In Epoch 7:
- Contestants will purchase contest CML coupons redeemable for seeds using their own crypto and can use Genesis TEA loans to obtain TEA funds necessary for staking slots and interacting with TApps.
- C CML can earn Availability Attestation rewards by monitoring the availability of B CML. An added benefit of running a C CML miner is that there's no need for a public IP and there's therefore no need to rent a cloud server. A typical home computer with a residential internet connection is sufficient to mine with a Type C CML.
- Contestants can use any YouTube video to create TEA Fluencer TApps. But only videos approved by Sudo will get tips: if your video doesn't get an approval from Sudo, your TApp won't receive any tips(i.e. revenue).
- There are two constraints for anyone creating a TApp: 1) there is a 100T non-refundable deposit for creating a TApp and 2) the contestant has 24 hours to get the TApp hosted. If the TApp isn't hosted within 24 hours, the TApp is manually taken back from the user ready to be deployed by someone else and the user loses their 100T deposit.
- Contestants can now transfer contest funds (contest TEA) and contest CML Coupons.
- Epoch 7 is planned to run continuously until the team decides to stop. As updates happen during epoch 7, contestants should be able to see the notification on their My CML page. When updates occur, click to see the instructions. Follow the instructions to update your mining software. Ignoring the update notification and failing to update will result in your CML mining machine being forced offline after a grace period.
- TEA Party won't be available in the beginning of epoch 7 but will be added later.
- Epoch 7 won't give out USDT reward. Each week, contestants are eligible for being rewarded with mainnet CML coupons.
Rewards for epoch 7 will be mainnet CML Coupons. Whoever owns these mainnet coupons can redeem them for real CML coupon when the mainnet starts.
The exchange rate is as follows:
- 1 mainnet coupon can be redeemed for 1 mainnet type C CML.
- 2 mainnet coupons can be redeemed for 1 mainnet type B CML.
- 4 mainnet coupons can be redeemed for 1 mainnet type A CML.
Contestants will be redeeming these vouchers for mainnet CML NFTs that have the defrost schedule of "team", not "investor".
Every week, 3 mainnet CML coupons will be rewarded to contest participants. All contestants share this reward. The number is subject to change based on the number of contestants and the total amount of TEA assets during the epoch. We'll start with 3 mainnet CML Coupons at the beginning of epoch 7.
At end of each week, a snapshot of the total assets is taken. A buy-back rate is calculated and posted to the telegram channel.
Buy-back rate = (total TEA assets in the contest at the time of the snapshot ) / (number of mainnet CML coupons)
For example, if at the end of the first week, there are 30000TEA in total assets (for all contestants), then the rate is 0.0001 mainnet CML coupon per asset value (measured in TEA) in any contestant's wallet.
Anyone can transfer any amount of TEA to NPC address 5CcrQQwmkxpstBTg74RmET2kRSxNwRcMfMnPsmzZAWkQTZX8 and then notify NPC to receive their reward. NPC will send the reward mainnet coupon to the same sender address.
Whenever a new rate is posted, the old rate will immediately no longer be valid. The new rate will be the prevailing rate until a new buy-back rate is posted.
Every week, the total of the mainnet coupon is a fixed number. At the time of the snapshot, the total assets can convert all the reward (eg. 3 coupons at the beginning). But there is a chance that more TEA assets are generated during the following week, so there could be someone trying to redeem the mainnet coupon but all of the coupon for the present week has already run out. In this case, they cannot get a reward in the current week. Generally speaking, the buy-back rate is no longer valid after the reward coupons are completely exchanged for during the week. Contestants will have to wait until the new rate is set at the beginning of the next week.
If not all the mainnet coupons are redeemed by the end of the week, the remaining coupons are rolled over to the next week. When the new week starts, these rolled-over CML mainnet coupons will be added to the 3 allotted for the new week.
You can, but we do not recommend you do so. You will need enough funding to continue mining or investing. We wouldn't recommend exchanging all of your assets unless you decided to stop participating in the contest. Your assets will stay in your wallet and roll over to the next week. It will not expire unless some serious bugs cause us to have to stop the test net. If that happens, contestants will have time to exchange their assets for CML coupons if the epoch needs to be stopped prematurely.
It is very common that you accuminate a number of coupons during multiple rewards. When you redeem the coupon to the real CML coupon when the mainnet starts, only the integer part can be used. That is because the CML is NFT that cannot be split.
For example, if you have 5.352 mainnet coupons, you can redeem to any of the combination below
- one A, one C
- two B, one C
- five C,
- one B, four C
- .... any other combination
But the 0.352 won't be redeemed. You can sell it to someone who needs the 0.352 to make it up to an integer. Or you buy from others to bring your coupon up to 6.
The TEA Project will keep a track record of mainnet CML coupons earned by each account address (i.e. Polkdot wallet address) which can be viewed here. Please note that if you change your account address later, TEA Project won't be responsible for transfering your mainnet CML coupon to your new address.
This process may be updated to be automatic later. But at this moment, we will start with the manual process.
The contest CML can now be purchased directly by contestants using the purchase form. Contestants can send BUSDT to the wallet listed on the registration form for the CML they want. Further purchases can be done by contacting us at our Telegram group. Note that these only exist for the epoch they were issued on and aren't the mainnet CML that will be issued later.
The pricing is as follows:
- Type B: 20 USDT
- Type C: 15 USDT
When consumers use a TApp this brings TEA into that TApp's token bonding curve. During testing epochs, we only have miners and TApps without consumers so we must try different schemes to simulate TApp usage. TApp demand brings TApp token payouts in the form of dividends to TApp developers, investors, and curators.
The consume action payouts for epoch 7 TApps will be as follows:
- 1.Referral TApps: This is new for epoch 7. Each contestant will have their own TApp with a referral code tied to it. Anytime they entice someone else to join the TEA mining contest using their referral code, this will trigger a consume action in their TApp at a rate of $1 spend = 100T of consume action for every $1 their referral spends purchasing contest CML. Every time their referral uses the referral code the referral's TApp will benefit through a consume action.
- Note that the contestant making the referral can sell the TApp token immediately to get the all the TEA out for their starting funds (instead of taking out a Genesis collateral loan).
- Self-referrals are allowed, so every purchase of contest CML a contestant makes will create a consume action in their TApp. The purchaser's TApp should be created first before making the self-referral. If the user wants to get a self-referral for the first consume action into their referral TApp (i.e. the user is making their first CML coupon purchase after entering the contest), then the user should create their referral TApp first. They can then enter their the referral code into the Google Form to earn a self-referral, and the amount paid will be used as the basis of the consume action into their referral TApp token's bonding curve.
- 2.TEA Fluencer TApps: These will continue to be tie consume actions to YouTube video views, but they will be at a reduced rate in epoch 7.
- The videos must relate to the TEA Project and must be approved by the Sudo account for tip outs to occur.
- The consume action payouts for TEA Project-related YouTube videos will be as follows: 1T per view with a 25T cap that resets every 1000 blocks. There's no minimal tip amount for TEA Fluencer TApps in epoch 7 (i.e. if a particular video gets 0 views in a 1000 block period, then it won't receive any tip for those 1000 blocks).
- 3.TEA Party TApps: TBA.
TEA Project team has a right to change any of rules and the amount of rewards during epoch 7.