What Is the Decrypt Reader Token and How Does It Work?

Mar 19, 2021 | Decrypt News | 0 comments

what-is-the-decrypt-reader-token-and-how-does-it-work?

In this article, we’ll be explaining the mechanics behind how our new token works. Here’s everything you want to know about  how the tokens are created, how they work, what they can be used for, and why Decrypt created its own reader token. 

What is the Decrypt Token?

The Decrypt Reader Token is used to reward our most loyal and active readers.

It’s backed against real cryptocurrency and sent in lightning-fast microtransactions as you read. The token lives inside the Decrypt app, which is available on iOS and Android

Currently, the tokens cannot be exchanged for other tokens, or exchanged for fiat. 

How do I earn tokens?

Earning tokens couldn’t be simpler. Download our app and create a wallet—it literally takes a few seconds. From that point on, as long as you’re logged into your wallet and are in the app, you automatically earn tokens as you read. You can boost your earnings by sharing and reacting to articles. 

New tokens are released in “seasons.” You can see how many are up for grabs at any time in the wallet menu.

What is a Season?

We partner with great companies to release new batches of tokens into the community. We call this a “season.”

We think this is a great way for companies to become an immersive part of the token experience while keeping things exciting for our users.

In each season there are a limited number of tokens up for grabs, so be quick!

What can I do with the Decrypt Token?

The Decrypt token can be used to redeem rewards on the Decrypt reward store. You can find the reward store inside the app. 

During our first season, users who’ve amassed enough tokens can swap them for super limited NFTs created by some of our favorite artists. But we plan on offering a lot more than that as our token evolves. Each season will feature something new so keep checking in to see what’s on offer. 

To redeem your tokens click on the “Rewards” button on the wallet menu.

In the future, Decrypt drops will evolve to include a host of different rewards and different functionality. So stay tuned. 

Why is Decrypt introducing a token?

At Decrypt we’ve always been firm believers that the technology we write about every day should be a core part of our DNA.

We believe that applying Web3 technology in thoughtful and engaging ways can help us tell better stories and also be a step toward solving some of media’s biggest problems. 

Ethereum, the leading platform for blockchain applications. 

https://www.youtube.com/watch?v=d1Lqeb6g15k

When you complete an earn action, we transfer tokens from the Decrypt reserve to your wallet. We do this through an “Ethereum sidechain” to achieve fast and extremely low-cost microtransactions.

At the moment, the tokens cannot be exchanged for other tokens, or exchanged for fiat. 

The Future 

Our initial implementation of the Decrypt Reader Token is designed to be simple, fun, and engaging. We have lots of plans to make the token more useful to our community of users, while helping Decrypt to improve and support its journalism.

We have a Discord channel we use to keep people updated on what’s happening with the Decrypt Reader Token. If you’re interested in keeping up to date with the Decrypt token, join our Discord server.

News Source from Decrypt.co

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