Rewards Management
Let's walk through how our rewards program works.
What you'll need
Our rewards program encompasses 3 items:
Pass Levels
The top achievement in our ecosystem is owning a Gold Pass. To get a Gold Pass, you can:
- Acquire it on the open market, or
- Redeem a Silver Pass with a balance of 100,000 points for one Gold Pass.
- We do not sell Gold Passes
To get a Silver Pass, you can:
- Get one for free on our website
- Acquire one on the Aptos secondary market
- Check for points in the Token Properties
- Acquire one from another means (transfer, heirloom, etc.)
Upgrading
To increase the balance of a Silver Pass towards the maximum balance, you need to redeem COOP coins. 1 point is added per 1 COOP coin redeemed. When a coin is redeemed, it is withdrawn from your account and destroyed from the global supply.
Once you have a Silver Pass with maximum points, you can redeem it for a Gold Pass. During redemption the Silver Pass balance is returned to 0 and then a Gold Pass is sent to you. The zeroed Silver Pass stays with you.
To earn COOP rewards, make and pay for bookings on-time. See more information here.
Process Map
Theory
Being that a Gold Pass represents the right to book a room rent-free* inside of our ecosystem, we theorize this will be incredibly valuable to any person. As it stands, with a Gold Pass, you essentially own a key to a global condo (once we become a global company).
By allowing the redemption of a Silver Pass with 100,000 points, we are recognizing that someone has paid at least $100,000 into our ecosystem. This is because you need to redeem 100,000 COOP coins to accumulate 100,000 points.
By taking into account the time it takes to accrue those rewards, it makes sense to reason that the closer a Silver Pass gets to 100,000 points the more valuable it could become.
Furthermore, COOP should retain it's value over time, because of how it leads to getting a Gold Pass. It is also issued slowly, only entering the ecosystem when a payment is made, and exiting when an owner wants to bank points.
This leads us to believe a return on renting could be achieved and wealth accumulated through this system.
Notes
It's important to note that while the Silver and Gold Passes give owners specific rights, rental agreements are still subject to enforceable terms and conditions depending on the jurisdiction where the property lies, and failure to abide by them may result in consequences up to our authority to enforce.