LongHash Ventures Launch World’s First Token Reward Program For Web3 Mentors

LongHash Ventures Launch World’s First Token Reward

LongHashX, the startup accelerator arm of crypto VC firm LongHash Ventures, has launched a new reward program to incentivise Web3 mentors and advisers with Soulbound tokens (SBTs). LongHash Web will reward participants depending on their knowledge and expertise in blockchain. 

Crypto venture capital firm LongHash Ventures has partnered with Syndicate, a decentralised autonomous organisation (DAO) tooling company, to launch a new incentive program under its startup accelerator arm LongHashX that rewards on-chain mentors and contributors. The initiative called LongHash Web (LHW) will see the development of two Soulbound tokens (SBT); Merit and Exemplary. 

Since its inception in 2018, LongHashX Accelerator claims to have launched more than seventy Web3 projects, including Polkadot-based (DOT) DeFi protocol Acala, cross-chain smart contract builder Astar, DeFi exchange Balancer and Xanpool, and NFT marketplace Mintable. Each of these projects have secured over $150 million in funding via the accelerator program. 

SBT is a proof-of-concept coined by Ethereum co-founder Vitalik Buterin, economist Glen Weyl, and lawyer Puja Ohlhaver in May 2022 as a basis to form a truly decentralised society (DeSoc). The new token standard can be referred to as non-fungible tokens (NFTs) that are tied to the holder’s wallet or identity for life, meaning they cannot be sold or transferred to another person. SBTs are non-transferrable NFTs that represent an individual’s reputation and accomplishments on the blockchain. The tokenized assets give users maximum control over their personal data, instead of the information being kept on a centralised database, risking privacy. 

LHW will introduce two programmes through which anyone can contribute to projects funded by the venture capitalist: LongHashX Mentor, which focuses on participants mentoring and advising Web3 startups during the accelerator program; and, LongHashX Community Scout, where participants can propose or source a promising Web3 project for the accelerator. By leveraging Syndicate’s new ERC-721M token standard, LongHash Web will recognise and incentivise on-chain contributions by Mentors and Community Scouts with ‘Merit’ and ‘Exemplary’ Soulbound tokens (SBT). 

Merit are entry-level tokens awarded to mentors depending on their individual contributions to the development of a project, which will be categorised in three contribution areas: Referral, Topic and Time. Meanwhile, mentors are only rewarded with Exemplary tokens if their contributions are recognised as exceptional and rare, which will again be categorised into two areas: Referral and Topic. 

LHW will be launched as a pilot program sometime this month as part of the LongHashX Cohort 10. Initially, the program will be available for projects funded by LongHash Ventures and in the later stages recognise contributions made outside of its Web3 accelerator. The company envisions LongHash Web to become a decentralised “self-reinforcing” and “self-sustaining” network of contributors with the goal of mentoring and advising Web3 startups in their early stage of development. Many notable figures in Web3 space have already signed up as mentors to the LHW, including Marco Core of zkSync, Fernando Martinelli of Balancer, Philipp Zentner of LiFi Protocol and Arthur Cheong of DeFiance Capital, among others. 

“As one of the world’s first Web3 accelerators, we are proud to continue to push the frontier of Web3 venture funding through a decentralised contribution network with an on-chain incentive and reputation layer. Whether you are a builder or investor, we invite you to join us to accelerate the next generation of leading Web3 projects,” said Emma Cui, founding partner of LongHash Ventures. 

Those who are interested can register as a Mentor or Community Scout on the LongHash Ventures website. Contributors will be curated by the VC based on their track record and expertise in Web3. 

Also Check: Wyre Customers Can Only Withdraw 90% Of Funds In Their Accounts

Backer B
Written by

Backer B

Blockchain Expert

Fascinated by Blockchain technology and its evolution, Backer. B studies the space up close. Get on board for accurate data and analysis on Crypto, Web3, Metaverse and everything on-chain.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *