TEA Project: What’s New in Epoch 4
Epoch 4 builds on the previous epochs by allowing contestants to earn TApp tokens as mining rewards. Contestants can also create their own TApps, allowing them to earn a percentage of every buy or consume action in their TApp token’s bonding curve. Let’s take a look at the changes for epoch 4, from borrowing COFFEE to the new ways to earn revenue during the epoch 4 contest.
COFFEE debt (and its limits)
Contestants will still need to borrow COFFEE to get started in the competition.
Contestants may carry an initial debt limit = 20000 COFFEE. After a contestant reaches the initial 20K COFFEE debt limit, the formula market coefficient x net assets is checked to see if the contestant’s debt is lower than that number. If it exceeds that number, they can’t borrow anymore COFFEE.
In the formula market coefficient x net assets, net assets is equal to total assets — debt. The market coefficient is initially set to 0 and can be administratively set to a higher value to incentivize users to take on more debt. This would allow users to purchase more CML and mining machines as well as speculate on more TApp tokens.
You can have COFFEE debt at the end of the contest
COFFEE debt DOES NOT need to be paid off for contestants to be qualified for the final rewards.
As long as your debt amount lower than your current debt cap, you are qualified. This means that you don’t need to rush and sell your assets for COFFEE at contest-end. You will still need to be among the top 20 finalists to receive rewards.
Staking Tokens
In this new hosting model, miners share both the profit and the risk with the TApp owners and they no longer receive a fixed income from hosting. The host needs to use their CML’s performance to host a TApp. In return, they’ll get staked TApp tokens. Host miners will receive profit sharing as their staked tokens are in line to receive a part of every consume action profit. But as long as their CML is still hosting, the staking tokens cannot be sold.
Some of the options that a TApp creator makes ends up affecting miners who host that TApp.
- Initial tokens — the TApp creator must pay for the initial amount of tokens minted out of their own wallet. The amount they pay isn’t affected by the number of staked tokens they issue.
- Max allowed hosts is the maximum number of miners that can host the TApp. Each mining CML can only host the TApp once, and the number directly above (Min hosts) is the minimum number of hosts necessary for the TApp to become operational on the network.
- Billing model — most TApp creators will want to choose the second option involving dividend payments to allow miners to share in the TApp’s consume actions (such as tipping rounds). Selecting Fixed TEA payment per 100 blocks will require paying the miners every 100 blocks regardless if there are any consume actions during that time. The fixed cost model ultimately becomes a cost on token holders as they will see their token supply shrink when expenses are greater than consume action dividends.
- Staked tokens per miner — every miner who hosts the TApp will be allocated this number of tokens. Note that these tokens aren’t like normal tokens: they can’t be sold and they don’t augment the supply curve (and thus don’t affect the TApp token price). If 100 staked tokens are selected per miner, this means that miners will receive consume action dividends as if they owned 100 tokens every 1000 blocks.
These staked tokens will show up in the miners wallet under My hosting TApps:
Note that the number of staking tokens will be listed under My hosting token, and the total hosting income they’ve generated to date will be under Total hosting token income.
Epoch 4 revenue generation: mine, invest, and create TApps
TApps are the major source of revenue in epoch 4. There are two main types of TApps in epoch 4, both using the TEAfluencer social media TApp template: YouTube and Twitter. The YouTube TApp is created using a YouTube video ID as its seed, while the Twitter TApp is created based on a Twitter hashtag.
What qualifies as a YouTube or Twitter TApp?
The TApps for eligible YouTube videos are the ones covering the TEA Project. These will be general overview videos of the TEA Project, some deeper dives into certain aspects of the project, and some trending news videos that reference the TEA Project. Twitter TApps should be created around Twitter hashtags related in any way to the TEA Project. Once you have your TEA Project related video or hashtag ready, send us a message on our Telegram to get your link approved for your TApp.
How to profit with TApps in epoch 4
1. Host a YouTube or Twitter TApp with one of your CML mining machines. Most TApp creators will choose to pay miners using a share of the consume action tips.
- A YouTube TApp earns 10T into its bonding curve for every video view.
- A Twitter TApp earns 10T for every retweet
These numbers are subject to change as the contest progresses. As a host of one of these TEAfluencer TApps, you are given staking tokens that entitle you a share of the TApp’s consume action dividend payouts. These staked tokens will be visible in your wallet:
2. Purchase the tokens of the TApp. This is the same as epoch 3, although in epoch 4 the tokens you earn from mining rewards will also show up in this section of your wallet:
3. Create a TApp
YouTubers who create a video for the contest will also be entitled to creating their own TApp for it. If they don’t host their own TApp, then any contestant can create the TApp for that video.
For Twitter TApps, the idea is a little different. Contestants can think up their own Twitter hashtag that’s related to the contest. For example, these could be:
- #teaprojectcontest
- #teaproject_winners
- #teaproject_knowledge
After approval, the contestant can create their own Twitter TApp around the hashtag. It’s then up to them to get their hashtag trending on Twitter. Doing so will create consume rewards that are distributed to the TApp token holders.
TApp creators also get to set the theta value when creating their TApp. This is the percentage of every consume action and token buy event that goes directly to the TApp creator’s wallet.
Sign up for the epoch 4 contest
The TEA Project epoch 4 mining contest is scheduled to being Oct 2 at 4am (UTC). You can still sign up by visiting https://github.com/tearust/teaproject/wiki/Mining-Contest:-Competitor's-Checklist
