NEM HUB Update - Staking and workdrops

Dear NEMbers,

We had a very successful Soft launch with the NEM HUB. Over $32 million XEM have been staked in the platform and many of the participants have already started to use their influence to vote on community submissions. We want to thank you for providing feedback as well.

1 ) Starting from today we will distribute “Workdrops” every Monday for the first 4 weeks until the next phase of the HUB will be initiated. Our main objective is to reinigte our community via these weekly workdrops, in order to gradually increase the value of our native currency. Workdrop screening for distribution happens at the fixed time of 1am UK time ( GMT+1 )

2 ) Workdrops will be redefined each week based on information that we collected from the previous week. The factors will be continuously improved in order to create a positive feedback loop that can generate fundamental value for NEM which exceeds the inflation of coin within the ecosystem. This is intended to gradually increase the value of XEM.

3 ) The first workdrop will be distributed today afternoon GMT time. Workdrops are designed to activate existing token holders in order to become active members of the ecosystem.

4 ) Workdrops function in the following way: The HUB will receive a budget each week, which is then distributed amongst all active participants on the HUB.

5 ) How funds are distributed is decided by the community of Validators as well as a participant’s stake. A workdrop consists of 2 core aspects: 1st - The work index, which represents the amount of fundamental value that a user has brought to NEM in the last week as well as 2nd - The Investor Index which measures the monetary value that individual users brought to NEM.

6 ) Work Indexes are defined by individual users, voting on different submissions as well as users participating in direct tasks. Investor indexes are defined by staking tokens in the system. Both are needed to create a healthy growing ecosystem and both are required to successfully earn on the HUB. Currently the workdrop algorithm is weighted 84% on work and 16% on staking.

To put this into context: Participants that add the most value and actively validate other works will be paid the most. Large inactive stakeholders will earn rewards but less then small, but very active stakeholders.

7 ) Stakeholders can earn daily validation rewards for upvoting submissions, that they believe are more valuable to the NEM ecosystem. The more validation rewards a validator earns, the higher will be their respective workdrop. Stakeholders are given the responsibility to ensure that users that add the most value will be incentivized to add more value to the ecosystem.

Note: Over the course of the next 4 weeks these factors will change gradually. Once everything is finalized, users will be given the possibility to see their weekly or monthly rewards in real time in their rewards tab on the HUB. However, this feature will not be enabled until all the factors are calibrated.

JAPANESE
CHINESE
SPANISH
RUSSIAN

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Very good job.

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It might have been better to say this.
“This will gradually expected to increase the value of XEM.”

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Fair point :slight_smile: We meant to specify this as a desired outcome.

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Hi Everybody ! This is my 1st post here on that forum )
So i am glad to be part of NEM community and to take part in NEM social mining )

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Welcome to NEM.

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Which regions can it be accessed from?

Hi Vyacheslav, thanks for joining. Let me know if you need support.

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HI @corporal_clegg,

China, United States, North Korea, Syria, Sudan, South Sudan, Iraq, Libya, Cuba, Yemen, Pakistan, Puerto Rico, American Samoa, Northern Mariana Islands, U.S. Virgin Islands, Kyrgyzstan, Colombia. Please see screenshot below, also this is not final, we are still in the process of soft launching and this is still subject to changesCurrently Restriced Countries

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Why not Taiwan?

What that mean for other region what???

same question

Hi @Dtbychris,

Taiwan and Singapore are open :+1:

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Hi @jelin1984,

We are still working on China and the US. Here is an updated list of countries currently blocked from participating:

USA
Afghanistan
China
DPRK
Iran
The Bahamas
Botswana
Cambodia
Ghana
Pakistan
Panama
Syria
Tunisia
Yemen
Sudan,
South Sudan
Iraq
Libya
Cuba

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Thanks

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I hope it will be released gradually

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“All reward standards regarding NEMHUB are far too low.”

This is the critical opinion of many in the Japanese community. NGL and marketing groups should seriously consider this.

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Hi Tresto,

Thank you for your comment. The reward budget dedicated to the HUB is a test budget and will gradually increase with the scaling of the platform. We will post an update on budget increase here before the main launch on July 15th.

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