Blog Updated December 5th, 2022
Node owners will be able to earn Action Points by participating in certain action items. This is called Proof of Action, which recognizes contribution and energy usage tied to a given blockchain. The Rewards page of your Switch Web App is where you will see a breakdown of the Action Points completed by your individual nodes.
Action Points are not Switch Rewards. The points you earn, however, do determine the amount of Switch Rewards you will receive once distribution happens. This is not a 1:1 exchange ratio of Action Points to Switch Rewards. Your Switch Reward distribution is determined as a % of the Action Points you earned vs the total number of Action Points earned by all participants during that distribution period. Beginning in October 2022, node owners were first able to see the Action Points in their Rewards dashboard. Beginning in late November 2022, your anticipated Switch Rewards became visible. These are steps in the process of distribution. The Action Points and Switch Rewards are currently only visible as what has been earned up to this point and updates daily according to the formula.
The first Action Item to be rewarded is running your node for a minimum of 6 hours per day. This began on February 25, 2022, and the points have been accumulating since then. The second Action Item which will be rewarded is referrals. This is expected to begin in late 2022 or early 2023 and will not be retroactive prior to that date. In order to receive the Action Items from a referral, the referrer’s unique referral code will need to be used by the referee at the point of purchase.
Other future Action Items will be based on activities involving the use of the trading platform within the Switch App, purchases made on the Switch Black Card, and referrals of the Switch Black Card. Again, this announcement, seeing Action Points and Switch Rewards in the dashboard, is a step in the process toward Rewards Distribution. A full breakdown of Action Items and the distribution formula can be seen in the Switch Litepaper
Stay tuned for more exciting updates and announcements.
Blog Posts may contain forward looking statements that involve substantial risks and uncertainties. Forward looking statements discuss plans, strategies, prospects, and expectations concerning the business, operations, markets, risks, and other similar matters. There may be events in the future that we cannot accurately predict or control. Any forward-looking statement in these social media posts speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not plan to update or revise publicly any forward- looking statements except as required by law.
Switch nodes and the Switch blockchain are governed by a Distributed Governance Framework, which is distinct from and not solely controlled by Switch Reward Card DAO LLC. Any value derived from Switch nodes and Switch Digital Rewards is likely to be uncorrelated with the success or failure of Switch Reward Card.