Newsletter 09.11.2022 - Incentives, Teams and Exchanges

2022-11-09 17:22:06

Reducing operating Platform Fees


It is a known fact that blockchains have operational costs in the form of network fees. Some networks have incredible prices (for example, Ethereum) that scare users away. Our decision to adopt the Cardano Network allowed us to deliver top-of-the-line security at a low cost.

With the introduction of Mithril and Hydra, we started to implement new ways of processing transactions. For example, we can sequence thousands of transactions inside a single block, making the network much cheaper. With today's deployment, we reduced the operational cost from around 2% to 0.02%. This change represents a 100x reduction in the network fees that will make everyone happy.

The incentive scheme


The incentive scheme fulfilled a requested feature by Community Members. We created a way to reward users that helped grow the network. But we can do better. So, the Team decided to retire the incentive scheme at the end of this month (November 2022). The payment of all outstanding values in the first week of December. If you wish to take advantage of this scheme until then, do hurry because this will end at midnight of 30.11.2022 (central European time).

However, a better incentive scheme is necessary. From this thought, the "Teams Update" was born. With the end of the incentive scheme it will end any outgoing payment of incentives on any currency besides ADA. However, investments will still be possible using different currencies until December. Therefore, December 31st will be the last day members can use other forms of payment on the Platform.

Upcoming Teams Update


Since the project's inception, the Team has wanted to create a sense of community. So it's only fitting that the first real utility of the ZHAKA Token is to build community and teams among the members. We will publish an entire article and a help section detailing every aspect of Teams. Also, the documentation team will include it in the Litepaper.

Quickly, the new functionalities are the following:

  • Members will have the ability to create teams or join an existing team.
  • The Team's "performance" is evaluated monthly. Each action will have reward points.
  • Each time a user joins a team will earn points for the Team and the inviting Member. Same with an investment made by Team members. all actions will account for points in the Team.
  • At the end of each month, the Platform will distribute incentives, and Teams with the best performance will receive higher rewards.
  • The Platform pay rewards in ZHK, ADA and NFTs that the Member can sell outside the Platform (or hold for a profit later).
  • Besides investment and new members, other actions will have rewards. Such as finding bugs, contributing to the documentation, writing articles or social media posts, etc.

A quick note about Exchanges


We have received a lot of questions about exchanges and when we would be listed. And in what exchanges? Let me address this issue quickly and bring clarity.

A quick read of today's news shows that even the biggest Exchanges carry problems and may fail at a moment's notice. So before we take the plunge and get listed in the open market, we are taking our time and analysing the current market. Our ultimate goal is to protect everyone's investment and build the best crypto community in the World. Times need to be suitable to be listed, or there's a risk of lost investment. I am sure that everyone wants to take some profit out of the investment. So, although our goal is to build the community, we are aware and will introduce many ways Members can profit and take a reward for participating in Zhaka.

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LitePaper v1.08 (17.08.2022)