SOCIAL MINING EXPLAINED

mining altcoins

Our world today has changed from what it used to be pre-covid-19, people used to depend majorly on their 9 to 5 jobs, up until the global pandemic came to change life as we know it, and then humans, in our quest to always adjust to situations, shifted from conventional jobs to accommodating a higher need for jobs, without having to leave the comfort of our homes, thereby increasing our needs for remote jobs. One of such remote job opportunities presented to us by the blockchain technology industry is social mining.

This is relatively a new niche in the crypto space, although projects like Avalanche and Elrond have experimented with the concept. For starters, social mining is basically an idea that any community member can work for a crypto project, using their skills to add value to the ecosystem, and then upload and describe their contribution on the social mining platform for a reward after validation.

Many people thought their acquired skills are only useful offline, they thought wrong. The following skills: content creation (be it article writing, meme and gif creation, and so on), graphics designing, social media influence, product marketing, language translation and practically whatever skill can add value to the ecosystem, are useful in social mining.

How Does Social Mining work

Adding value to a project, implies doing some work and getting paid in return in equal measure to the work done, how so?

As a member of a social mining platform, you work, upload and explain the work, then wait for validators (these are also community members or administrators, who are charged with upvoting good contents and flagging spammy ones, for their own rewards) to validate the quality of the contribution, after which you earn your rewards in points( this is determined by the quantity of work) and reputation ( this is determined by the quality of work), if the contribution is one that is deemed to be valuable to the ecosystem or the work is either rejected or the contributor is asked to re-do the work (if it’s spammy or a low quality content, respectively)

INFLUENCE, REPUTATION AND POINTS

Influence, Reputation and Point are three major ingredients that determine a user’s voting and earning power in social mining. Influence alone is responsible for governance because it represents the position of a user in the social mining DAO, and the more of it indicates the more voting power a user has.

To calculate the influence of a user, the state of the native token of the project must be known(whether it’s already minted or not)

Influence on projects with minted native token

Here, three factors determine a user’s influence and they are : the investor index (which counts for 65% of the user’s influence ), the labour index ( 30% of the influence ), and small weight factors ( 5% of the influence). The user has to connect his wallet on the social mining platform, for his wallet to be scanned at a particular time, everyday, to know the amount of token the user holds ( this is responsible for 60% of the investor index) and the holding time ( which accounts for the remaining 40% of the investor index).

The labour index is otherwise determined by a user’s Reputation ( 65% of labour index) and points ( 35% of labour index), which are obtained when users start to work on the social mining platform.

The remaining 5% of the investor index is determined by small weight factors such as: impressions and engagements generated through social media program ( such as twitter, reddit and so on), user’s followers on social mining, quantified activeness of user on the platform, and the number of voting credits spent.

Influence on projects without minted native tokens

The labour index ( Reputation and points) primarily determines influence, if a project’s native token is not yet minted ( presently what is obtainable on the DAOLabs). Since governance is imperative, the power to govern the ecosystem is initially given to core team members or influential community leaders ( this can be attained by contributing on the community board) to distribute reputation and points to contributors in the community board by spending their initial voting credits or distributing reputation and points through tasks, after which governance power then slowly starts to shift to the community, when users or contributors start getting reputation and points, thereby moving the system from centralization to decentralization, on its way to becoming a DAO.

Connecting social media accounts and earning through workdrop

Like every other job, there is a need to know how to apply or become a personnel and how/when payment is done, same is true for social mining.

Being a social miner implies that a user must have gone through the Initial onboarding form, where all the required social media handles of the user would have been submitted along with name and skillset amongst other information. After the onboarding, the user is then required to connect his social media accounts (twitter and telegram are good examples) to the social mining platform, this ensures that all the work that the user contributes (like twitter influencing, which includes but not limited to tweeting original and project-relevant contents and retweeting contents made available by the platform), having followed specific instructions laid down by the project, can be tracked and the commensurate points and reputation is granted.

Workdrop

The goal of every work is payment, and the payout method of social mining is called workdrop. To be eligible for workdrop, a user must have the required points (this is project based). This is not an airdrop, but a mechanism that rewards community members that have contributed to the growth of the ecosystem, usually in the native token of the project.

An important take home from social mining is that, it isn’t just “ a fair wage, for a fair day’s work” , but also a venture where all committed users can also learn new skills to better their lot, both to increase their payout in the social mining scheme and beyond.

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