRM to over 1800 participants, is really an opportunity to add value to the ecosystem and benefit our supporters.
Let us explain.
The Challenge and Opportunity
When presented with the challenge of distributing tokens, we realized the solution was in front of us. Through the Social Mining platform, not only can we distribute tokens in a low-cost and secure manner, we can also provide participants additional opportunities to add value and earn FRM.
Therefore, we are asking that all bounty participants sign up for Social Mining using the same ERC-20 address you used for the bounty, and we will send your FRM through the platform.
By signing up, you will already be on your way to earning more FRM, and can continue to add value and show support for the project!
Important Deadline — Sign Up by Saturday August 31st at 12:00 PM GMT
To ensure that the rewards are going to our real supporters, you will have until Saturday August 31st at 12:00 PM GMT to sign up and provide your ERC-20 address.
For those who do not sign up within the deadline, we can fairly assume you are no longer following the project. Therefore, 50% of any unclaimed tokens will be burned, and the other 50% will be recycled back into the Social Mining platform.
Note that the deadline only applies for the 1st distribution, so even if you miss this one, you will still have time to sign up before the 2nd and 3rd distributions.
In this article, we explain the theory behind this plan, and provide details on how to sign up and earn more.
The Challenge and Opportunities of Bounties
We know bounties can provide value in terms of exposure and community growth. And those bounty participants who brought value and are real Ferrum supporters should be rewarded.
On the other hand, a minority of bounty participants are not true supporters, and instead go from project to project collecting rewards then dumping the first chance they get. We care too deeply about our community and what we are building to allow this kind of behavior to go unchecked.
Fortunately, Social Mining presents the perfect opportunity to identify and reward our true supporters, and give them the opportunity to earn more FRM.
For those who are no longer supporters, half those tokens will be burned and the other half recycled back into the Social Mining system for others to earn.
We will make this announcement a number of times, so if someone is not paying attention for an entire week, we can fairly assume they not a true supporter.
While this plan presents a series of trade offs, when looking at everything together, we strongly believe this is the best approach for all our stakeholders.
How to Sign Up for Social Mining and Start Earning
Signing up is very simple.
- Go to https://community.ferrum.network/;
- Follow the steps to create an account;
- At a minimum you must provide your name and the same ERC-20 address you used for the bounty;
- We will send your tokens to that wallet on September 1st.
How does Social Mining work? By performing value-added activities (as judged by the community) and holding a minimum of 5000 FRM, you can continue to earn FRM over the next year and beyond.
1% of total tokens has been allocated to Social Mining for the next 12 months, and the 1st payout was made this past week.
As you can see, a significant amount of FRM is being distributed on a bi-monthly basis. And because many bounty participants already have 5000 FRM, they are already on their way to more rewards.
Ultimately, we believe this plan is in the best interests of our entire community. True supporters get their tokens and can earn more, and the rest of the community is rewarded with a token burn and redistribution.
For any questions on Social Mining, our trusted community managers from around the world are here to help.
Thank you for your support of Ferrum Network. We look forward to our continued successes together!
Very truly yours,
The Ferrum Network Team
Social Mining: https://community.ferrum.network/
Bitcoin Talk: http://bitcointalk.ferrum.network
Important Bounty Info with Opportunity to Earn More! was originally published in FerrumNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.