Wings is a blockchain based, ICO crowdfunding platform. It allows individuals and organization to submit new proposals to the WINGS community (Wings token holders) to forecast on. Both, proposal submitters, and the WINGS community can earn rewards for the creation and forecasting on new proposals. Proposals could vary from a projects ability to raise funds, or meet certain milestones. The more accurate your forecast, the more rewards you stand to gain. This incentive-based model was designed to encourage participation in filtering out unworthy proposals from high potential/quality proposals.
The WINGS Staking Process
Step 1: Sign-up for an account on WINGS.ai
- Forecasting on a project on the WINGS platform will require you have an account
- To sign-up for an account, click the "Login" button on the top right hand corner of the WINGS home page, and navigate to the "Create new account" tab
- This account will generate a wings token address, to which you send your wings tokens. Your WINGS token address can be found under your profile info (top right-hand corner of the WINGS home page)
- The WINGS tokens in this wallet are the tokens that will be locked in during each forecast (Number of tokens locked in will be the number that you specify during the forecast)
Step 2: Identify & research projects on the WINGS platform
- Navigate to the WINGS home page to discover live forecasting projects. The forecasting status of the project can be found on the upper right corner of the project thumbnail
- Since the WINGS reward distribution depends on the accuracy of your forecast, it is beneficial to research the project to make an educated forecast
- To lead your research efforts, click the project thumbnail to find additional information on the project, the forecast reward, and the forecast start and end dates
Research Tip: Don’t lose sight of the project proposal you’re forecasting on (Ex: If the objective is to forecast the amount of funds that will be raised by a project, check to see if there’s a hard-cap)
Step 3: Sending funds & checking balances
- In addition to WINGS token, users will be required to have ETH on their account to forecast - 0.01 ETH should be more than enough
- Since Ethereum smart contracts are executed during forecasting, you will need some Ethereum on your account for transaction costs - aka GAS Costs
- Users can check their token/crypto balances under the send tab on the user profile. Use the drop down menu to select the token/crypto you want the balance of
Step 4: Forecast away!
- After completing your due-diligence (whether it is following the herd, or digging into the project), you can start forecasting by clicking the “Start review & valuation” under the project thumbnail
- Navigate to the “Valuation & Feedback” tab, and scroll down to enter your forecast values:
- Depending on the "Forecast Question", your project valuation will be in terms of Ethereum (ETH) or USD
- Explain how you came up with the forecast in the opinion/feedback box
- Specify the number of wings tokens you would like to lock-in for the forecast (Reminder: it will be locked-in until the forecast period has ended)
Forecasting WINGS - A bet you can't lose
The WINGS forecasting process is like a bet you can’t lose. Here’s how:
- If your forecast is was not quite accurate, you get back your locked-in WINGS tokens + a small reward
- If you're one of many people who forecasted accurately, you get back your WINGS tokens + a part of the reward (reward is divided between # of people that forecasted accurately)
- If you're one of few, or the only one who forecasted accurately, you get back your WINGS tokens + a heavy reward