PoET

What is PoET?

PoET, which stands for “Proof of Ecological Transaction”, is a program designed to foster a more dynamic WEMIX ecosystem, by providing the Eco Fund portion of the PMR (Permanent Minting Reward) generated on the WEMIX3.0 blockchain network to transaction participants who contribute to the robust growth and expansion of the ecosystem.

PoET grants certification marks known as VET (Verified Ecological Transaction) upon transactions that contribute to ecosystem growth by interacting with Verified Contracts. Additionally, it grants a maximum of 0.25 WEMIX per block to users and contracts that have actively originated with these transactions.

Why PoET?

PoET recognizes high quality transactions that contribute to the growth of the WEMIX3.0 ecosystem and network, and was designed to treat users and builders equally when giving out the distribution amount. This method of distribution fits the objective of Eco Fund, which aims to provide the distribution amount in an effective manner to users and builders that contribute to the growth of the network, and prevent attempts to increase block shares with the use of meaningless bots and abuse.

PoET encourages users and builders to be involved in creating a flywheel of value growth. Through this, PoET thrives to achieve sustainable development while maintaining a sound mainnet ecosystem. With the introduction of PoET, the mainnet will serve to contribute to the construction of a more stable and sustainable blockchain ecosystem.

Verified Ecological Transaction(VET)

VET refers to transactions of high quality executed within the WEMIX ecosystem through Verified Contracts and dApps. Transactions with VET certification become eligible recipients of PoET reward for their contribution to the network's growth.

When users initiate transactions using contracts that have been both verified and granted VET certification marks, they gain the right to claim the PoET reward. This reward is provided as an incentive for their engagement in stimulating activities on the WEMIX3.0 network. Therefore, it is important to check if the contract being used has obtained the VET certification mark before attempting to claim the PoET reward. The current list of dApps and contracts that have obtained VET certification can be found in the 'Verified Contracts' menu from the PoET website.

Verified Contract(VC)

Verified Contracts are smart contracts that have secured VET certification through a meticulous process of application, review, and approval stages.

Builders within the WEMIX3.0 ecosystem can submit their deployed dApps for review to obtain VET certification. Once submitted, these dApps undergo a comprehensive assessment of specifications and functionalities. Following a successful review, the assessed dApps and contracts attain the status of Verified Contracts. Transactions initiated through interaction with users are subsequently recognized as eligible for claiming the PoET reward.

Builders are required to fulfill specific criteria to apply for contract and dApp reviews and are expected to use the provided Application Form:

  • Must have the contracts deployed on WEMIX3.0 mainnet

  • Must have a dApp web page with User Interaction

  • The contracts must allow direct calls from the users

  • The provided contract's functionalities must match the code that has been actually deployed

  • Must exclude the approve and transfer functions of ERC-20 token contracts

PoET Reward

The PoET rewards are allocated in levels based on the activity of the WEMIX 3.0 blockchain network and are distributed to users and builders according to the distribution policy. The higher the transaction count directly related to the activity of WEMIX 3.0, the higher the rewards in each level, ranging from a minimum of 0.0167 WEMIX to a maximum of 0.25 WEMIX per block. Users can claim their PoET rewards through the main page and the eligible reward amount is updated every hour. Detailed information about the distribution ratio for PoET rewards can be found in the "Distribution amount," and updates regarding the distribution policy can be found in "Policy updates."

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