Cryptocurrency portal RabbitHole has released its new on-chain Ethereum (ETH) earned reputation system for the crypto community.
Emerging from the question: “What if on-chain participation mattered more than your wallet balance?” The system will reward users for their network involvement and efforts in “making participation as powerful as investments”.
“Our mission has always focused on redefining the world of crypto by emphasizing participation in crypto networks over mere investments. Over the past two years, we have explored reputation systems such as experience points and on-chain credentials in our pursuit of this goal”, the company tweeted.
Built on top of RabbitHole's Quest Protocol, a user's ETH Earned score is calculated by the reward earned for completing each quest, so a user's ETH Earned amount will increase each time they mint a receipt on RabbitHole.
“The more quests you complete, the more rewards you earn, and thus the higher ETH Earned you receive”, said the firm.
To ensure fairness, RabbitHole calculates each ETH Earned at the time of quest and makes sure each participant receives the same amount regardless of independent token price fluctuations.
RabbitHole sees the ETH Earned reputation system as a way to offer a multitude of potential use cases within the crypto sector.
The company recently stated several ways ETH Earned can be employed to create an “accessible, merit-based, and secure crypto ecosystem”, that engages users beyond the credential framework.
Such ideas include using an ETH Earned hierarchy to enable access to exclusive platforms and communities in the sector, incentivize learning surrounding crypto to encourage users to expand on protocols, influence governance weight within decentralized organizations (“users with higher scores could have a greater say in decision-making processes”), and announce token airdrops distributed to those based on their ETH Earned scores.
Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.