30s Summary

At a recent event, Kenneth Michael of E-Magine Ventures suggested that Web3 project creators should more actively support their communities. Michael’s Rewardable, a task-to-earn platform, rewards users for brand interaction. It employs a unique ID score system and KYC procedures to ensure genuine engagement. The platform offers various tasks like content creation and bug bounty competitions. Rewards are given in $REWARD tokens, which can be staked, traded or used to craft tasks. The ID score system rewards responsible users based on task execution, KYC verification, wallet activity, and social media interaction.

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“Web3 project creators need to take a lot more initiative in growing and supporting their community. They should focus on basically making their followers feel valued and content, and that their needs are understood and catered to,” Kenneth Michael, of E-Magine Ventures, made this point at a recent event hosted by Cointelegraph X Spaces.

The ideas Michael talked about resonate particularly with Gen Z and digital natives, and are being put into practice quite effectively in the gig economy. A prime example of this is the task-to-earn platform, Rewardable, introduced by Michael. The platform connects consumers with brands who are seeking genuine interaction, offering them worthwhile rewards in return. Since its launch in November 2024, the platform has amassed over 10,000 users in just the first week.

Our goal with Rewardable is to merge Web2 and Web3 in a way that’s transparent and trustworthy,” explained Michael. “What sets us apart from other task-to-earn platforms is our unique ID score system and the obligatory KYC [know your customer] procedure, helping us find top-notch creators and genuine engagement that so many projects are after. With the rapid changes in AI algorithms and social media, it’s crucial now more than ever to filter out inauthentic engagement.

Michael stressed the importance of KYC in the Web3 world, saying, “I get why people might be wary of it, but trust can’t happen otherwise. We need users to trust us and be assured that they’re rewarding actual people, not people trying to exploit the system.”

Apart from the usual likes and comments on social media, Rewardable offers an array of task templates such as bug bounty competitions, content creation, referrals, among others. Michael explained, “We’ve even added a transaction feature for tasks. It lets users interact with a contract and test out how they can deposit and pull out funds.”

With near-instant task completion times on the platform, the user experience is greatly enhanced, as users can be given rewards more quickly after they’ve fulfilled a task. Michael mentioned, “The tasks that demand a bit more effort than just liking or following offer the biggest rewards.”

On Rewardable, users, known as Task Ninjas, receive their rewards in the form of $REWARD tokens. These can be staked, traded, or simply kept, and are also used to create tasks on the platform.

Michael delved into how they’ve structured their ID score system to reward the top genuine users: “It’s an intense, data-informed system that gauges user performance, KYC verification, wallet activity, and social media interaction. If users don’t execute a task correctly following brand guidelines, their submissions are rejected which affects their ID score. If users struggle with their KYC, we watch them more closely. This ensures that only accountable users are rewarded.”

He ended the conversation with the hope that their product can be used by other firms, regardless of whether they’re in the Web3 or Web2 space.

Find out more about Rewardable.

Disclaimer: This article doesn’t endorse any content or product. While we do aim to provide all crucial information that can be gathered in this sponsored article, readers should do their own research before making any decisions related to the company. This article should not be considered as investment advice.