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  Mega Rewards

Description:

This contract introduces a novel way to distribute digital assets (STX, NFT and Token) as rewards among people participating in any kind of competitive events. This could be an educational system, a hackathon or any kind of event, where the participants are evaluated and receive grades assigned to them. The rewards are automatically distributed to the participants in proportion to the grades achieved.

In an educational system, this contract could be used to set up a program which rewards students according to their grades and thus providing them with financial resources to support them throughout their education or even afterwards. This program could replace some scholarship programs.

In common competitive setups (for instance a hackathon), only 3 people (first, second and third place) are rewarded. They receive a share of the available funds. All other participants basically get nothing even though they might have spent as much energy. In my view, this is not very fair. This contract provides an innovative way to solve this problem.

The innovation:

This contract proposes a novel (and in my view fairer) way to distribute the available funds (STX and SIP010 Token) among participants. It requires every participant to be evaluated and graded using school grades (A, B, C, D).

The contract introduces the use of a distribution key, which allows the automatic calculation of the shares of each participant according to their grades. The proposed distribution key in the current version is (8 – 4 – 2 – 1) which means that the available funds will automatically be divided in such a way that:

• The grade A participants will receive at least twice the share of the grade B participants
• The grade B participants will receive at least twice the share of the grade C participants
• The grade C participants will receive at least twice the share of the grade D participants
• Since there are no decimal points in an integer division, a small remainder will most likely remain after the available funds have been divided into the different shares. This small remainder will be assigned to one of the grade A participants (ideally randomly chosen).

The amount received by each participant is dependent on the number of participants and their distribution across the grades.

For example: Let's say the available fund is $2000, there are 8 participants among which 1 grade A, 2 grade B, 2 grade C and 3 grade D. The calculation results in the following:

• The grade A participant will receive $695
• The grade B participants will receive $347
• The grade C participants will receive $173
• The grade D participants will receive $86

One of the grade A participants (in this example there is only one) will receive additionally the small remainder of $7.

Additionally each participant will receive an NFT according to the grade achieved:

• MR-GRADE-A-NFT for the grade A participants
• MR-GRADE-B-NFT for the grade B participants
• MR-GRADE-C-NFT for the grade C participants
• MR-GRADE-D-NFT for the grade D participants

Advantages of using this contract (possible use cases):

1. In competition set up (e.g. Hackathon)

The use of this contract incentivizes all the participants in the contest. Therefore it can raise the interest of more people, motivate a higher number of participants and thus create a bigger and stronger community. People who have good ideas but doubt they can make it to the third place would nevertheless participate because their contribution of ideas would not be in vain, they would be rewarded.

Even though there is the risk of malicious people submitting very low level work just get the minimum reward of grade D, this risk can be avoided by just rejecting every low level works which are not worth evaluating.

2. In an educational set up (e.g.: Schools, Training institutions, Universities)

By making use of this contract, an automatic incentive program called Mega Rewards Program will be set up to provide digital assets (STX, NFT and Token ) as rewards to students.

Schools can subscribe to the Mega Rewards program, which automatically rewards student by sending them STX and other digital assets (NFT and Token) based on the grades they achieve. This would motivate all students to learn even better. This program could even replace some scholarship programs.

Teachers usually grade student’s works using the grades (A, B, C, D and F). The contract could be used to incentives students by rewarding passing grades, and thus motivating them to write even better grades.

The scenario is as follows:

Each month anyone, who would like to motivate or help students to learn better and achieve better grades, could send a donation to the contact. This could be parents, educators, scholarship institutions, non profit organizations, philanthropists, foundations (like the stacks foundation).

Every school or educational institute, which decides to participate in the program would provide a list of evaluators who will be whitelisted in the contract.

The Evaluators will then register the students with passing grades (laureates) and provide the grades achieved after each test and assignment.

At the end of the month the available funds will be distributed to the registered laureates, each laureate receiving his calculated share based on the grade achieved.

In further development of the program, the shares and the NFTs received by the students will be stacked or invested in such a way that they will earn yields for the students over the life time of their education. These students will be able to graduate with a significant amount of money in their possession. This would give them a head start into their career, help them pay off student loans or build a business.

During some conversations with students, they confirmed that they would be delighted to participate in the Mega Rewards program… This would make school more fun :).

Positive effects of using this contract:

While rewarding the good work of students the program initiates them into earning crypto assets while learning.

The program motivates students to learn more and achieve better grades.

The program helps spread the word about Web 3, the Crypto space and particularly stacks.

The program promotes stacks among a wide audience of youth and therefore has the potential of expanding the community.

The program will require all participants to install a Stacks wallet. The number of installations can be significant, if many educational institutions subscribe. This would promote the Stacks wallets.

This would increase the number of people participating in the stacks ecosystem.

Further planned developments:

Flexible definition of the distribution key:

The current version of the contract has the distribution key (8 – 4 – 2 – 1) which is hard coded into the function “compute-shares”. Following versions will provide the possibility for the contract owner to define other distribution keys, to cater to different situations. E.g. (10 – 3 – 2 – 1).

Design of the NFTs used in the contract:

The current version of the contract uses 4 NFTs. The design of these NFTs will follow soon.

In the scenario for the educational set up:

In following versions the sponsors of the program will also receive an NFT collectible as "Thank you" for providing funds to support students.

Use bitcoin:

In following versions the contract will also receive BTC and share them among the laureates.

Implement the yield earning:

In following versions the functionality to use the shares and the NFTs of the students to earn yield for them over a long period of time will be implemented.

Front End development:

A front end will be developed to provide a user friendly interface for:

• sponsors to fund the contract
• the contract owner to whitelist the evaluators
• the contract owner to set the distribution key
• the evaluators to register laureates
• anyone to view the current stats of the contract

Built With

• clarity