Point Collectors

For native point-collectors, Monet provides an enhanced journey compared to the traditional way of dealing with points, which includes the following steps:

• Collecting Off-chain Points: The first step is collecting points as usual. You need to perform certain actions on-chain and earn web3 points for that. Those points are now off-chain in a company’s database, but that won’t be the case for too long.

• Off-chain => On-chain Points Conversion:

  • When you collect some off-chain points in a partner company’s product, head to Monet Points (In Beta), connect your wallet to check your off-chain points associated with this account in different partner companies. In the case of the account in the picture, it has off-chain points from two different partner companies.

    

  • When you click on the “Redeem” button of a company, you can check the total off-chain points that you collected from that company, the amount of points you have already converted (off-chain to on-chain), and the amount of redeemable points at the moment.

  • Redeemable Points = (Total Off-chain Points) - (Already Converted Points).

    

  • Wait a bit for the redeeming transaction to be executed, and congrats, your off-chain points are now on-chain. You can even import those points to your wallet (using the address of the on-chain point contract) and transfer them around using your wallet itself.

  • After receiving your on-chain points, one option is to do absolutely nothing :)

  • You used to have (x) off-chain points and (0) on-chain points, and now you have (x-y) off-chain points and (y) on-chain points. Same value, however different utility.

    Note

    You will still see your off-chain point balance as (x) in the company’s website, but Monet shares the value of already converted points with the company, so it knows that your (x) points are actually, (x-y)

  • Let’s discover one feature of on-chain points in the next step in the journey.

• Marketplace:

  • A user with on-chain points is able to list their points (or a part of them) on Monet Marketplace. Once a listing is bought (by some other user on the platform), the transfers happen in real-time. The seller receives the price that they asked for, and the buyer receives the points they just purchased, in on-chain form. A user is also able to buy points from different projects in the same Marketplace.

• Airdrop:

  • After a while of collecting off-chain points, converting them into on-chain points, trading those or transferring them around, the company announces that it is the airdrop time. At that time, the off-chain points issuance will stop, the conversion of off-chain points into on-chain points will stop as well (so the number of on-chain points doesn’t change anymore), and a snapshot of all on-chain points holders will be taken, in order to be used when calculating the final amount of points per user.
  • At any given time, the total amount of points a user has can be calculated as following:
    • Total points = (Total Off-chain Points) + (Total On-chain Points) - (Already Converted Points)

Example:

• A user (u1) has collected 1000.00 off-chain points at company (c1).

• Over time, user (u1) has converted a total of 750.00 off-chain points to on-chain points via Monet.

• User (u1) also was an active trader in Monet Marketplace, and at the time of airdrop, their on-chain balance of (c1) points was 5200.00 points (of course, this balance includes the 750.00 (c1) points that they converted via Monet).

• The total amount of points (both in on-chain and off-chain forms) is: 1000.00 + 5200.00 - 750.00 = 5450.00 (c1) points. This amount points will be considered when user (u1) gets their share of (c1) airdropped tokens.