MAY 4, 2021
The evolution of Community app rewards
We’ve come a long way together since the launch of the Community app in 2019. The price of CHSB, our multi-utility token, was $0.0085 on the day of the release of the Community app (28.03.2019). It is now $1.47 as I write this.
When we launched the Community app, we planned to run it for 6 -12 months as a pre-launch to the SwissBorg app. However, we ran into the growing pains of all start-ups: how to scale rapidly without losing quality.
In our quest to build the best and most secure crypto wealth management app, we had to delay dedicating development resources to ending the first Community app competition. We decided to adopt a responsible pace in regards to the SwissBorg app, with which we’d be able to deliver the kind of product that would make us all proud. Consequently, while buidling our wealth management app we let the competition run for much longer than we had initially planned.
The Community app and the SwissBorg app are both very popular. The meteoric increase in our token’s value was the reflection of our apps’ success.
While this didn’t affect the Community app competition, which now has a prize pool of over $278,000, it has had an impact on the Community app badge prizes. Because the original Community app badge prizes were priced in CHSB, our token’s strong performance meant the rewards pool ended up being much larger than we had budgeted.
We faced a dilemma: spend $35-$40 Million on rewards or find a more efficacious solution to ending the competition. On the one hand, we want to scale our showcase product, protect the price of the token, as well as the investments of our community; on the other hand, we wanted to keep our promise of rewarding our Community app players. We have no doubt that distributing 25 million CHSB for the Community app badge prizes would negatively impact the CHSB price and our community’s investments.
So we came up with a solution that we believe both protects our token holders and is equitable for the Community app winners: $500,000 in CHSB will be established as a rewards pool and distributed among eligible CAP members.
- Community app players who have the Hall of Fame badge will receive 100 CHSB, plus a special Premium discount (keep reading to learn more)
- Other badges will receive a reward of 1 CHSB per badge.
As a bonus, we’ll also give Hall of Fame winners discounted Premium accounts:
- Winners who are not Premium get a Community Premium account for 1 CHSB.
- Winners who are already Genesis Premium can maintain their Genesis Premium status for only 48,000 CHSB
- ICO contributors who are Genesis Premium can maintain their Genesis Premium status for 3,000 CHSB
So now is a great time to get your Hall of Fame badges while they are still available to get reduced Premium accounts!
Note that the change to the rewards will not affect the competition prize pool, which will be paid in Bitcoin in the values outlined in the Community app. The dollar value of the rewards will be about the same amount as it would have been if we ended the competition a year ago.
We believe and hope that our community of CHSB holders will understand the necessity of this decision on our part. The CHSB is the heart of our ecosystem, and keeping it strong is our number one priority.
We can’t wait to introduce you to the Crypto Challenge, our new, improved crypto prediction game where monthly competitions and rewards will be calculated based on their dollar value.