Epoch 6 Mining Contest Update
We Changed the Format … and Contestants Said OK!
The TEA Project’s epoch 6 mining contest started on November 18th, 2021. This was a drastically different format as contestants now have to buy their contest CML seeds first with their own crypto funds (BUSDT on Binance Smart Chain). Previous to epoch 6, we had issues with the COFFEE-TEA exchange rate skyrocketing because of the demand for TEA early in the contest. The COFFEE swap rate would only improve if we required contestants to pay off their debt before the end of the contest. There was also the hassle of ferreting out duplicate accounts, so it made too much sense to migrate over to using real funds instead of borrowed COFFEE.
We worried that this might be asking too much of contestants but we’re pleasantly surprised by the response. So far in epoch 6, 18 contestants have purchased contest CML to mine in the contest. Another positive sign is that not all of these contest CML purchases came at the beginning of the contest. We’ve seen purchases on nearly every day of the contest so far. As we migrate to a continuous contest model possibly starting with epoch 7, we should see contestants buy contest CML more evenly spread out throughout the week.
What About TApps?
There have been 26 TApps created and at present count:
- 3 TApps have not had enough hosts within the first 24 hours and were auto-deleted.
- 5 TApps are currently still looking for their first 3 hosts in order to run on the network.
- 18 TApps are fully hosted and running on the network.
We’ve progressively made mining more difficult, from requiring miners to pay for cloud machines, to limiting hosting TApps to only B CML mining machines, and requiring contestants to purchase their contest CML. Although there’s now less miners to go around for all the TApps, many of them are still able to find enough hosts.
Untapped Potential for the TEAfluencer TApps
We’ve designed the TEAfluencer TApp template with the view that YouTube influencers could use it to partially fund the growth of their channels. The design of the TEA Project fully allows users to jump in, only concerned about their own economic interests, and their actions would support them and the entire ecosystem as well. We’re hoping more YouTubers see potential in the platform to fund their channels:
- Publishing their video as a TApp allows users to purchase its TApp token and enjoy a portion of the token dividends which accrue with views.
- Setting their funding rate (θ) allows them to automatically generate revenue to their wallet from their YouTube video views.
These are all funding mechanisms that YouTubers can use to cash out contest rewards and use them to buy advertising for their channel or maybe even upgrade their filming equipment. We look forward to how creators will use the TEA Project to help them on YouTube and beyond.