How Parami Protocol Incentivizes Users In Web3
Attention span has hit an all-time low; even a goldfish is more focused than the average human being. This means users are flakier than ever. Now, fewer people complete a minute-long task, which puts the advertising space under immense pressure.
Parami Protocol is tackling this problem by incentivizing users. This way, the average user sticks around longer for the reward. Let’s look at how Parami Protocol incentivizes users.
Ad Participation Reward
The main objective of the Parami Protocol is to create a tokenized advertising economy where users hold all four aces. In this advertising utopia, users get rewarded for doing what they have always done — consume ad content and make available their data for advertising.
On Parami Protocol, users get rewarded in AD3, the platform’s native token. The actual reward value will depend on the Ad price and price of AD3 at that time.
Social NFT
Non-fungible tokens have become the rave of the moment. Parami Protocol will allow its users to take part in the digital JPG craze. The platform lets users convert their AD3 holding to NFTs. Advertisers can also make use of these non-fungible tokens in their advertising campaigns.
Yield farming
Users can build wealth by staking their AD3 earnings. Parami Protocol makes this possible through its AD3 liquidity mining. Currently, the liquid mining program is in the works on the testnet Rinkeby. Once the resting phase is complete, users can expect to stake their AD3 tokens and earn more rewards.
Smartdrop
Parami Protocol’s privacy preservation and identity management bring something fresh to the table of users — smartdrop. Since Parami’s AD 3.0 paradigm manages user identities better, collaborators will be organizing smartdrops to incentivize users within the protocol.
Within the crypto space, airdrops are the go-to choice for inundating the public about a new project or brand. Lots of people have called for the replacement of the airdrop arrangement with a smartdrop. And this new introduction is gaining ground within the blockchain community.
Governance
Part of the incentives that users enjoy on Parami is the opportunity to vote on decisions based on the operations of the protocol — as long as they have their AD3 tokens. Voting is such a big deal for any platform, including Parami since token holders decide the route taken towards development.
Parami Protocol Solution To the Blockchain Identity Problem
The digital ledger might be transparent and tamperproof, but little has been done regarding on-chain data management. Not enough attention paid to such a critical subject has created the environment for security breaches to occur.
Parami Protocol’s on-chain identity management can help remedy the situation. The protocol has a DID layer where user identity gets managed without the off-putting KYC. Parami achieves this through the aggregation of user social profiles with their blockchain wallet.
Have you ever seen a computer registry? That’s your hint on Parami Protocol’s DID layer. It’s where updates to user profiles takes place in real-time. What makes the DID ideal for the blockchain identity is its authentic verification process. There’s zero chance of anyone gaming the system.
Parami’s DID layer does not operate in isolation. The Ad privacy layer ensures users have control over who accesses their data.
Conclusion
On Parami, issues of user identification and engagement are resolved. The protocol maneuvers such a tightrope by incentivizing users without compromising on privacy preservation. Also, the Parami Protocol solution can serve as the framework for blockchain identity management. The platform’s DID layer, support for IM apps, and zero KYC shenanigans can make all the difference for the digital ledger.
These are places where you can learn a lot about Parami, and talk to Parami communities
Medium: https://paramiprotocol.medium.com
Github: https://github.com/parami-protocol
Twitter: https://twitter.com/paramiprotocol
Telegram: https://t.me/ParamiProtocolEN
Official: https://parami.io/
Discord: https://discord.gg/bxFuekgvYJ