Goals:
Incentive registration of FIO Addresses and Domains
Incentivize interaction with FIO Tokens
Incentivize users to spread the word about FIO
Conceptual Structure:
How to Be Included In Drawings:
Meet these criteria:
Self sovereign FIO Account with a registered FIO Address and/or FIO Domain
At least 30 FIO in the same account
One entry for every 30 FIO in the account. These are liquid tokens…nothing is “purchased” as they can be used or sold at any time. They are there to prevent sybil attacks.
Users must enter by going to a specified FIO webpage and entering their FIO Address or Domain and a valid email address as winner will be notified by email.
It does not matter when the FIO Address/Domain was registered and it does not matter if the FIO Address was received for free
Exclusions:
Accounts with tokens locked at mainnet launch are excluded
FIO Addresses on Domains held by centralized exchanges (e.g., @bitmax) are excluded because holding of tokens cannot be differentiated among users
Drawing Frequency/Timing:
Daily, weekly, monthly and a Grand Prize winner.
Contest runs from January 15, 2021 through April 15, 2021
Prize Amounts and Number of Winners
Number of Winners
Except for Grand Prize, the number of winners will grow proportional to number of qualified entrants thereby eliminating disincentive of spreading the word to others:
1 in 100 entries win daily
1 in 1,000 entries win weekly
1 in 10,000 entries win monthly
1 Grand Prize Winner
The thinking is more winners will mean more excited people who spread the word about FIO
Size of Prizes
10 FIO to Daily Winners (0.33% or less of total value of tokens in qualifying accounts daily and 30% over 90 days)
100 FIO To Weekly Winners (.33% or less of total value of tokens in qualifying accounts weekly and 4% over 90 days)
1,000 FIO to Monthly Winners (.33% or less of total value of tokens in qualify accounts monthly and 1% over 90 days)
Grand Prize: 100,000 FIO plus an additional 3 FIO per qualifying entry at the time of Grand Prize drawing. Goal is to incentivize users to spread the word.
Example Numbers
Daily Winners | 1.0000% | of entrants | ||||
Weekly Winner | 0.1000% | of entrants | ||||
Monthly Winners | 0.0100% | of entrants | ||||
Grand Prize | 1 | total | ||||
FIO Required to Qualify | 30 | |||||
Daily Prize | 10 | FIO | ||||
Weekly Prize | 100 | FIO | ||||
Monthly Prize | 1000 | FIO | ||||
Min. Grand Prize | 100,000 | FIO | ||||
Grand Prize Addition per Entry | 3 | FIO | ||||
Number of Days of Competition | 90 | |||||
Number of Weeks of Competition | 12 | |||||
Number of Months of Competition | 3 | |||||
Number of Qualifying Entries: | 10,000 | 25,000 | 50,000 | 100,000 | 250,000 | 500,000 |
Total Tokens in Accounts (minimum) | 300,000 | 750,000 | 1,500,000 | 3,000,000 | 7,500,000 | 15,000,000 |
Total Daily Prizes | 90,000 | 225,000 | 450,000 | 900,000 | 2,250,000 | 4,500,000 |
Total Weekly Prizes | 12,000 | 30,000 | 60,000 | 120,000 | 300,000 | 600,000 |
Total Monthly Prizes | 3,000 | 7,500 | 15,000 | 30,000 | 75,000 | 150,000 |
Grand Prize Size | 130,000 | 175,000 | 250,000 | 400,000 | 850,000 | 1,600,000 |
Total Prize Tokens | 235,000 | 437,500 | 775,000 | 1,450,000 | 3,475,000 | 6,850,000 |
% of Tokens in Accounts | 78.33% | 58.33% | 51.67% | 48.33% | 46.33% | 45.67% |
Attack Vectors and Risks:
An account holder with FIO could create multiple accounts and obtain free FIO Addresses and transfer the required 30 FIO from the account with the larger amount of funds to obtain multiple entries.
Mitigation Possibilities:
Track such patterns and exclude accounts that are funded via excessive transfers from same account.
Allow one entry for each 30 FIO in account so accounts with larger amounts of FIO get more entries.
Risk of token “dump” at end of contest for those that don’t want to continue to hold tokens
Mitigation possibilities:
Start a new contest before finish
Launch trading on Uniswap to encourage holding of tokens
Launch staked voting of FIO to encourage holding of tokens
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