Post by jamesbitcoin on Oct 20, 2017 2:09:10 GMT -6
First of all I'd like to congratulate the team on a great ico. I've been following Electroneum since prior to launch and bought my coins on the first day of the ico.
I think the referral bonus played a big part in the number of new users and investors in the ico. It was a very clever marketing strategy that I believe added to viral nature of the ico.
Now the ico is over the next big challenge will be to continue the momentum into the launch on 1 November and beyond. In my opinion mass adoption of the mobile app is absolutely key to the ongoing success of electroneum and will benefit all investors/users of the coin in the long run.
So why not extend the referral bonus to mobile mining?
Yes I found the constant spam of referral keys on social media a little annoying, but it served a purpose to incentivize a large number of people to talk about electroneum and encourage their friends to join.
The issue with the mobile app (if I understand it correctly) is that the coins will come from a fixed pool determined by the desktop miners and coins left over from the ico. Therefore logically the more people that use it, the less coins each mobile miner will get. Now in the long run this will hopefully be countered by an increase in the value of electroneum and an increase in the number of miners as the value goes up.
However, in the short term there is no real incentive to encourage others to download the app and start mining, because you are effectively reducing your share of the pool.
This could be solved by offering a very modest referral bonus say 0.5% to the referrer. The way I see this working would be that you refer a friend to setup an electroneum account and download the app with your own referral code (very similar to the ico process).
The referrer then receives a bonus of 0.5% of the amount of electroneum mined by the person they have referred. There is now a real incentive to get as many people as you know to start mining. It could be capped to stop abuse, say maximum referral of 10 people to get a 5% bonus. If all 300k current users refer 10 people... you get the idea.
The above does not create any additional coins, it effectively redistributes the existing mining pool ever so slightly in favour of referers.
I think the referral bonus played a big part in the number of new users and investors in the ico. It was a very clever marketing strategy that I believe added to viral nature of the ico.
Now the ico is over the next big challenge will be to continue the momentum into the launch on 1 November and beyond. In my opinion mass adoption of the mobile app is absolutely key to the ongoing success of electroneum and will benefit all investors/users of the coin in the long run.
So why not extend the referral bonus to mobile mining?
Yes I found the constant spam of referral keys on social media a little annoying, but it served a purpose to incentivize a large number of people to talk about electroneum and encourage their friends to join.
The issue with the mobile app (if I understand it correctly) is that the coins will come from a fixed pool determined by the desktop miners and coins left over from the ico. Therefore logically the more people that use it, the less coins each mobile miner will get. Now in the long run this will hopefully be countered by an increase in the value of electroneum and an increase in the number of miners as the value goes up.
However, in the short term there is no real incentive to encourage others to download the app and start mining, because you are effectively reducing your share of the pool.
This could be solved by offering a very modest referral bonus say 0.5% to the referrer. The way I see this working would be that you refer a friend to setup an electroneum account and download the app with your own referral code (very similar to the ico process).
The referrer then receives a bonus of 0.5% of the amount of electroneum mined by the person they have referred. There is now a real incentive to get as many people as you know to start mining. It could be capped to stop abuse, say maximum referral of 10 people to get a 5% bonus. If all 300k current users refer 10 people... you get the idea.
The above does not create any additional coins, it effectively redistributes the existing mining pool ever so slightly in favour of referers.