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October 25, 2018, 09:57:55 AM |
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The primary function of any kind of institutional mechanism should obviously be “incentives”, followed by constraints, and effective incentives are the real driving force for social progress. Bitcoin, Ethereum, and a variety of other virtual tokens are the embodiment of the blockchain's incentives. The blockchain designed by Nakamoto is experimental and has no commercial value.
In order to attract attention and develop the connection point, the participants are encouraged to continuously create new blocks through “mining” calculations and jointly maintain the chain and he must give "pay" to those who make efforts to do so. Therefore, after each “mining” is successful and confirmed, new blocks are formed, and the “mining” winners who are recognized to win receive tokens and are credited to the public ledger.
The reward model is very important in many blockchain field, for instance in social good field, we also need the reward model to encourage people to put efforts. For example, aimed to better serving the users and society, NGOT has provide PWT. Which is a public welfare currency issued by NGOT platform. Previously good people may get nothing after they do good things to the society, so we could use the reward module to encourage more people to get involved. NGOT“Contribution is reward” model is means that you will receive reward every time that you participate the contribution.
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