WEIback: how to mine WEI by making sales and purchases
To popularize WEI cryptocurrency, WEIcrypto team developed a special WEIback algorithm, which allows to mine WEI cryptocurrency for purchases and sales through WEIpay Business payment service.
Schematically, the WEIback algorithm works like this:
Internally, the WEIback algorithm is a Blocked Fund, which is replenished with 5% of each block generated, according to the block reward sharing rules.
To comply with decentralization requirements, the WEIback Fund is replenished before the first mastercode is registered.
Thereafter, the WEIback Foundation is replenished through donations by ecosystem users.
The reward of users according to the WEIback algorithm is set at up to 2% of a transaction between a regular user and a user of the WEIpay Business service.
Let’s look at an example of how it works:
Imagine a grocery store. The owner of the grocery store doesn’t bear any costs if he installs WEIpay business for himself, since it is free and doesn’t impose any obligations when using it. [You] go to the grocery store to buy something, for example, for 100 USD (let's assume that the WEI/USD rate is 1 to 1) and pay for them in WEI. However, due to the fact that when you pay you get 2% reward of the WEIback algorithm, in fact you pay only 98 USD in WEI - that is you buy your product cheaper. The seller, in turn, for accepting WEI as payment, also receives 2% of the payment amount and, as a result, he received not 100 USD in WEI, but 102 USD in WEI (+2% of the payment amount from the WEIback algorithm) - that is, he sold the goods more expensive.
The amount of reward is not fixed and is automatically reduced and increased to 2% by the private program, depending on the number of transactions and the amount blocked in the WEIback Fund.
IMPORTANT: The WEIback reward is credited to the payer’s and seller’s accounts immediately after the sale transaction is completed.
Copy link