🤔FAQ / ELI:5
Helping you to understand everything about Insrt
Last updated
Helping you to understand everything about Insrt
Last updated
What is Insrt?
The Insrt Protocol serves as the foundation for our dApp. With Insrt, users are offered an on-chain lootbox game to win moonshot rewards at any time. You play to win prizes from various creators and communities. The reward can be anything from tokens to digital art or even physical items! Plus every single time you use the app, you also win $MINT tokens through which, we ensure that users are always winning something and winning together with their friends (more on that below).
Why would I use Insrt?
For the price of a few McDonalds combo meals, users have the chance to win all kinds of prizes that have financial, aesthetic or social value. At the same time, users are rewarded with every single interaction. New asset, asset categories and features are added on a very frequent basis.
What can I win?
Our vision is that users can wrap or create any form of value on the protocol in the form of an NFT. Users would be able to win tokens, items, opportunities or even favors from people that they can consider high-value. In our early beta stage, we are primarily focusing on on-chain and physical assets.
What kind of people use Insrt?
Our users are typically people who want to experience the feeling of hitting a moonshot - the same excitement that they got when punting into a token or a PFP collection in the bull market. On top of that, a lot of users see $MINT as something that they want exposure to, and see it as the primary utility of the platform.
What is the purpose of the $MINT token?
The $MINT token acts a token-based reward mechanism. Every single time you don't win the main prize, you get $MINT tokens. Each mint attempt leads to different quantities of $MINT being generated - even allowing you to win more than you spent! What's even better - your $MINT balance increases when other people use the protocol as 10% of all new $MINT is redistributed to existing holders.
Can I use $MINT to mint?
Yes. By accruing $MINT, you can mint for free - and, of course, every single mint attempt that doesn't reward you with the main prize will give you back some $MINT.
How are $MINT tokens created?
Every time someone mints and doesn't win the main prize a variable amount of $MINT is created and a corresponding amount of ETH is set aside from the fees to back this $MINT.
How can I get more $MINT?
You can get more $MINT by using the platform or encouraging your friends to use Insrt. Every single mint on the platform increases your $MINT balance. Just (3;3) brah.
Can I swap $MINT?
Yes, you can swap $MINT to ETH. A swap fee is applied.
Is it the governance token?
No. $MINT is a utility mechanism for Insrt. There is currently no Insrt protocol governance token.
What happens if I win a prize?
If you win an asset, you first get a receipt token. Afterwards, you go to the claim page in order to claim the reward. There are different processes for physical and digital assets.
What happens if I claim something that's on-chain?
You simply provide us with the wallet address where you want to receive the asset and we will send it to you.
What happens if I claim something that's physical or requires information?
We might need some additional information in order to get the reward to you - all of the information that we need is provided in the claim form.
What if I do not want to provide information I deem sensitive?
We can send you the market price equivalent of the reward in ETH to a wallet if you do not feel comfortable providing us with more information.
Will I have a collectible or dynamic NFT representing my reward?
Not at this time, but we are planning to implement a feature like that in the future.
How are the outcomes determined?
We use real-time probabilistic auctions. This means that users are bidding for a reward in real-time, with results provided in real-time. See the math here.
Won't I lose all the time?
We are working on ensuring that we have prizes with varying values and probabilities to win them. However users always win some amount of $MINT tokens.
How does Perpetual Mints ensure fairness in the bidding process?
By integrating Chainlinks VRF, Perpetual Mints goes beyond just randomization. The VRF mechanism guarantees provable fairness, ensuring every participant that the bidding results are genuine, unbiased, and free from external manipulation.
How can I verify a transaction?
All transactions from the user to the protocol and vice versa are on-chain.
Are you audited?
Not at this time. We are in early stage beta where we want to make sure that our mechanism is giving our users and community what they want. After some polish and once the mechanism has stabilized, we will do an audit with a credible auditor.