4.5 Get TEERdays
TEERdays: Profiting from Privacy
What do TEERdays have to do with Incognitee? In the future, our privacy-enabling sidechain will be operated by multiple validators, who will, in turn, share the revenue generated by the solution itself.
This revenue share will be determined by the amount of TEERdays assigned to Incognitee. Although not everyone has the expertise to be a validator, all TEER holders can become nominators – they will be nominating their TEERdays to a validator to also be able to participate in the revenue share of Incognitee. TEERdays as a unit will be calculated on top of the bonded TEER to determine the final share.
What are the TEERdays?
TEERdays aims to reward the most loyal TEER holders who get in the race first. We designed a mechanism where the ones who bond their TEER tokens earlier, get more rewards in the future. TEERdays are a unit that can be accumulated by token holders now by bonding their TEER for the launch of Incognitee – in a way, you’re buying your position in the game.
TEERdays are calculated by multiplying the amount of TEER by the number of days bonded. Example:
1 TEER bonded over 7 days would result in 7 TEERdays.
20 TEER bonded over 10 days would result in 200 TEERdays.
Your accumulated TEERdays will be used as a unit to determine your future revenue share of Incognitee. Let’s say Incognitee generates 100,000 USD a day. If the total number of all TEERdays is 100,000, and you accumulated 1,000 TEERdays, your eligible revenue share would be 100,000 USD x 1,000 TEERdays / 100,000 Total TEERdays = 1'000 USD. Your share would be 1'000 USD. Validator operators can additionally charge a commission from nominators, which will be a fraction of the nominated amounts for their efforts to operate hardware and contribute to the solution's decentralization and availability.
However, TEERdays isn’t just about determining your revenue share – it’s also about including our loyal community in the Incognitee governance system, which means that all the TEERdays participants will have a say in what happens within the project. Your TEERdays will be applied to the revenue share, but also to your governance voting power for important things regarding Incognitee. Using TEERdays for governance will also increase the security of Incognitee because it adds inertia to the electorate. A (potentially hostile) takeover by some whale jumping into the game at a later stage is much harder because money alone won’t buy TEERdays. Committed time is factored in as well, which gives weight to loyalty.
Important details
You can unbond your TEER within seven days (at a pro-rata) loss of a % of accumulated TEERdays if you partially unlock bonded funds ( e.g. 30% unbond will result in 30% loss of TEERdays). If you unbound all your TEER, you will lose 100 % of your TEERdays).
During the unlock period, you're not accumulating TEERdays for the unbonded amount.
TEERdays are non-transferable
Examples
Left: Example how TEERdays accumulate and diminish based on bonding and unbonding TEER over time. Right: Bonding your TEER locks them and makes them non-transferrable. When you unlock, you’ll need to wait for 7 days before you can withdraw your TEER and make them transferrable again.
Why participate and collect TEERdays?
TEERdays are the best way to both contribute to and earn rewards on Incognitee. Participating in this will allow you to be part of our network, and to have a say in important matters related to Integritee’s privacy sidechain.
TEERdays can be used to increase your revenue share for the launch of Incognitee on Polkadot/Kusama and will also increase your governance voting power for future decisions related to Incognitee.
How to participate
Go to the Incognitee TEERday page here and follow the steps:
Download one of the supported wallets like Nova, Talisman, Subwallet or PolkadotJs and connect your wallet.
Transfer TEER to your wallet.
Bond your TEER here.
Start automatically collecting TEERdays.
Refer a friend Coming soon!.
How to use Polkadot.js
Download Polkadot.Js.
Go to TEERdays page and click on "connect wallet"
Allow the app connection request with one of your wallets and click "connect account"
Select the wallet on the TEERdays page and enter an amount.
Push the button "Bond" and sign with the extension.
How to use Talisman
Download Talisman .
Go to TEERdays page and click on "connect wallet"
Allow the app connection request with one of your wallets and click "connect account"
Select the wallet on the TEERdays page and enter an amount.
Push the button "Bond" and sign with the extension.
How to use Subwallet
Download Subwallet .
Go to TEERdays page and click on "connect wallet"
Allow the app connection request with one of your wallets and click "connect account"
Select the wallet on the TEERdays page and enter an amount.
Push the button "Bond" and sign with the extension.
How to use Novawallet
Download Nova Wallet.
Within the Nova mobile app, go to Browser and enter the TEERdays page Url: https://teerdays.incognitee.io/.
Dismiss the Warning and click "Open anyway".
Click "connect wallet".
Allow the Integritee Dapp to access your account.
Select the wallet and enter an amount.
Push the button "Bond" and sign with the extension.
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