VECO Loyalty Program
FAQs
What is the VECO Loyalty Rewards Program?
The VECO loyalty program rewards holders by paying daily rewards to registered VECO addresses.
How much can I earn?
That depends on two factors: Firstly, your share of the total VECO amount of all registered addresses and secondly, the daily payout amount from the Treasury. If, for example, addresses with a total value of 100,000 VECO are registered and your registered address holds 10,000 VECO, then you will receive 10% of the daily payout amount. If the current payout rate is 500 VECO, for example, you will receive 50 VECO on this day! Please note that the minimum reward amount is currently 0.001 VECO. Lower values will not be paid out.
How can I register an address of the Core wallet?
The procedure is simple for users of the Veco Core. They simply need to sign the message "VECO" with the desired address using either the Qt or CLI wallet. In the Qt wallet, simply select "File" -> "Sign message". You can retrieve the signature in the CLI wallet using the command:
veco-cli signmessage "your address you want to register" "VECO"
As output you will receive the signature, which you can submit together with the address. You will be automatically registered for the full 7 days. You can extend your or renew your registration anytime.How can I register an address of the Lightwallet Client?
To register an address managed by the the VECO Lightwallet you need to carry out the following steps
1. Send the number of days you want to register for in VECO to:
VM5GzaoAaNmNZbJjf5WU14MPCdzLVfekjh
2. Once confirmed, you copy the Tx hash of that transaction and enter it into the registration form.
For example, to register for 10 days you need to send 10 VECO to the above address. Subsequently, you copy the Tx hash from that transaction (in doubt get it from the VECO blockchain explorer) and wait until the transaction is validated (6 block confirmations). Only then you use the Tx hash for registration. Please keep in mind that the Tx hash is valid for 12 hours before it expires. If that happens, you have to create a new Tx hash by sending the desired amount of VECO to the above address once more. Of course, you have to make sure that your daily payout rate is above 1 VECO to make it worthwhile. You can easily check this by entering your address in the "check address" field. Please note that the current maximum registration period is 30 days. If you send more than 7 VECO, the surpluss be treated as a donation to the rewards treasury.
If you only want to test the programme for 5 days and realise after 2 days that you would like to extend your registration to the maximum of 7 days, simply send the remaining difference of 4 VECO to the above address and register with the new Tx hash.
1. Send the number of days you want to register for in VECO to:
VM5GzaoAaNmNZbJjf5WU14MPCdzLVfekjh
2. Once confirmed, you copy the Tx hash of that transaction and enter it into the registration form.
For example, to register for 10 days you need to send 10 VECO to the above address. Subsequently, you copy the Tx hash from that transaction (in doubt get it from the VECO blockchain explorer) and wait until the transaction is validated (6 block confirmations). Only then you use the Tx hash for registration. Please keep in mind that the Tx hash is valid for 12 hours before it expires. If that happens, you have to create a new Tx hash by sending the desired amount of VECO to the above address once more. Of course, you have to make sure that your daily payout rate is above 1 VECO to make it worthwhile. You can easily check this by entering your address in the "check address" field. Please note that the current maximum registration period is 30 days. If you send more than 7 VECO, the surpluss be treated as a donation to the rewards treasury.
If you only want to test the programme for 5 days and realise after 2 days that you would like to extend your registration to the maximum of 7 days, simply send the remaining difference of 4 VECO to the above address and register with the new Tx hash.
Which wallets can I use?
First things first: Due to the way they work, it is NOT recommended to use a DogeCash wallet address or exchange address for the VECO Loyalty Rewards Program. In both cases, you will receive no or significantly fewer rewards, as your funds are not stored at the receiving address.
The VECO Lightwallet as well as the Veco Core are fully compatible with the rewards program.
The VECO Lightwallet as well as the Veco Core are fully compatible with the rewards program.
Can I use the same Tx Hash twice for registration?
No. Each Tx hash required to register an address managed by the lightwallet is valid for 12 hours after creation and can only be used once. In case you want to renew or extend your registration, you have to create and submit a new Tx hash.
Can I also register Masternode collateral addresses?
Yes, absolutely!
What if I don't have any VECO on the registered address?
The registration will be maintained, but you will not receive any rewards as long as the balance of the address is zero. The amounts to be paid out are recalculated daily and dynamically adjust to your address balance. If you send VECO to the address, you will receive rewards again if you hold enough shares.
How is the Loyalty Rewards Program financed?
The rewards are paid by a central treasury, which is fed by masternodes, mining rewards and donations. The registration fees are so small that they play virtually no role.
Are there any risks?
The risks of participating in the VECO Loyalty Rewards Program are minimal. Small losses can potentially arise simply because the payout from the treasury is not sufficient to compensate for the registration fees of the Lightwallet (though this is very unlikely). In addition, the VECO faucet can be used to obtain the funds required to pay the registration fees. Generally, it is the user's responsibility to find out in advance whether the quantity of VECO stored in the address is sufficient to achieve a positive ROI. Further risks of a technical nature (such as server failure) are of course possible, but we do our best to prevent this. In case of general problems, it is recommended to contact us in the official Discord channel.
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2. You agree that the use of the VECO Loyalty Reward Program is at your own risk. Investing in cryptocurrencies are inherently risky activities, and as such, it is vital that you conduct your own due diligence before buying or selling any cryptocurrency, and come to your own conclusions. In no event should vecocoin.com be liable for any direct or indirect losses caused by any information available on vecocoin.com and its subdomains.
2. You agree that the use of the VECO Loyalty Reward Program is at your own risk. Investing in cryptocurrencies are inherently risky activities, and as such, it is vital that you conduct your own due diligence before buying or selling any cryptocurrency, and come to your own conclusions. In no event should vecocoin.com be liable for any direct or indirect losses caused by any information available on vecocoin.com and its subdomains.