Welcome to the Decrypt Token FAQ
Here you can find all the answers to the most common questions about the Decrypt Token.
Everything is in one place from getting started, to how it works, why we built it, and what the future might hold.
- What is the Decrypt Token?
- How do I earn tokens?
- What is a Season?
- What can I do with the Decrypt Token?
- How do I get started?
- Why is Decrypt introducing a token?
- What problem are you solving?
- How does all this work?
- Explain the thinking behind this product?
- What does the future hold?
- How do I submit feedback?
- Are my tokens worth money? Can I transfer my Decrypt Tokens?
- How do I recover my wallet?
What is the Decrypt Token?
The Decrypt 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.
How do I earn tokens?
Earning tokens couldn’t be simpler.
Download our app and create a wallet. From then on 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 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 our experience while keeping things exciting for our users
Each eason there are a 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 for rewards, including gift cards from top brands.
We also introduce special redemption options each season.
To redeem your tokens click on the “Rewards” button on the wallet menu.
How do I get started?
We’ve made this as effortless as possible.
- Download the Decrypt app on the Apple App Store or Google Play.
- Hit the wallet icon in the top right.
- Press “Create Wallet”.
- Signup. (This takes less than 1 minute).
- Away you go 😃. Read, share and react to start earning.
Why is Decrypt introducing a token?
At Decrypt we’ve always been firm believers that the technology we write about every day should be core a 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.
The Decrypt Token is one such experiment. Our thesis is to better align incentives between readers, brands, and the publisher (us).
Our goal with this project is to drive business outcomes for our partners and delight our readers.
What problem are you solving?
We believe it is essential for the media industry to create better relationships between readers and content publishers. We believe that 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 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?
Wallet - Your 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 fingerprint recognition, multi-device access and easy recovery methods.
Transactions - Our transactions 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.
Security & Data - We use passwordless login using magic.link. This uses cutting edge ‘Delegated Key Management’ to prevent password leaks and reduce security vulnerabilities.
Your transaction data is stored on an ethereum sidechain. Your basic user information is encrypted and securely stored and on the Decrypt cloud.
Redemptions - When you redeem tokens on the Decrypt Rewards store your tokens get sent to an escrow wallet. Once we fulfill the redemption option you selected, those tokens in escrow are burned.
Explain the thinking behind this product?
At the outset of this project we wanted to focus on two key principles.
One, holding ourselves accountable to the best UX practices of leading tech products. Two, meaningfully enhancing the experience for our readers - without them necessarily realising there is blockchain technology under the hood!
The end goal was to create something that is beautiful, effortless to use and adds real value to the user and season partner.
What does the future hold?
Our initial implementation of the Decrypt Token is designed to be simple, fun and engaging.
In the future we are excited to introduce new ways to earn and spend your tokens. Here are some ideas:
- Earn from commenting or annotating articles
- Earn from fact checking or sourcing stories
- An interactive leaderboard of top Decrypt Token earners.
- New types of rewards.
If you have any suggestions, see below how to share them with our team.
How do I submit feedback?
Your feedback is a super important learning opportunity for our team. We are eager to squash bugs. We are excited to hear ideas for the future. The best way to leave feedback is with 👉 this form 👈.
You can access it directly on our app by going to clicking on Wallet Menu → About → Feedback.
Are my tokens worth money? Can I transfer my Decrypt Tokens?
Decrypt tokens are staked against USDC. USDC is a stablecoin created by an organisation called Circle.
Each Decrypt Token is worth a fraction of a dollar, which can only be used as credit on the Decrypt rewards store.
Decrypt Tokens cannot be freely exchanged outside of the app.
How do I recover my wallet?
If you use the Decrypt App on a new device, the simplest way to recover your wallet is with your 6 digit pin. First, login using the email you signed up with. Then go to Settings → Wallet Settings → Recovery Wallet.