Overview of TotemFi’s industry-first Collaborative Rewards
When our Co Founders set out on their journey to launch the world’s first non-punitive, staking-based prediction markets platform, they did so with the vision of rewarding the crypto community for their collective ability to predict the future outcomes of events; a skill which would have wide-ranging, positive societal ramifications.
One of the core ideas that sparked creation of TotemFi was Aristotle’s “Wisdom of Crowd ‘’ theory. This concept asserts that groups have more knowledge, experience and insights to draw upon than individuals, and therefore taking an average of a group prediction will likely be more accurate than a single guess. It was from this idea that TotemFi’s Collaborative Rewards was conceived.
We pose the question: Can the crypto community, collectively by weighted average, predict the future price of Bitcoin? (some would say it’s an impossible task!). Our platform’s Collaborative Rewards incentivises this ability, and confers on this skill the recognition it deserves.
Collaborative Rewards is an extremely exciting platform feature, whereby if the weighted average of the prediction pools is within a $100 range (± $50) of the actual value of bitcoin on pool maturity, each winner’s reward will be increased by 20%.
Additional prizes will be automatically added to the winners returns, so they will simply claim as normal, and will receive even more TOTM and BTC! As our platform grows and we expand our range of staking pool lengths, the percentage increase users receive through the Collaborative Rewards feature will vary accordingly.
The next step of our journey is just around the corner. The Genesis Collaborative Rewards pool will be launching on 20 September 2021! Watch this space, you don’t want to miss out on this one.
To take part in TotemFi’s innovative collaborative rewards, head over to their dApp and Stake, Predict, Grow https://app.totemfi.com/