Hi everyone, I hope it's all going fine for you. Bitcoin is trying hard to break above 45k but it's acting as a major resistance. With the current situation of Russia and Ukraine, we clearly saw some merits of bitcoin and we'll continue to see more as we move forward.
Talking about presearch, yesterday I saw a tweet from them stating that they have removed the legacy RVS but is it enough. For those of you who have no idea what is this RVS or presearch, you can check out my earlier post about presearch.
Why it's not enough?
Earlier there were levels to define the percentage of your search rewards that are eligible to withdraw, and these levels were decided by the legacy Reward Verification System(RVS). Now presearch has removed this legacy RVS and introduced their new RVS. I couldn't find any more details about this new RVS. So the levels are gone, which means you can claim all your search rewards but the minimum threshold is still there, i.e, you should at least have 1000 reward tokens to claim.
If we took the current reward rate i.e, 0.1 token/search and 30 searches are eligible for reward per day then it would still take close to 1 year which is not an optimal time period but let's be real. The fluctuation in reward/search will depend on the price of pre token means the 0.1token/search is not constant. Plus you don't really gonna search for 30 times a day, I hardly search for 7-8 times a day which will make it more difficult to claim your tokens early.
I have been using presearch since last year(close to 13 months) but still have not reached the 50% of threshold.
Even if you reached the threshold somehow you'll need to cover the gas fee to move your tokens to an external wallet. I have never done this but because it's on Ethereum then the fees will be high. Also, I have heard the process is also not user-friendly. Earlier presearch used to cover the gas fee but not now.
The referral program is also not so attractive because it goes like this :
You become eligible for your 25 token bonus, per referral, once each referral has earned 50 search reward tokens, and has been active 30 days after their initial sign up
and personally, I don't think it is going to attract users.
Slow Developments
But my main concern is the pace of these developments. The presearch team announced in May 2021 that they are going to replace legacy RVS and move to a more gas-friendly network. But they have only achieved the former and it's already close to a year. I'm sure they are working quite hard to achieve what they want but I also think that this is not the deadline they must've set earlier. According to their May 2021 Roadmap, this should have been achieved in the 2nd half of 2021 but we are already at the last month of Q1 for 2022.
Still, I believe they have a long to go. Do you think the same or were you able to withdraw any of your pre-rewards or what are your thoughts on this new RVS, share in the comments?
There are some more minor developments and you can read about them here.
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