How to Earn Socrates Rewards?

“The only true wisdom is in knowing you know nothing,” – that’s one of the many brilliant ideas expressed by Socrates. However, I'm going to talk about a different Socrates – a Web3 social media and entertainment platform that shares its name with the great thinker. We'll also discuss how to earn Socrates rewards, too.

In other words, this article is not about some ancient-Greece-inspired philosopher's treasure hunt. Instead, we're going to talk about a revolutionary way to share opinions with others and earn rewards while you're at it.

So, the name is not the only thing that links Socrates (the philosopher) with this platform. They are also linked by the notion of Greek public discourse, embracing freedom of thought, self-discovery, and relentless curiosity, but in the modern digital era.

That being said, let’s start by figuring out the mystery of what is Socrates crypto- and Web3-based platform.

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What is Socrates?

Understanding what is Socrates is a crucial part of figuring out how to earn Socrates rewards. So, for starters, note that Socrates isn't your usual Web2 social media platform. No, it’s a place where you can do more than just "like" and "comment" – here, you get rewarded with points for having a curious mind.

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How, you might ask? By participating in thrilling multiple-choice Q&As, engaging in fiery debates, supporting other great minds, and sharing your wisdom with the world. The best part, though, is that these Socrates points can be swapped for USDT at a 1:1 ratio.

Overall, Socrates distinguishes itself from Web2 social media by focusing on four key aspects:

• Combatting Misinformation. Unlike Web2 social media platforms, which often feature standardized answers and can be prone to misinformation, Socrates empowers free speech and honest opinions.
• Diverse Human Thoughts. While Web2 social media may sometimes homogenize perspectives, Socrates encourages a wide range of human thoughts and viewpoints from all cultures.
• Rewards. They promote deep debate and engagement with the ability to earn rewards through many different methods of interaction.
• Security and Community Guidelines. Socrates places a strong emphasis on security and community guidelines. It aims to create a safe and respectful online environment by establishing clear guidelines that prevent harmful or inappropriate content.

In essence, Socrates seeks to offer a secure and diverse space for free speech and open dialogue, addressing some of the shortcomings associated with traditional Web2 social media platforms. So, if you’re wondering, “Is Socrates legit?” – it appears so.

Now, if we were to look at what is the Socrates crypto platform from the more technical side, it’s a blockchain-based project built on Polygon. However, it also supports multiple other chains, including Ethereum and BNB Smart Chain (BSC).

Moreover, Socrates incorporates key principles from both SocialFi and GameFi. It blends financial services with social interactions^[1], drawing inspiration from SocialFi. When it comes to GameFi, it embraces NFT utilization and a competitive spirit.

In other words, Socrates effectively transforms the familiar Play2Earn concept, which combines blockchain and gaming industries^[2], into a groundbreaking Debate2Earn model. Within this innovative framework, it establishes a comprehensive rewards ecosystem where every participant is duly rewarded for their engagement.

Now, before getting into the “how to earn Socrates rewards” part, you must be familiar with the key elements of its ecosystem, such as Pen NFTs and Socrates tokens, as well as understand how its rewards system actually works.

What are Socrates NFT Pens?

Let’s start by figuring out what Socrates NFTs Pens are. These essentially are your keys to using the platform. Without having a Pen, you will not be able to interact with Socrates.

There are two types of Pens:

• Pioneer Pens
• Genesis Pens

Pioneer Pens are tradeable ERC-721-based NFTs. They come in three levels, each providing different earning coefficients and voting powers. One account can hold multiple Pioneer Pens but only the one with the highest level will be used to interact.

These Pens can be bought and upgraded on the in-app Marketplace. Every Pen is unique and you will even be able to enhance them with specific attributes in the future.

Genesis Pens, on the other hand, are tradeable ERC-721-based NFTs that are limited to a total supply of 30,000 Pens (10,000 per chain issued on Polygon, Ethereum, and BNB). Genesis Pens are rare, providing the possibility of earning the highest rewards.

Besides, a user can have more than one Genesis Pen, and the number of votes and earning coefficients will be added together when interacting, offering the potential for greater rewards.

You’re probably wondering how to get Socrates NFT Pens.

Well, as mentioned before, you can buy Pioneer Pens on the Socrates app Marketplace. However, note that, as of writing, you can only buy these Pens directly on the Android version of the app. iOS app doesn’t fully support it yet (though, iOS users can use TestFlight to access this feature). As for Genesis Pens, you can get them via OpenSea.

Additionally, you can get Socrates NFTs via airdrops organized by the company. Follow Socrates social media channels to get information about the upcoming ones.

Do note that each Pen has a different earning coefficient, and if you own 1 or multiple Genesis Pens in addition to a Pioneer Pen, your overall coefficient will be higher:

Table: Socrates NFT Pens' earning coefficients.

Now that we got that figured out, let’s talk about SOC tokens.

What is the SOC Token?

SOC is the governance token of Socrates. It’s an ERC-20 token that allows holders to vote on various decisions related to the further development of the Socrates crypto project.

There is a total supply of 100,000,000 SOC, and around half of those tokens are going to be distributed to active community members through various airdrops and events.

Keep in mind that the more Socrates points you earn from interacting on the platform during their ‘Light of Debate Airdrop Competitions’, the more SOC tokens you’ll be able to claim during these airdrops.

So, I’ve covered Socrates tokens and NFTs. Now, the last thing I’ve got to discuss before getting to the actual “how to earn Socrates rewards” part is the rewards system itself. What should you know about it?

Mechanics of Socrates Rewards System

There are three key elements in the Socrates rewards system – questions, points, and prize pools. Here are the key things you should know about them:

Questions

• Each question has multiple answers users can vote on (2-4).
• Each question has a set number of voting points.
• Each question has a fixed validity period.
• Each question starts as a common question.
• Each question has a popularity score. It is calculated based on the overall number of participants, support levels, the prize pool's size, the injected points, and the number of participants holding Genesis Pens.
• Popularity Ranking lists the top 20 questions based on popularity score.
• The top 5 questions in the Popularity Ranking become trending questions.

Points

• To interact with questions in any way, users must utilize Socrates points and hold at least one NFT Pen.
• The number of votes a user casts depends on the type and the number of Pen NFTs they hold.
• An Introductory Pioneer Pen provides 1 vote; Intermediate Pioneer Pen - 10 votes; Advanced Pioneer Pen - 30 votes; Genesis Pen - 36 votes.
• 1 Socrates point is worth 1 USDT.

Prize Pools

• Every question has a separate prize pool.
• Common question prize pools are comprised of points added by the question creator and points contributed by those who interacted with the question in any way.
• Trending question prize pools are comprised of the same points as common questions plus a percentage of the overall sale of Pens each day.
• Potential rewards for each user who interacted with the question are calculated based on fixed algorithms.
• There are five types of prizes that users can earn: Question Creator Prize, Support Prize, Discussion Prize, Reason Prize, and Likes Prize.
• Prize pool distribution is based on the Pens users own and how they interact with the question.

That being said, let’s talk about how to earn Socrates rewards.

How to Earn Socrates Rewards?

The first thing you need to do before exploring the options of how to earn Socrates rewards is to create an account. Note that you can do that using the web browser version of Socrates or downloading an app to your phone (both Android and iOS systems are supported).

Here is a short guide on how to use Socrates:

Step 1: Sign up. You can either sign up using your email address or a crypto wallet. When it comes to the latter, you can connect an already existing wallet, like MetaMask, or create a new wallet on Socrates.

Step 2: Buy Socrates NFTs. As mentioned before, you must have at least one Socrates NFT, be it a Genesis Pen or Pioneer Pen. So, go to their in-app Marketplace or OpenSea and get one. The Socrates pricing for these NFTs depends on the NFT in question.

Step 3: Buy Socrates Points. Remember, you cannot interact with questions without points because each interaction costs. Socrates points can be purchased on the Socrates app. What is the Socrates pricing for these points? One point costs 1 USDT.

Now that you’re all set up, let’s explore the various options of how to earn Socrates rewards. Just note that I will be including some earning formulas in the following paragraphs, so here is a table with short formula parameter explanations:

Table: Socrates earning formula parameter explanations.

You can find more in-depth explanations in the Socrates Whitepaper.

Create a Question (Question Creator Prize)

The first way how to earn Socrates rewards is by creating a question.

After all, questions are the core aspect of Socrates – without questions, there would be no discussions. That’s why Socrates offers the Creator prize - up to a 5% share of the question’s prize pool.

Of course, you do have to pay 0.16 points to ask your question. However, you can also inject even more points to encourage the question to become trending.

Besides, if your question becomes a trending one, you’ll be able to earn even more. Trending question prize pools get increased with a Trending Bonus, which comes from 8% of the previous day’s royalty fee for Pioneer Pen sales. Some prize pools even reach over 10,000 points, which is equivalent to over 10,000 USDT.

Therefore, your goal is to ask a question that is thought-provoking, so you get as many reactions as possible and spark an intriguing discussion.

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Vote on Questions (Discussion Prize)

The second way how to earn Socrates rewards is by voting on the questions, i.e., picking one of the answer options.

By doing that, you become eligible for the Discussion Prize. Now, this prize has three stages. Each stage has different winners and earning formulas:

Stage 1: Pre-Stage

The voting percentages are not displayed until 20 users vote on the question. Out of these 20 users, the ones who manage to pick the most popular answer become eligible for the Stage 1 Discussion Prize. The Stage 1 prize pool and the number of winners are determined as each question reaches its validity date.

The earning formula for this stage is the following:

(F1+F2) / sum[(F1+F2) for all final winners] * Amount in the pre-voting prize pool

Stage 2: Voting Stage

This stage excludes the first 20 voters and those who will be eligible for the last stage, leaving only those in the middle. Now, voters can already see the voting percentage on the answers. Choosing an option with a lower voting percentage than the final outcome makes you eligible for Stage 2 rewards (there is a 5% flexibility allowed).

This stage usually has the most participants and gets the biggest portion of the Discussion Prize pool.

The earning formula for this stage is the following:

D2 * (F1+F2) * k / sum[D2 * (F1+F2) * k for all eligible users] * Amount in the voting prize pool

Stage 3: Closing Stage

Now, this stage includes the last 10% of voters. To be eligible for a prize, the option you select when answering should have a lower percentage of total votes than when the question concludes. It’s similar to the Voting stage, but doesn’t have the 5% flexibility option.

The closing stage usually gets the smallest portion of the Discussion Prize pool.

The earning formula for this stage is the following:

D3 * (F1+F2) / sum[D3 * (F1+F2) for all eligible users] * Amount in the closing prize pool

Do note that questions that have a smaller number of participants, only have the Pre-Stage and Closing Stages, while questions with less than 100 participants are based only on the Pre-Stage logic.

Also, don’t forget that the number of prizes you’ll receive depends on your earning coefficient (which is based on the NFT Pens you own).

Explain Your Choices (Reason Prize)

Another way how to earn Socrates rewards is by explaining your voting choice.

Since the Socrates platform is all about questioning the world around you and expressing different opinions, it highly encourages users to voice the reasons behind their answer choices. By doing that, they become eligible for the Reason Prize.

The math behind the Reason Prize allocation is pretty simple. Top 5 most liked reasons after the conclusion of the question share the Reason Prize pool. Of course, don’t forget that the portion of that pool each commenter gets depends on their owned NFT Pens.

As for the earning formula used to calculate the prize allocation:

Reason Prize reward for a user = Sum[Number of likes for a user's reason × (F1 + F2)]/Sum[Number of likes for each reason in the top 5 × (F1 + F2)] × Amount in the Reason Prize pool

Also, note that the reasons have to be no longer than 200 characters, so you will not be able to write an essay explaining your decisions.

Like Other User Explanations (Likes Prize)

Liking reasons provided by other voters is yet another way how to earn Socrates rewards.

To become eligible for the Likes Prize, you have to like at least 1 reason (though, you can like a maximum of 3 reasons per question). 

With the help of likes, the Mixed Voting Rate of question options is calculated. To be more precise, it includes adding votes and likes under each option. This rate is determined at the end of the question and can also be calculated in real-time as users like reasons.

For example, let’s say Option A receives 10 votes and has three reasons, one of which gets 3 likes, the other 5 likes, and the third 2 likes. The total votes and likes for Option A would be 10 + (3 + 5 + 2) = 20.

Now, let's consider Option B has 6 votes and three reasons as well. However, only the first reason receives 4 likes. So, the total votes and likes for Option B would be 6 + 4 = 10.

Thus, the Mixed Voting Rate for Option A is 20 / (20 + 10) = 66.67%, while the Mixed Voting Rate for Option B is 10 / (20 + 10) = 33.33%.

Now, just like the Discussion Prize, the Likes Prize also has three stages:

Stage 1: Start Stage

In this stage, the first 20 valid actions (voting or liking) on a question are considered. To become eligible for the prize, your liked reason must be under the option with the highest final Mixed Voting Rate.

Yet, if the initial group of 20 participants consisted entirely of voters and not likers, none of them would qualify for the Likes Prize.

The earning formula for calculating this stage prize:

DL1 * (F1+F2) * R / sum[DL1 for all final winners who give likes * (F1+F2) * R] * Amount in the Start-stage prize pool

Stage 2: Middle Stage

Users can qualify for a prize in this stage if they like a reason under an option with a Mixed Voting Rate lower than what it becomes at the end. Also, if the final rate is within 5% lower than the rate when they liked it, they can still qualify for the prize.

The earning formula for calculating this stage prize:

DL2 * (F1+F2) * kL * R/ sum[DL2 for all eligible users who give likes * (F1+F2) * kL * R] * Amount in the Middle-stage prize pool

Stage 3: End Stage

This stage encompasses the final 10% of valid actions (voting or liking). Participants who like a reason under an option with a Mixed Voting Rate that is lower when they like it than it is at the end are eligible for the prize.

The earning formula for calculating this stage prize:

DL3 * (F1+F2) * R/ sum[DL3 for all eligible users who give likes * (F1+F2) * R] * Amount in the End-stage prize pool

Besides, Likes Prizes are influenced by additional scenarios. For example, if you like a reason that ranks very low and continues ranking low, or if you like a reason that ranked high but then by the end managed to end up very low, you’ll get fewer rewards. On the other hand, if you like a reason that ranked low but ends up ranking very high, you’ll get more rewards.

Support Questions (Support Prize)

The last interaction with questions that brings a way to earn Socrates rewards is supporting common questions.

To support a question, you need to provide a certain amount of Socrates points to it. Though these points don’t go to the prize pool – they are frozen and then returned to you once the question validity period ends.

Apart from using points, you can also use your Genesis Pens to support questions. Genesis Pens allow you to support up to 5 questions per day. One Genesis Pen stands for 100 points. Don’t worry, you don’t actually give your Pen away, you just get this privilege of supporting a question.

Now, by doing that, you boost the question's popularity, which might help it become a Trending question. Only when it becomes a trending question do the supports become eligible for the Support Prize. However, if it doesn’t become trending, you don’t get this reward, but you still get your points back.

The size of the Support Prize you can get depends on the number of supported points you’ve put in, the duration of your support, the Popularity Ranking of the question and the time when you’ve provided the support, as well as the size of the Support Prize pool in the first place.

By the way, if you support a question before it’s on the Popularity Ranking list, you might get up to 80% share of the Support Prize pool. If it already is on that list, on the other hand, you’ll be eligible for a 20% share.

Thus, there are two earning formulas for counting Support Prizes:

User's support rewards (if it’s not on the list) = Amount of supported points * Support time/sum (Amount of supported points for all users * Support time) * Support Prize pool * 80%

User's support rewards (if it’s on the list) = Amount of supported points * Support time/sum (Amount of supported points for all users * Support time) * Support Prize pool * 20%

Now, that’s all when it comes to the main five rewards linked to the interactions with the rewards. However, there are a few additional ways how to earn Socrates rewards.

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Additional Rewards

One of these ways has to do with bonus packages. Anyone can create a bonus package for a question, but only one package per question is allowed.

When creating a bonus package, the creator has to set how many users can share it, how many points each will get, and what are the claim conditions. If no user claims the package (or not the whole package is claimed), it is returned to the package creator once the question validity time ends.

Also, note that there are two types of bonus packages - common and random. The former is distributed evenly among eligible users, while the latter allocates random rewards (some might get more points, while others less).

Secondly, you can get a prize through their Pop Quiz feature. This section is separate from the normal Q&As as they are open for 30 minutes at most and there is 1 correct answer decided by the question creator.

It costs a set amount of points for a participant to take part, and when they do, whether they got the question right or wrong is revealed instantly. If correct, the participant immediatelly wins the prize and the question closes. If incorrect, on the other hand, the question creator receives the participants' points.

The last way to get additional rewards is simply by being active. For example, there is a Leaderboard on which participants get renewed daily. As of writing, users with the highest earned Socrates points during the period get a chance to claim a portion of SOC tokens from the ongoing Airdrop.

However, note that such events are limited time. This specific Airdrop will be available until the 21st of January, 2024. To learn about similar events in the future, follow Socrates social media channels.

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Tips on Earning Higher Rewards on Socrates

Now that you know how to earn Socrates rewards, you might be wondering – is there a way I can boost my earnings? There are a few:

• Hold a higher level Pioneer Pen or Genesis Pen(s). The more Pens you have, the higher your earning coefficient will be.
• Interact with questions in more than one way. Don’t just vote – explain your choice, like other explanations, and support questions to boost them.
• Participate in trending questions. These have higher reward pools and, thus, provide you with a chance to win more points.
• Vote on questions that have bonus packages. You know what these packages bring. Plus, the word “bonus” is kind of self-explanatory.

All in all, the key rule of earning rewards on Socrates is active participation.

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Conclusions

In the words of Socrates, "The unexamined life is not worth living". Socrates, the revolutionary Web3 social media platform, echoes this sentiment by introducing the innovative Debate2Earn model. Seamlessly blending SocialFi and GameFi elements, it creates a digital realm where every voice carries weight and reaps rewards.

As you embark on your Socratic journey, you'll discover a plethora of ways how to earn Socrates rewards. Whether you're asking thought-provoking questions, casting your votes, providing compelling arguments for your choices, expressing appreciation for fellow users' insights, or lending your support to questions, each interaction adds to your treasure trove.

However, it's essential to equip yourself with at least one Socrates NFT Pen and some points to fully engage with the platform. Once you do that, you’ll be able to join the realm of pursuit of knowledge, thoughtful discourse, and rewarding interactions.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. B. Guidi, A. Michienzi: 'SocialFi: Towards the New Shape of Social Media';

2. D. Vidal-Tomás: 'The New Crypto Niche: NFTs, Play-to-Earn, and Metaverse Tokens'.