TEA Project Bi-Weekly Report –September 16, 2021
Launch of the Epoch 3 Mining Contest
Eager to improve on our last mining contest, we’ve happy to announce that our epoch 3 mining contest started on September 10th. Some improvements from the epoch 2 mining contest include:
- More contestants on board with participation up 50%.
- Higher USDT rewards.
- More YouTube videos promoting the contest. We’ve invited two YouTubers, Goalorious and Common Sense Crypto, to promote our epoch 3 contest. Their videos were also featured as TApps in the competition.
- New TApps join the network as a source of income for miners to host and for token speculators to invest in. The TApps in epoch 3 were simulated to test the token business model. With the business model proven, we are now ready to release real, functioning TApps in the next epochs.
TApps are Growing
Epoch 3 introduced TApps into the TEA ecosystem as simple YouTube apps that used video views as a proxy for usage. These were enough to allow users to buy and sell into the bonding curve as well as expense and consume events to alter the supply. The next two epochs will go beyond a simulation and launch our first TApp on the TEA network. This inaugural TApp will be called TEA Party, a messaging app for users on the TEA network. Its first use will be primarily for users to advertise their sales listings on the marketplace. We’re excited to see how players use the TEA Party app and find new ways to communicate with each other to increase their profitability.
Even More to Come in Epochs 4 & 5
A crucial part of introducing TApps into the TEA ecosystem was the bonding curves that issued developers funding tokens. Epoch 4 will introduce further refinements to the TApp tokenomics to better balance mining income against the TEA token dividends that holders receive for TApp usage.
And beginning in epoch 5, mining will become even more realistic as contestants will need to use cloud computers to run their mining machines. That means they’ll need to have command line experience firing up cloud instances on services like AWS and Digital Ocean. We want to make the mining contest as close to reality as possible. This means that miners in epoch 4 will have more technical hurdles to successfully mine as we prepare them for the technical requirements necessary to be a miner on the TEA network.
Epoch 4 testing has already begun, and we look forward to starting the epoch 4 mining contest before the end of September.