FIO Pass The Torch Contest Concept

Owned by David Gold
Last updated: Mar 05, 2021
3 min read

Goals

  • Create “buzz” and awareness for FIO

    • Press Coverage

    • Word of Mouth

  • Increase FIO Address Registration

  • Engage current and new users in experiencing FIO

  • Incentivize wallets that don’t support FIO Data (send/receive) to add it.

 

Mechanics

The first Pass the Torch Contest will focus on FIO Send and FIO Data only in order to increase the applications which can participate in the contest.

The essence of the contest is to be able to enter a drawing for FIO Tokens by sending a specified amount of FIO Tokens and a cryptographic key (the “torch”) in the FIO Data.  



Steps in Game:

  1. Foundation passes the “torch” to a known person who the Foundation knows will actively participate and who has registered a FIO Address.  The torch is “passed” by sending that person’s FIO Address 3.2919 FIO Tokens, plus an additional 1 FIO to cover gas fees (4.2919 total), and including in the FIO Data a cryptographic key.  3.2919 represents the date that the FIO chain went live.  

  2. The recipient goes to a specified web page and enters their FIO Address in order to be included in the prize drawings (and optionally their email address to receive future updates).  This website will use strict Captchas to minimize automated entry. When the user enter’s their FIO Address, a script checks to see that they are legitimately part of the Pass the Torch chain by checking the FIO blockchain. If they are, then an additional 1 FIO is sent to that same FIO address (from the Foundation) to cover their gas fees for passing the torch forward.

  3. That person is told to pass the torch to at least one other person that they trust will also pass the torch on.  They pass the torch in the same manner by sending to the FIO Address of the recipient exactly 3.2919 FIO and the Torch key in the FIO Data.  

  4. Users *can* pass the torch to multiple recipients.  However, each must have 3.2919 FIO attached which they must fund.  

  5. This process continues until a specified date based deadline

  6. The Foundation will publicize a “finish line” FIO Address and on the Finish Line day.  Whoever has a copy of the torch on that day sends 3.2919 FIO to the Foundation’s specified FIO Address along with the Torch key in the FIO data within 48 hours.

  7. Given the dynamics of the contest it should run over several months.  

  8. Only wallets that support FIO Send/Receive and FIO Data Send/Receive can participate. Lead time might be given to wallets to enable this functionality so they can participate.

 

Qualifying for Drawings:

  • The Torch must be successfully sent back to the Foundation on the Finish Line Day

  • A chain map is pulled showing the path of the transfer of 3.2919 FIO that started with the Foundation and ended with the Foundation.  

  • Every qualifying participant is entered into the drawing.  To qualify for the drawing:

    • The FIO Address must have been entered on the entry website

    • The FIO Address must be associated with an account in the chain map

    • The FIO Address must have sent the Torch to another FIO Address within 48 hours of receipt.

    • The “Torch” from each chain (if it split into more than one) must end with a transfer of 3.2919 FIO back to the specified Foundation FIO Address along with the Torch key in the FIO Data within 48 hours of the Finish Line day.

 

Prizes:

Given that this contest would likely run for months, I think the prizes need to be large and eye catching.  Here is one possibility:

  • 1M FIO Token Total Given Away

  • One Grand Prize Winner:  250k FIO Tokens  (possibly on partial lock schedule?)

  • Five Second Place Winners:  50k FIO tokens   (possibly on partial lock schedule?)

  • 25 Third Place Winners:  10k FIO Tokens

  • 1,000 Consolation Winners:  250 FIO Tokens

 

Risks:

  • Sybil attack

    • Even though this is a drawing and even with Captcha on the site for entering FIO Address and the nominal cost of Sending FIO to enter the contest (i.e., blockchain fee for sending the 3.2919 FIO), it is possible that some hacker writes scripts to create a bunch of FIO Addresses, send the torch to their own FIO Address and enter those FIO Addresses on the website

    • Mitigation:  

      • Make site for entering FIO Address as sybil attack resistant as reasonably possible

      • State Terms and Conditions that allow the Foundation to exclude any FIO Addresses that it, in its sole discretion, deem to be from an automated attack.

  • Legal

    • In some jurisdictions a giveaway may require registration or regulatory approval

    • Mitigation:

      • If FIO Addresses are free during the event then there is no cost to enter.  This greatly reduces the regulatory risks.