BiblePay - Referral Rewards
This program provides an extra bonus to those who promote BiblePay UTXO staking (the referral-code originators), and also those users who consume UTXO staking referral codes (new users).
The maximum bonus that a new user may receive is a 10% annual bonus (called a +10% DWU modifier). Note that the actual realized bonus will decrease very slowly each day (with our time decay formula). The bonus is designed to start at 10% on the first day, and slowly decrease to .01% on the 365th day. At it's half-life (180 days old), the 10% bonus will actually be 5%.
Additionally, a referral code bonus will only apply to up to 10% of the size of the originators portfolio. So for example, if the originator had a 1MM portfolio, and you attach one of his referral codes, you may utilize this code on up to 100K of your portfolio. If you have a 100K portfolio, you would realize the entire 10% bonus! However if you had a 1MM portfolio, you would only realize a bonus on 100K of your portfolio (10% of it).
Impetus for Creating Referral Codes
The impetus to create and share referral codes is promoting biblepay, making us stronger (giving us higher liquidity, therefore a stronger position when you exit biblepay), but also, will earn you a reward if someone uses your code! Yes: if you share a 100K referral code, and it is used on 100K of portfolios, you will also receive an extra 10% DWU bonus back on your portfolio (before the time decay formula).
Impetus to Use a referral code
The impetus to Use a referral code is that you receive a greater bonus on your portfolio than you would without a code. It's a win-win for both the code consumer and the code originator! It's also a win-win for our public promotional (PR) efforts.
Creating a Referral Code to share with others
To create a referral code, type:
This command will respond with the 256bit code. You may share this code publically.
Attaching a Referral code to your portfolio
If you found a referral code somewhere, like in a trollbox or forum, you may attach it to your portfolio. Remember, a code originator cannot attach a code to their own portfolio (it will fail).
To attach a code (you may attach multiple codes to your portfolio):
Once this is done, the code will start increasing your DWU after a couple blocks.
Querying the codes I have attached and the impact on my portfolio
To query your attached codes, type:
This report will show each code, and how much of your portfolio it is affecting. It will also show you the effective DWU% increase these codes have on your portfolio.
Detailed Complex Example of a portfolio with codes
To answer every possible question, lets talk about the effect of codes on new portfolios and old portfolios, and small portfolios and big portfolios, and originators and consumers.
First, lets take an established originator (one with a portfolio of 180 days old), with a size of 10MM, and, a smaller consumer that is brand-new (new user, portfolio age of 1 day) with a size of 1M.
Originator: Size: 10MM, Age: 180 days Consumer 1: Size: 1MM, Age: 1 day Consumer 2: Size: 1MM, Age: 180 days Consumer 3: Size: 500K, Age: 1 day
The originator generates a code "12345". All 3 consumers attach the Originators code. This means 3MM BBP is being consumed, out of the originators code that is good for up to 1MM of DWU benefits (10% of his originator size).
Consumer 1 would receive 333K of benefits (1/3rd of the coupon amount), at a 10% DWU. His effective boost would be 10% (due to portfolio age of 1 day) * .333 of his portfolio, meaning an effectivity of 3.33%+ DWU boost. Consumer 2 would receive 333K (1/3rd of the coupon amount), at a 10% dwu, however due to his age being 180, this 10% is reduced to 5%. 5% * .333 of his portfolio = 1.66%+DWU boost. Consumer 3 would receive 333K (1/3rd of the coupon amount), at 10% dwu, due to his age being 1, this 10% stays at 10% * 66% of his portfolio = 6.6%, total effectivity.
Note that since the grand total consumption of this code equals 1MM, the referral code originator would receive 10% on 1MM (that is 10% of his portfolio), or 1% boost, decaying by age of 180 days = .05% boost. Therefore the originator receives a .05% portfolio boost due to 3 coupons of consumption.
So as you can see it is both important to generate referral codes, and to use them.
Once codes are over 365 days old they are producing such a neglibile effect they are basically worthless.
We do not currently allow you to replace old codes with new codes as that model is not designed yet. Our current model only allows one static code per user and every portfolio ages constantly.
So this model benefits new users the most.
Q: What happens if I consume so many codes I have more codes than my entire portfolio size? I have a 1MM portfolio and I attached codes worth 2MM.
A: Once your code value surpasses your portfolio value we do not allow consumption of the 'excess', so we cap you at your portfolio value. In this case, you would receive the first 1MM of benefits for your 1MM size.