Here you can find answers to the most common questions about the Decrypt Token—from getting started to how it works, why we built it, and what the future might hold.

What is the Decrypt Token?

The Decrypt Token is a reader token for our community that can be redeemed for unique rewards, which we call Decrypt Drops. Decrypt tokens can be earned inside the Decrypt mobile app.

How do I get started?

  • First, Download the Decrypt app from the Apple App Store or Google Play store.
  • Click on the wallet icon in the top right.
  • Tap “Create Wallet.”
  • Sign up using your email address, and check your inbox for a verification email.
  • Customize your wallet, and away you go 😃. Read, share and react to start earning.

How do I earn Decrypt Tokens?

To earn tokens, you must first download the Decrypt mobile app and create a wallet (see: “How do I get started?”). Once you’ve created your wallet, you earn Decrypt Tokens by reading, sharing, and reacting to Decrypt articles in the app.

New tokens are released in batches and in periods called “Seasons” in partnership with our sponsors. Click on the wallet icon to see how many tokens are available to the Decrypt community during the current Season.

What is a Season?

We partner up with great companies to release new batches of our tokens into the community on a periodic basis. Each period is called a “Season.” Each Season has a limited number of tokens up for grabs, so be quick!

We think this is a great way for sponsors to become an immersive part of the Decrypt experience, while giving readers an exciting new way to interact with our stories.

More information for potential season sponsors can be found here.

What can I do with Decrypt Tokens?

Decrypt Tokens can be redeemed for unique rewards, which we call “Decrypt Drops.” Our first reward Season will feature unique commissioned digital artwork in NFTs (non-fungible tokens) format. Decrypt Drops are available exclusively to Decrypt Token holders.

To redeem your tokens for Decrypt Drops, click on the “Rewards” button on the wallet menu in the Decrypt mobile app.

Each item in the store is assigned a redemption price in Decrypt Tokens. You must have a sufficient number of tokens in your wallet to redeem a reward.

We may also introduce additional special redemption options each Season. Items we offer may include: limited edition NFT artwork; swag and apparel; passes to events; raffle tickets for rare items; and more.

Why is Decrypt introducing a token?

At Decrypt, we’re firm believers that we shouldn’t just write about the new technologies underpinning the future of the Web; they should be core a part of our DNA.

We believe that applying Web 3 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 want to redefine the relationship between readers, brands, and the publisher (that's us). By introducing Decrypt Tokens, we hope to provide a better reader experience and a new way to share exciting ideas, technologies, and projects.

By experimenting with blockchain technology, we can unlock new approaches to publishing that simply aren’t possible with traditional approaches. These could include:

  • 💵 Microtransactions - We can transfer our token anywhere in the world at near instant speed with negligible cost—something that’s notoriously hard to achieve using traditional technology.
  • 🔍 Transparency - Token balances and supply are publicly visible on our explorer. This helps to build trust between us, our audience and our partners.
  • 💎 Empowering ownership - Decrypt Token wallets are non-custodial, and tokens are fully owned by our users. Balances cannot be changed once a user earns their Decrypt Tokens. However, at the moment, it’s important to note that balances can be used for reward redemptions, but tokens cannot be transferred between users.
  • 🤖 Future-proof - Decrypt wants to lead the way towards the future of publishing, where new blockchain infrastructure and tools help to create a better experience for readers.

At the outset of this project, we wanted to focus on two key principles.

One: create an innovative way for readers to engage with the source of their news and the surrounding community. Two: seamlessly introduce our readers to new blockchain technologies, even if they don’t necessarily realize it’s there.

The end goal was to create something that is beautiful, effortless to use, and adds real value to our readers and partners.

What problem does Decrypt Token solve?

We believe it is essential for the media industry to create better relationships between readers, publishers, and brands. We believe that tokens can help unlock new and better ways for media companies to survive and thrive.

We like to think of the Decrypt Token as a tool to build a more engaged community of readers, while building a sense of ownership towards the brands that support our journalism and rewarding readers.

How do the Decrypt Token and wallet work?

Wallet - Your Decrypt Token wallet is totally non-custodial. This means you have full ownership and control over your tokens. All keys are stored on your mobile device.

Your wallet includes features for a seamless end-to-end experience, including biometric recognition, multi-device access and easy recovery methods.

The reader token itself is a smart contract on the OST sidechain and the Decrypt app has an embedded self-custodial wallet that can store, receive, and redeem these tokens.

Transactions - Decrypt Token transactions take place on the OST sidechain, a Layer 2 scaling solution for Ethereum transactions. When you complete an earn action, we transfer tokens from the Decrypt token treasury contract to your wallet. We do this through an “Ethereum sidechain’” to achieve fast and extremely low cost microtransactions.

Security and Data - We use a password-less authentication service called magic.link to secure your account on your device. Magic.link uses cutting edge ‘Delegated Key Management’ to prevent password leaks and reduce security vulnerabilities.

Your transaction data is stored on the OST sidechain, and your basic user account information is encrypted and securely stored on our cloud database infrastructure.

Redemptions - When you redeem tokens for Decrypt Drops, your tokens are returned to the Decrypt treasury wallet. In the future, we may redistribute these tokens, or burn them.

How does the Decrypt token economy work?

This is a summary of the Decrypt Token supply, emission rate, daily earning cap, the price of Decrypt Drops items, and possible future adjustments to the economy. We use all of the below tools to guide the token economy towards a healthy balance of readers earning, saving, and spending tokens.

The Token—The Decrypt reader token is a smart contract on the OST sidechain. Decrypt Tokens cannot be freely exchanged outside of the app. The token has no monetary value.

Token Supply—We have minted 21 million Decrypt Tokens to date. All minted Decrypt Tokens that have not been distributed to readers are kept in our treasury wallet. We may mint more tokens in the future, depending on supply and demand.

Emission Rate and Daily Token Cap—We distribute tokens to readers based on actions they take in the Decrypt app. The Decrypt token economy is new, and we may need to use different available levers to achieve our target emission rate.

We influence the emission rate in a few ways:

  • The token value of different actions in the Decrypt app
  • A daily cap on the number of tokens that can be earned in a 24 hour period
  • How many readers are able to create a wallet and earn tokens

From time to time, we may need to vary the values of these attributes to reach our emission rate target.

Decrypt Drops Item Prices—We set the price of different Decrypt Drops items based on their rarity, cost to produce, and the state of the token economy. We may offer items at a discount to their published price, and we may need to increase or decrease their price.

How does the daily token limit feature work?

We limit the number of tokens a wallet can earn in a 24 hour window, to ensure as many readers a fair chance of getting tokens within the season. The start time for this window is different for each user and is determined by when the user first set up the wallet.

In the future, we may add a multiplier feature to increase this cap, but at the moment the limit is the same for all wallets. We may also change this daily token limit from time to time, depending on token emission rate and demand for the token.

Decrypt Token daily cap UI

How do I submit feedback?

Your feedback is super important for our team. We are eager to squash bugs and excited to hear your ideas for the future of Decrypt Token. The best way to leave feedback is with 👉 this form 👈.

You can access it directly in-app by clicking on Wallet Menu → About → Feedback.

How do I recover my wallet?

To use the Decrypt app on a new device, you will need your 6 digit pin. If you forgot your pin, unfortunately we cannot retrieve or reset this pin for you. On your new device, download the Decrypt app, and log in with the same email you used to create your existing account. Then go to Settings → Wallet Settings → Recover Wallet and complete the recovery flow.

What does the future hold for the token?

Our initial implementation of the Decrypt Token is designed to be simple, fun, and engaging.

This is an experiment—one we're very excited about. Currently, the reader token can be collected in the Decrypt mobile app and used to redeem what we're calling Decrypt Drops: digital rewards created just for our community.

In the future we aim to introduce new ways to earn and spend your tokens. Here are some of the ideas we’re excited to launch:

  • Earn from commenting on or annotating articles.
  • Earn from fact-checking or providing tips for stories.
  • An interactive leaderboard of top Decrypt Token earners.
  • New types of rewards.

If you have any suggestions for future features, please share them using 👉 this form 👈.

Disclaimer

THE DCPT OR DECRYPT TOKEN ARE NOT AN “INVESTMENT OPPORTUNITY” OF ANY KIND AND SHOULD NOT BE PERCEIVED AS ONE. DCPT ARE SIMPLY SOFTWARE - COMPUTER CODE THAT YOU WILL STORE IN ELECTRONIC FORMAT, WHICH WILL ALLOW YOU TO REDEEM FOR REWARD POINTS OR PREPAID GIFT CARDS FROM OTHER VENDORS. DCPTS HAVE NO VALUE OUTSIDE OF THE DECRYPT APP.