Get Paid In Ethereum For Coinflash Referrals
When I launched Coinflash, I experimented with a referral program that rewards users 3 months free for referring someone, learned this from Instacart and Coinbase. I hooked my brother on Instacart using their referral link, to this day it turns out to be the only referral program I’ve ever used, app saves me soo much time.
I was told I should expect 1% of users to use referrals in Coinflash. As of today, it turns out to be more like 5%. This excited me because I wanted an excuse to use cryptocurrency for something it’s really good at, rewarding community engagement. Now when you refer someone you get paid in Ethereum. The more you refer, the more you make directly proportionate to the pot that month, first month is $100.
Maybe revenue from referrals can go back into the pot, the more you refer? The bigger the pot gets, the more the referrers gets and on, haha. That’s later if people dig this program.
Nerd alert, nerd alert, time to geek out on the tech. Me and Josiah Evans, a solidity programmer, teamed up on this and by that I mean he did all of the hard stuff, the Web3J coding. I asked him why did he decide to go with Web3J over the Coinbase API to transfer cryptocurrency.
The basic reasoning is this: different exchanges have different policies that affect how much you can withdraw and some of them charge fees on withdrawals. If coinflash wants to support multiple exchanges while rewarding referrals, then we need to minimize the cost of withdrawing from exchanges. We use ethereum as a very cheap middle man to gather our profits from exchanges and reward users without having to worry about high withdrawal fees (Bittrex and poloniex both charge fees of one dollar or more per withdrawal). While Coinbase doesn’t charge withdrawal fees (only trading fees) ethereum lays the groundwork for this system to support multiple exchanges and provide transparency for the payouts.
If you want to track the blood through the veins, here’s the etherescan page for it.
The top feature requests last month were:
-Where’s the app?
-Ability to add multiple banks and enable/disable accounts.
iOS app is on deck, just got it into Testflight if you want to try it out, tweet at me. Feedback would be awesome!
Multiple banks and multiple accounts.
These are the mockups for Altcoin integration.
UK bank integration is in beta, oh yeah, did I mention a Coinflash user Div is working on an Android App? I’m so pumped.
That’s it for now, go make some money with your referrals, get paid. Our website is coinflashapp.com, lets mainstream blockchain!