We had a discussion with Alan, the founder of IOST Cash, where we discussed IOST.Cash, why they joined IOST Blockchain and future plans for the project.
Q. Who is Alan and what are your blockchain experiences?
I’m a student at Rice University majoring in computer science. I have 4 years of mobile and web development. I got into blockchain technology around the boom of bitcoin and created by own blockchain application, ProtoTrail, a supply chain mobile app built on Ethereum.
Q. How did you get to know about IOST?
I began to hear about IOST when they released their mainnet in early 2019. As with all projects I invest in, I read all their documents – white papers, team info, vision, and technology. I really believe IOST is the future of high TPS applications and I want to be part of a community that will achieve such great goals.
Q. Tell us a brief history about IOST CASH?
What brought the idea of this project?
I saw that most of the dApps built on IOST were high-risk gambling applications. I wanted to create a dApp that gives back to the community without risk, so I created IOSTCash. I know there are already platforms that reward users for completing surveys, but by creating a dApp built on the IOST blockchain, it’s a completely decentralized process that also helps out the IOST community.
Q. So how does IOST Cash work? What do I need to get rewarded on IOST cash?
IOSTCash is built with integrated survey providers that allow us to display polls and surveys. All users need to do is access the site on a mobile IOST wallet that supports dApps like TokenPocket or PureWallet, or on PC with iWallet unlocked. To get rewards, you simply need to select one of the many surveys we offer and complete it. Afterward, your account will be rewarded the IOST.
Q. How has user response been since launch?
We have around 200 users on the platform right now. After talking with some users in the IOST telegram chat-use dApp that doesn’t risk their holdings. After all, that was my whole mission from the beginning.
Q. Since you are not a gambling dApp that makes money back through players’ losses how do you intend to recoup money?
When we pay out IOST for each survey, we take a small cut (currently 5%) of each survey’s payout. This way, we give most of the profits to the users and we only take a small percentage as company profits.
Q. Where is the 5% cut coming from?
So each survey has a payout amount, so if a survey that pays out $1 is completed by a user, then we reward the user 95 cents (in IOST) and we keep 5 cents. This lets us cover hosting fees and other small expenses.
Q. Do you have companies backing up the project with funds?
Not right now. The entire project is funded by myself.
Q. Okay so it means the surveys are originally hosted by a 3rd party which you just took an initiative of adding to IOST?
Yes, exactly.
Q. A lot of users have complained about glitches on the site while trying to earn. What are you doing about this?
Yes, exactly since we use a 3rd party survey provider, there might be some issues with the provider. I talked with the provider to resolve the issue. It is already fixed
Q. What is it about IOST Tech that makes you think it is the right Blockchain to build this kind of dApp on?
Since IOST boasts one of the highest TPS blockchains, I want to eventually integrate smart contracts that instantly reward users with their earned IOST. This way, unlike other reward websites, users are in full control of their earned IOST and we stick to the decentralized idea.
Q. Found out there is a referral system on this site too? Can you explain how it works?
In addition to every user earning 25 IOST for simply viewing the site, our referral system allows users to enter a referral IOST account and earn 25 IOST. Furthermore, for each person they refer, they will also be awarded 25 IOST. Our 5% cut also provides the funds to support this system.
Q. How do you intend to curb users referring themselves just to get 25 IOST?
I am currently working on adding in device UUID checks (checks if users are on the same device) and IP logs to prevent this exploit. But even if they bypass this, users have to complete at least one survey to claim their IOST, so the 5% cut will at least offset some of the exploited IOST.
Q. Moving forward what improvements we should be expecting on this project? Are there any future plans?
One of the most exciting features I am planning on adding is a dividends system. Every 24 hours, active users will receive a percent of the entire site’s payout. So if one day, 1000 IOST is earned on the site, then a percent of the 1000 IOST will be split amongst the users who completed a survey that day. This rewards active users and continues to give back to the community. I am also still adding more languages to help foreign audiences (English and Chinese are already live).
Q. Is iost.cash a node on IOST blockchain already or do you intend to become one in future?
If the site has a big enough audience, then yes, I intend to become one eventually. But as of now, I’m mainly focused on improving the site and adding more features for users.
Q. What other thing do you think users of IOST cash need to know?
As with any new website in general, there will be bugs to discover in the platform. But as time passes, I hope to gradually make IOSTCash bug-free and as smooth as possible. I just want users to understand that I hate bugs more than anyone and I hope they stay patient with me as I fix them.
I really appreciate the IOST community and I encourage all users to join Telegram (t.me/iostcashchat) to notify me of any issues they find. I enjoy reading feedback and am always looking to improve the site for its users.
You can reach out to IOST Cash on the following platforms: Website, Telegram, Medium and Twitter.