At RabbitHole, our mission has always focused on redefining the world of crypto by emphasizing participation in cryptonetworks over mere investments. Over the past two years, we have explored reputation systems such as XP and on-chain credentials in our pursuit of this goal.
Through these experiences, we have gained valuable insights. With XP, we found that the lack of scarcity and off-chain nature made standardization difficult, and its endless printing possibilities paralleled the actions of a central bank, contradicting our core principles.
We then explored on-chain credentials, organizing them into categories like DeFi, DAOs, and NFTs. While this facilitated user onboarding into crypto, standardizing it as a reputation system to gauge user contributions proved difficult, as users were also engaged in activities beyond the credential framework.
The key, we realized, was to focus on the earnings derived from active participation in crypto, rather than capital investments. This shift would create a level playing field and bring us closer to achieving a more accessible and merit-based crypto ecosystem.
The concept of ETH Earned emerged from a powerful question: "What if on-chain participation mattered more than your wallet balance?"
Built atop RabbitHole's Quest Protocol, ETH Earned represents participation. The more quests you complete, the higher your ETH Earned score. You can view your ETH Earned by going to the Rewards Page.
To ensure fairness, ETH Earned is calculated at the time of quest deployment, allowing all participants to receive the same amount of ETH Earned, independent of token price fluctuations.
ETH Earned offers a wide range of potential use cases, functioning as a versatile reputation building block that makes reputation more valuable within the crypto ecosystem. Here are a few examples of how ETH Earned can be applied:
Quest Eligibility: In the future, your ETH Earned score will determine your eligibility for specific quests, ensuring that participants have the necessary experience and knowledge to tackle more complex tasks.
Sybil-Resistance: As your ETH Earned score increases, your wallet becomes more resistant to Sybil attacks, since earnings are directly correlated with the difficulty of the task. This enhanced security helps protect the integrity of the crypto network.
Scoring Wallets: ETH Earned introduces an entirely new method of scoring wallets, taking into account not just the balance but also the user's active participation and contributions to the crypto ecosystem.
Access to Exclusive Platforms: Users with high ETH Earned scores could gain access to exclusive platforms or communities within the crypto world, where they can connect with like-minded individuals and collaborate on projects.
Governance Weight: The ETH Earned score could potentially influence governance weight within decentralized organizations, enabling users with higher scores to have a greater say in decision-making processes.
Incentivized Learning: ETH Earned can be utilized to encourage users to expand their knowledge of various crypto protocols and platforms. By rewarding users for their active participation, the ecosystem can foster a more informed and engaged community.
Token Airdrops: Projects may choose to distribute tokens or rewards based on users' ETH Earned scores, targeting those who have demonstrated a strong commitment to the crypto ecosystem.
These are just a few examples of how ETH Earned can be employed to create a more accessible, merit-based, and secure crypto ecosystem. By rewarding users for their active participation, ETH Earned has the potential to revolutionize the way we interact with and contribute to the world of crypto.
We strongly believe that fostering sustainable cryptonetworks hinges on making token distribution more accessible to participants who have demonstrated their value through on-chain contributions and active involvement. ETH Earned is our latest innovation in support of this vision.
We warmly invite you to join the conversation on ETH Earned and connect with our vibrant community by joining our Discord here. Together, let's revolutionize the world of crypto, making it more merit-based and inclusive.