Tipcoin is one of the newest blockchain-based crypto projects that rewards users with "tip" token. The system is designed to boost engagement on Twitter (X) while you are on Twitter. Compared to other social projects, it is integrated into Twitter and does not require anyone to leave it to enjoy social interaction with their friends.
The way of token distribution is truly exceptional on Tipcoin. The users need to mention Tipcoin's Twitter account and use the symbol of $tip in their comments and posts to make these sharing eligible to the reward points. Each post gathers a certain amount of points according to set of criteria such as views, comments, likes, quotes etc.
Also, your maximum possible earning is limited. This is necessary for both security and fairness of the system.
For Original Tweets
▪️ 5 per day limit
▪️ 25x Multiplier
▪️ Minimum Points Threshold
For Replies
▪️ 50 per day limit
▪️ 1x Multiplier
▪️ Max of 25k Points
How to Activate Tipcoin on Twitter?
As you can see, the system is pretty simple. To start using it, you need to do 2 actions.
First, you give permission to Tipcoin on Twitter. Please read the grants that you give before accepting them.
Then, you will share a pre-made post with a single button and retweet their pinned tweet. Once these step are done, you will click on "check my stats" button.
Epoch 1, the first week, is almost over. The users collected 48B points and they will receive tokens according to their allocation in the total points.
Though the event's first session is about to end, the distribution of tokens will start when Epoch 2 is also finalized. So, we have more than a week to learn about the token and its speculative price of it with the first distribution.
Pros and Cons of TipCoin
Let me start with the negative sides because it is more dominant in this case.
First of all, there is limited information about the team, vision, tokenomics and future utilities. People, unintentionally, start to think that it is a waste of time with no information at all.
The distribution of the token should be initiated with the first week because it is also suspicious. So far the system asked everyone to give permission on Twitter and there is nothing else. It is a big trust issue.
Finally, it looks like we just have fun with a growing FOMO and hype that persuaded 100k people to jump into such a simple project. Most probably, time is wasted...
Of course, there are good sides of it, as well. First of all, you do not connect any wallets and approve anything on chain. If you are eligible for some rewards and they are tradeable, you can claim it to a burn wallet! and trade it as you wish.
Even if the team started with 0 vision, now they have a long time to create a utility token in which they can get some liquidity on DeFi platforms and keep the hype vivid. It seems like there is a demand for such a reward system among crypto enthusiasts.
Final strong side is that it is on Twitter, not a simple UI in which you keep mentioning the main account and tagging the native token. This would be even worse 😅
These are my personal observations. I'm not a big fun of such projects because there is no value being created here. If there is satisfactory reward distribution, I may spend some time on that.
What do you think about TipCoin?
Share your comments below 👇
Hive On ✌🏼