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Introducing Memezator: DeFi element of Ignite. Proof-of-Meme. $120 000 to giveaway

Prometeus | 09.10| 76

Ignite is one of the most active [in terms of amount of transactions] Dapps based on Binance Smart Chain. We were supporting them right from the beginning by operating on their testnet. Recently Binance Smart Chain has launched their mainnet and to celebrate that Grand Opening, Prometeus labs is proud to introduce you The Memezator — decentralized lottery and DeFi element of Ignite.

In the past couple of months, the DeFi sector has finally got strong recognition for global market. Prometeus team also recognised the importance of DeFi months ago and decided to combine with decentralised social interaction and data exchange.

Ordinary lotteries are boring, so we decided to add some creativity on that side.

What the Memezator is?

Memezator is a daily community contest and lottery which allows you earn money by creating the memes and voting for them. You can call it meme social mining or proof-of-meme.

How does it works?

Prometeus foundation has allocated 100 000 PROM as a Memezator reward pool for the next 60 days.

Every day you can submit your Meme to the contest and win a significant amount of PROM tokens.

If you are not a creative person, but you want to participate, simply log in to Ignite and vote for the funniest meme to share part of the daily reward pool.

As Ignite is a Binance Smart Chain based social media, rewards are given in a BEP20 PROM token (BSC original format). The bridge between Prom ERC20 and Prom BEP20 will be released within a week after the Memezator launch. The swap ratio is 1:1.

Rules

Memezator contest will take place at https://beta.ignite.so/memezator on a daily basis. Starting from 03/09/2020 00:01 CET submit your MEME to win PROM rewards. You can also vote for memes to share part of the prize pool. To participate, please follow the guidelines below.

We will take a snapshot of votes every day at 23:59 CET and select the winner based on the amount of voting power of each meme. Please note that there is a daily limit on the amount of participating memes in order to ensure better performance and user experience.

The authors of Top 1, Top 2 and Top 3 memes as well as everyone who voted for them will share the daily reward pool. You can find more details on the amount of the reward pool on the “rewards distribution” section of the article.

Memes daily limit: 100

Please note that one account can only submit one meme.

The winner is being selected based on the amount of total voting power (tickets). Amount of voting power of each account depends on the amount of PROM tokens which are being held on the wallet:

Level 1

Amount of PROM held: 0;
Voting power: 1;

Level 2

Amount of PROM held: 2 and more;
Voting power: 40;

Level 3

Amount of PROM held: 5 and more;
Voting power: 80;

Please note that you can vote only once from each account. The grade (level) system was implemented to protect users from multi accounts voting and abuse.

Guidelines

  1. Create your account on https://beta.ignite.so or log in to existing one;

Important: before you set up your username, your wallet address is used as a login. You will need it on the next steps, so write it down.

2. Set your profile: bio, username, displayed name and profile picture;

Important: if you did not set your account, you won’t be able to participate in the Memezator contest.

3. Create at least 3 posts on Ignite;

Important: if you have not created 3 posts on Ignite, you won’t be able to participate in the Memezator contest.

4. Create at least 1 post on the day of participation;

Important: Memezator contest will last for 60 days, you need to create at least 1 post on the participation date. For example: if you are participating every day, you will need to create 63 posts in total (1 post every day + 3 initial posts).

5. If you want to increase the amount of tickets (voting power) please deposit 2 or 5 PROM tokens to your ERC-20 address, which is linked to the ignite account. You can find it here: https://beta.ignite.so/edit-profile;

6. Go to Ignite Memezator page https://beta.ignite.so/memezator and submit you Meme for the contest or vote for the one you like;

Daily reward pools

03/09: 3 750 PROM
04/09–12/09: 1 000 PROM daily
13/09: 3 500 PROM
14/09–23/09:
1 250 PROM daily
24/09: 4 750 PROM
25/09–31/10: 1 750 PROM daily

Total: 100 000 PROM

Please note that the prize pool from 24/09 to 31/10 will also have additional rewards. More details are to be announced. Please note that rewards are estimated and are subject to change based on overall product metrics testing.

Reward distribution system

Our distribution system is based on lottery principle:

Author of TOP 1 meme — 10% of daily reward pool
Author of TOP 2 meme — 6% of daily reward pool
Author of TOP 3 meme — 4% of daily reward pool

Rewards for the voters include some randomness and are distributed by the following rules:

Please note that the amount of account tickets equals the amount of account voting power

Voters of the TOP 1 meme:

Every ticket — equal share 12% of daily reward pool
Every 2nd ticket (random) — equal share 18% of daily reward pool
Every 4th ticket (random) — equal share 13,8% of daily reward pool
Every 20th ticket (random) — equal share 9% of daily reward pool
One random ticket — 3% of daily reward pool
Second random ticket — 2,4% of daily reward pool
Third random ticket — 1,8% of daily reward pool

Voters of the TOP 2 meme:

Every ticket — equal share 2% of daily reward pool
Every 2nd ticket (random) — equal share 3% of daily reward pool
Every 4th ticket (random) — equal share 2,3% of daily reward pool
Every 20th ticket (random) — equal share 1,5% of daily reward pool
One random ticket — 0,5% of daily reward pool
Second random ticket — 0,4% of daily reward pool
Third random ticket — 0,3% of daily reward pool

Voters of the TOP 3 meme:

Every ticket — equal share 2% of daily reward pool
Every 2nd ticket (random) — equal share 3% of daily reward pool
Every 4th ticket (random) — equal share 2,3% of daily reward pool
Every 20th ticket (random) — equal share 1,5% of daily reward pool
One random ticket — 0,5% of daily reward pool
Second random ticket — 0,4% of daily reward pool
Third random ticket — 0,3% of daily reward pool

More about Ignite

Ignite is a non profit decentralized microblogging service built on Prometeus protocol in conjunction with Binance Smart Chain, Arweave permanent storage and Sia Decentralized CDN Skynet. It allows everyone to share their mind freely via texts and media files. Technically, Ignite represents a set of independent and equitable nodes.

Ignite’s mission is to fight censorship and stand for freedom of speech. Due to its architecture, Ignite won’t be governed by anyone and could not be blocked by any form of barrier or firewall.

Subscribe to our social media to stay up to date

Official website: https://prometeus.io
Ignite:
https://ignite.so
Twitter:
https://twitter.com/prometeusnet
Chat:
https://t.me/promnetwork
Announcements:
https://t.me/promnetwork_ann
Ignite official:
https://beta.ignite.so/user/ignite_official


Introducing Memezator: DeFi element of Ignite. Proof-of-Meme. $120 000 to giveaway was originally published in Prometeus Network on Medium, where people are continuing the conversation by highlighting and responding to this story.

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