Creating Digital Token “wordkoin”. This is its white paper.
WHAT IS WORDKOIN (WRDK)?
wordkoin (WRDK) is a token/coin “mined” through game play.
WRDK is created by summing up all 5-point plays.
For every 100 points, 7 coins will be mined or created. This will be the difficulty multiplier for the first 1 Million coins (0.0001 – 1 M). This means that a total of 14,285,714 points are needed to mine 1M coins.
Currently, 2083.55 WRDK coins have been mined and available for distribution.
When 7,000 WRDK have been mined, they will be airdropped to the community members and ready to be rewarded to guests during TikTok Live sessions.
WHAT IS THE VALUE OF THE COIN?
To give value to the coin, a CAPITAL ALLOCATION or “reserve funds” will be provisioned. The funds will be coming from 30% of the total coins received by the Live creator in every Live session. The reserve funds will ensure that the coin will always have a value no matter the market sentiment.
The ACTUAL CAPITAL ALLOCATION is at 50.60692 USDT
For all intents and purposes, this valuation will be referred to as “collateral value”.
The collateral value of the coin fluctuates depending on the circulating supply and the balance of capital allocation.
The collateral value of the coin is based on the stablecoin USDT.
TOTAL SUPPLY
There will only be a total of 7 Million WRDK coins supply.
MINING AND MINING DIFFICULTY
WRDK coins are created through gameplay by players. Only 5-point scores are used to produce 100 points. The player who gets the first correct answer is given 5 points. Each category contains a “chain” of 5 questions resulting to a guaranteed 25 points per category. Therefore, to come up to 100 points, 4 category of chains are to be played.
0.0001- 1M WRDK – 100PTS = 7 WRDK coins
1,000,001.0000 – 2M WRDK – 100PTS = 6 WRDK coins
2,000,000.0001 – 3M WRDK – 100PTS = 5 WRDK coins
3,000,000.0001 – 4M WRDK – 100PTS = 4 WRDK coins
4,000,000.0001 – 5M WRD K- 100PTS = 3 WRDK coins
5,000,000.0001 – 6M WRDK – 100PTS = 2 WRDK coins
6,000,000.0001 – 7M WRDK – 100PTS = 1 WRDK coins
AIRDROP AND INITIAL DISTRIBUTION
Initial distribution or airdrop is set to prioritize (1) subscribers, (2) gifters, and (3) team members with Level 20 ranking.
Active subscribers get 7 WRDK for each month of subscription including past subscriptions.
Gifters get 2 WRDK coins for every 100 coins gifted to the Live creator counting back 60 days from the airdrop date.
Team members get 20 WRDK coins with Level 20 ranking.
ALLOCATION OF COINS
WRDK coins will start distribution as rewards when 7,000 WRDK (1% of total supply) have been mined. This information is available during the Live session in TikTok and also on the home page of this website.
The following are the allocations of coins:
General Public Rewards (60%). WRDK will be distributed as rewards to the general public for playing the game, gifting, and subscriptions.
Developer Fund (15%). This is to support further development of the project in terms of upgrades, maintenance and manpower.
Humanitarian Projects (5%). To support humanitarian projects specifically refugees who are displaced and needing basic necessities.
Community Fund (19%). To provide financial support for community initiatives and project governance.
Airdrop (1%). Distribution of coins to early adopters and contributors to the ecosystem namely: Subscribers, Team Members, and Gifters.
HOW ARE COINS EARNED?
1. TOP 5 PLAYERS ON THE LIVE LEADERBOARD
After the game is concluded, the top 5 players on the Live Leaderboard will be rewarded with coins. The number of WRDK coins the players receive depends on three (3) factors:
- The total number of coins mined during the Live session. Only sixty-percent (60%) of the total mined coins during the Live session will be allocated for this purpose.
- Rank weight. Top 1 is assigned 5 weight points; top 2, 4 weight points: top 3, 3 weight points; top 4, 2 weight points; and top 5, 1 weight point.
- If the Top 5 player holds Level 20 membership ranking, an additional 2 WRDK coins are added to the reward.
How is reward computed?
The sum of the “weights” assigned to ranked players are calculated. In this case, 15.
Total points = 5 + 4 + 3 + 2 + 1 = 15 points.
Divide the total number of coins to be distributed (60% of the total coined mined, example 10 coins) by the total weight points (15) to find the value of each point in coins. Then, multiply each rank’s weight points by this value to find out how many coins each person should receive.
Value per point = 10 coins / 15 points = 2/3 coins per point
Rank 1: ==> [ 5 × (2/3) = 10/3 ≈ 3.33 coins ]
Rank 2: ==> [ 4 × (2/3) = 8/3 ≈ 2.67 coins ]
Rank 3: ==> [ 3 × (2/3) = 2 coins ]
Rank 4: ==> [ 2 × (2/3) = 4/3 ≈ 1.33 coins ]
Rank 5: ==> [ 1 × (2/3) = 2/3 ≈ 0.67 coins ]
2. SUBSCRIBERS
Subscribers renewing their subscription will be rewarded for each month of 7 WRDK coins.
New subscribers will be awarded 7 WRDK coins for every month of subscription.
3. GIFTERS
Gifters during the Live sessions are rewarded 2 WRDK coins for every 100 TikTok coins or a fraction thereof.
4. MONTLY AWARDS
Monthly leaderboard awards. For every 10,000 points earned on the Master Leaderboard, 2 WRDK coins will be given.
Top #1 players in the Categories Monthly leaderboard will be awarded 1 WRDK coins.
The Master Leaderboard score may be improved by contributing “chains” into the game to be played by the guests. Each chain is given 3 points when it is approved for playing. Another 10 points when the chain is actually played.
CAN I CASH OUT WRDK?
Yes. When the following conditions are met:
- TikTok Live creator’s team members reach 1000
- Actual Capital Allocation reaches 1,000.00000 USDT or greater
- WRDK available token supply (ATS) reaches 14,000.00.
Holders of WRDK with Level 20 membership rankings or higher may be able to cash out a percentage of their current holdings based on their team membership rankings. A team member who has Level 20 ranking may be able to sell 20% of their account holdings balance every month.
This information is available on the website.
WHAT CAN I DO WITH WRDK UNTIL CASH OUT IS POSSIBLE?
While waiting for the time when cashing out is possible, WRDK tokens may be used during Live streaming sessions. Utility applications will be offered when they are ready.
HOW CAN I CASH OUT WRDK?
To cash out WRDK coins, you need to have a crypto wallet capable of receiving USDT.
PROTECTING THE STABILITY OF THE COIN
To protect the stability of the coin, strategic measures are put in place to prevent destructive sell-offs of the coins.
VESTING. Implementing vesting schedules for early investors and team members. This means that a portion of their allocated coins are locked up for a certain period, preventing them from selling immediately after the coin’s release.
STAKING. Holders of the coins are encouraged to stake their tokens, which removes them from circulation and can increase the token’s scarcity. Incentives for long-term staking include, but not limited to, (1) bonus coins when receiving rewards from game play, (2) profit-sharing of 2% from transaction fees, and (3) voting power on project governance.
PERCENTAGE-BASED CASH OUT. Holders are allowed to cash out a percentage of their holdings based on their TikTok Live team membership level ranking.