In this article, we’ll be explaining the mechanics behind how our new token works. Here's everything you need to know about how the tokens are created, how they work, what they can be used for, and why Decrypt created its own reader token.
What is Decrypt Token?
Decrypt's reader token is used to reward our most loyal and active readers.
It’s backed against real cryptocurrency and sent in lightning-fast microtransactions as you read. The token lives inside the Decrypt app, which is available on iOS and Android.
Currently, the tokens cannot be exchanged for other tokens, or exchanged for fiat.
How do I earn tokens?
Earning tokens couldn’t be simpler. Download our app and create a wallet—it literally takes a few seconds. From that point on, as long as you’re logged into your wallet and are in the app, you automatically earn tokens as you read. You can boost your earnings by sharing and reacting to articles.
New tokens are released in “seasons.” You can see how many are up for grabs at any time in the wallet menu.
What is a Season?
We partner with great companies to release new batches of tokens into the community. We call this a “season.”
We think this is a great way for companies to become an immersive part of the token experience while keeping things exciting for our users.
In each season there are a limited number of tokens up for grabs, so be quick!
What can I do with the Decrypt Token?
The Decrypt token can be used to redeem rewards on the Decrypt reward store. You can find the reward store inside the app.
During our first season, users who've amassed enough tokens can swap them for super limited NFTs created by some of our favorite artists. But we plan on offering a lot more than that as our token evolves. Each season will feature something new so keep checking in to see what’s on offer.
To redeem your tokens click on the “Rewards” button on the wallet menu.
In the future, Decrypt drops will evolve to include a host of different rewards and different functionality. So stay tuned.
Why is Decrypt introducing a token?
At Decrypt we’ve always been firm believers that the technology we write about every day should be a core part of our DNA.
We believe that applying Web3 technology in thoughtful and engaging ways can help us tell better stories and also be a step toward solving some of media’s biggest problems.
We believe there is a better way for media companies to bring together audiences, publishers, and advertisers in a way where everyone can benefit. The Decrypt Token is the first step in that journey.
What problem does the Decrypt token solve?
We believe it's essential for the media industry to create better relationships between readers and advertisers. Tokens can help unlock new and better ways for media companies to thrive.
Two of the leading reasons users want a connection to a brand is a sense of ownership and the opportunity for rewards.
We like to think of the Decrypt Token as a tool to build a more engaged community of readers.
How does all this work?
Decrypt Token is built on OpenST, an open-source token platform. This allows us to ensure that the wallet is totally non-custodial. That means you have full ownership and control over your tokens. All keys are stored on your mobile device. Decrypt can’t see or control that password.
All the transactions that happen in the background while you read take place on Ethereum, the leading platform for blockchain applications.
When you complete an earn action, we transfer tokens from the Decrypt reserve to your wallet. We do this through an "Ethereum sidechain" to achieve fast and extremely low-cost microtransactions.
At the moment, the tokens cannot be exchanged for other tokens, or exchanged for fiat.
Our initial implementation of the Decrypt Token is designed to be simple, fun, and engaging. We have lots of plans to make the token more useful to our community of users, while helping Decrypt to improve and support its journalism.
We have a Discord channel we use to keep people updated on what’s happening with the Decrypt Token. If you’re interested in keeping up to date with the Decrypt token, join our Discord server.