Powerloom Incentivized Testnet

1. What is Powerloom Protocol?

Powerloom Protocol is a decentralized network that is intended to provide customized insights and information on web3 data. The protocol incentivizes participating peers to reach consensus around observations of state transitions and event emissions across multiple smart contracts., Powerloom network ultimately serves as a peer-validated, accurate source of information on which rich data applications like dashboards, bots, aggregators, and insights trackers can be built by utilizing data compositions built upon smaller units of data validated by network participants.

2. Who is eligible? 

Users must meet the following criteria to be eligible for Phase 1 participation:

• Certain jurisdictional limitations apply, as outlined by Powerloom’s Terms and Conditions.
• Participants will need to allocate certain computing resources with a reliable high-speed internet connection.
• A non-custodial Ethereum wallet (e.g., via Metamask) is required to connect and engage with Powerloom Network.
• Basic requirements for running a snapshotter are listed at the following URL and are subject to change without prior notice: https://github.com/Powerloom/deploy#requirements 
• Eligibility to receive rewards is also conditional on Powerloom’s Terms and Conditions, and participants will be required to complete KYC verification and link their participating wallet.

Users must meet the following criteria to be eligible for Phase 2 participation:

• Certain jurisdictional limitations apply, as outlined by Powerloom Network’s Terms and Conditions.
• Ability to complete on-chain blockchain transactions.
• A non-custodial Ethereum wallet (e.g., via Metamask) is required to connect and engage with Powerloom Network.

3. When is the deadline to participate?

Applications will be accepted on a rolling basis. The first wave of participants will be onboarded on or around October 13th, 2023 . Phase 2 is expected to last approximately 30 - 45 days. Participants will have 2 weeks to complete any remaining quests once Powerloom announces the final quest and/or deadline. Powerloom may expand this at their discretion.

4. What are the required activities? 

Activities for Phase 1 include but are not limited to:

• Running the pooler data markets using Powerloom/deploy repository on a local or remotely hosted computer/server;
• Monitoring the exclusive snapshotter discord channel to get information on future release and more use-cases; and
• Participating in weekly calls on Zoom/Discord to engage in walkthroughs and provide feedback.

The final list of activities will be published when the first wave of users are onboarded on or around August 31st, 2023.

Activities for Phase 2 include but are not limited to:

• Engaging in a series of on-chain activities such as bridging from Ethereum to Polygon zkEVM, swapping assets, and providing liquidity. 
• Monitoring the exclusive Discord channel to stay updated on forthcoming quests.
• Participating in weekly calls on Zoom/Discord to engage in walkthroughs and provide feedback. 

New quests will be added every week, providing further ways to accrue XP points and provide data for the Powerloom Network.

5. What are the rewards? 

Powerloom Network has allocated 0.4% of the current token supply to reward participants for their contributions to the incentivized testnet.

For Phase 1 of the testnet program, Powerloom Network has designated 1,000,000 tokens (equating to 0.1% of current token supply) specifically for snapshotter participants. Assuming a maximum of 100 eligible participants, the base reward will be the equivalent of 10,000 tokens to be distributed at mainnet launch.

For Phase 2 of the testnet program, Powerloom Network has designated 1,000,000 tokens (equating to 0.1% of total token supply) specifically for community participants. Rewards to be distributed at mainnet launch. 

Additional information on the remaining allocated supply will be made available as the testnet progresses. For more information on how to accrue points and the estimated rewards per person, check out the Powerloom Incentivized Testnet page here.