All cryptocurrency platforms make use of the incentive system to reward users on the platform. In Bitcoin’s case, there are two types of incentives given to the miners on the platform. Every transaction on the Bitcoin network comes with a fee attached to it which is credited to the miners.
Additionally, every block of Bitcoin transaction mined introduces a certain number of new Bitcoins into the network. This is also awarded to the miners who mine that particular block. This type of validation is called Proof of Work mining.
Another type of validation system in the crypto world is the Proof of Stake system. Cryptocurrencies such as Cardano, etc. reward users who store a large number of their coins in their wallets and, in turn, help validate the transaction by signing them.
The crypto network’s incentive systems help to pay for all the mining equipment or any other equipment and overhead charges levied on the miners/stakes. RAT makes use of a completely different incentive mechanism.
This project is all set to introduce a brand-new form of validation system known as Proof of Entertainment. Since the gaming industry is a part of the entertainment industry, RedApple Token wants to use its core principles to reward its users.
Through the Proof of Entertainment mechanism, everyone who participates on the RedApple games platform is eligible to profit sharing. Thus, helping to keep people engaged on the platform. Let us now take a closer look at how the Proof of Entertainment system works.
RedApple Token project believes in rewarding everyone who participates on its ReadApple games platform, equally. The gaming platform of this ecosystem is RedApple games. This is a registered gaming platform that is licensed by the local government of Curacao.
Like any other online gaming platform out there, you will find numerous games on this platform. The only difference is that you will be able to earn the RAT tokens for every game that you play on this platform.
This RAT token gets accumulated in your alpha custodian wallet and can be used later on. The number of RAT tokens that you earn daily depends on the number of games that you play.
Based on these factors, hash power is calculated and you are rewarded in RAT tokens. Now, you might be wondering how often the RAT tokens are credited into your alpha custodian wallet. You will be surprised to know that it happens more frequently than you would have expected, in fact is happens on a daily basis!
At the end of each day, your account’s hash power is calculated, and the RAT tokens are credited to your wallet. This is great news for every single gamer out there as this would now allow them to make money whenever they play a game online on the RedApple games platform.
This form of incentive mechanism is great for everyone out there as it gives everyone an equal opportunity to earn RAT tokens online.
In the case of the cryptocurrencies following the Proof of Work concept, you would have to invest a lot of money and time in setting up your mining equipment. As these components are expensive, you would have to spend a whole lot of money to simply get started with this.
With Proof of Stake, you would need to start with large upfront investment. Every cryptocurrency that follows the proof of stake incentive mechanism requires its users to hold a minimum number of tokens to get started. The sad part is that you would need to hold a large number of tokens to start earning. This means a large initial investment is needed again.
Even after you end up spending so much, the odds of earning more are low as these crypto projects are flooded with mining rigs that are much more powerful. So, they end up getting the majority of the rewards.
With Proof of Entertainment in place, every gamer out there has an equal opportunity to start earning RAT tokens. The number of games that you play is what decides most of your account’s hash power, regardless of whether you win or lose. So, you will have a better chance of earning more tokens on this platform.