Narrative has announced a new component to its rewards structure: the Electorate. The new incentive will reward participants for voting on various decisions that will shape its member-controlled ecosystem. Narrative is currently in Alpha and claims to be creating a new kind of social network that rewards its users for creating and moderating high-quality content.
The platform has opened its voting process for niches to be added to its network. A niche is described by Narrative as “unique subjects that any member of the network can post to. Subjects can be broad or very narrow, but the idea is to have content silos defined by the area of interest.” The voting process was also underlined as being “critical” to Narrative’s success. Voting lets users decide on the scope and texture of content as well as the key decisions regarding its management and infrastructure. For example, Narrative users vote for who its moderators are, the types of advertisements shown, rules for content violations, etc. The Electorate was designed to encourage people to vote on these important decisions.
The Electorate is structured around Narrative’s core group of supporters who also commit NRVE tokens to provide stability to its ecosystem. The minimum amount of NRVE is 2,000 to access the dedicated rewards pool for Electorate members, which is calculated on a monthly basis – provided they cast one vote in the calendar month. Committing additional NRVE will earn participants greater rewards with a multiplicative effect for the number of monthly votes cast.
The following tiers will be supported:
- Tier 1: 2,000 NRVE – 1x Reward Multiplier
- Tier 2: 5,000 NRVE – 2x Reward Multiplier
- Tier 3: 10,000 NRVE – 5x Reward Multiplier
- Tier 4: 25,000 NRVE – 10x Reward Multiplier
Narrative explained the terms of its rewards scheme and how it’s calculated with the following:
“Thus, a member who has a commitment of 10,000 NRVE would earn a 5x reward multiple for all votes they cast for the month, while someone with Tier 4 level commitment would receive a 10x multiple. A user who commits less than 2,000 NRVE is not eligible for Electorate rewards. Similarly, even if a member commits the minimum number of NRVE to qualify for Electorate status, if the user fails to vote, there will be no rewards payout. Electorate members MUST vote to earn any rewards.
Here is the formula for calculating the payout for a qualified Electorate member:
Payout Per Electorate Vote = Electorate Reward Allocation / Total Adjusted Electorate Reward Votes Cast in Month.”
The team also noted that being an Electorate member does not influence the weighting or number of a user’s votes as part of the election process (which is separate to the rewards scheme). All things being equal, an Electorate and non-Electorate member have the same voting power, so system votes are not influenced by commitment levels in NRVE.
Narrative then provided instructions for how to commit NRVE and participate in The Electorate:
“Anyone with an average balance (on their Narrative account) of 2,000 NRVE or more at the end of the month would qualify for Electorate rewards. The average balance is calculated based on daily balance snapshots. If a member who previously qualified for Electorate Network Rewards tries to withdraw an amount that will put them under the minimum commitment level, the system will warn them and ask for confirmation to continue. We will display the average balance for the month on the member’s account page, as well as current Commitment Tier level for the Electorate pool. In the future, we will consider adding support for true ‘staked’ commitments, whereby users can lock up their funds in a smart contract.”
Finally, The Electorate will be allocated 4% of Narrative’s total rewards pool. To accommodate this change, the activity’s rewards pool will be reduced by 4%.
For more information about Narrative visit the links below.