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If you're completely new to the TEA Project, familiarize yourself with the newbie guide to get yourself situated.
You can refer to this newbie tutorial to start earning TEA tokens through investing. In addition to staking in TApps, investors can also stake to CML mining nodes to earn TEA revenue.
Basically, the steps are to set up a wallet, buy some coffee with USDT, then use coffee to exchange for TEA tokens. You can then choose a TApp to invest in (purchasing its TApp token) as well as staking to a CML miner. Reference the above tutorials for details on each step.
The earned TEA tokens can be exchanged for CML coupons, which are scarce resources once the mainnet launches. CML are like a license for mining to generate TEA token income.
You can participate with a minimum of one or two USDT, and if you want to withdraw, you can exchange COFFEE/USDT at any time.
You will need to setup mining machine then, follow the steps in the mining hardware guide.
How much is the CML? And what are the rewards for participating in the testnet once the mainnet launched?
You can buy hosting CML (type B) and private CML (type C) in the Marketplace, current auction price = ~26000 TEA Tokens per B CML seed.
The tea tokens earned in the testnet can be exchanged for CML coupons, which is the reward for mining on the testnet This CML coupon is a scarce resource. After the mainnet launches, it can be used for mining to generate Tea tokens.
CML is an NFT of TEA Project, that serves as a mining license. As we’re currently on testnet, CML can be used only for mining on testnet. Note that after planting into a mining machine, each CML will have a life span of approximately 2 weeks. This is an accelerated schedule specifically for the testnet as mainnet CML will have a lifespan of approximately 2 years.
Decentralized apps (dApps) are known as TApps in the TEA ecosystem. Each TApp has a token associated with it that's issued on a bonding curve, which means early buyers reap more rewards as the supply of the TApp Token increases.
Miners are also paid out in TApp tokens when they host TApps who've elected to payout in their own tokens. For more information about TApps, visit this collection of links explaining TApps.
Yes, the actual ratio will be defined prior to the mainnet launch. The current exchange rate is 2 CML coupons for every 1 type B (hosting) CML.
No, right now it is around 1:1000 ratio of COFFEE:TEA.
- COFFEE:USDT = 1:1
Participants in the TEA Project mining competition will exchange USD (USDT or BUSD on the BNB Chain) for COFFEE in a 1:1 ratio. COFFEE represents USDT that has been bridged into the TEA ecosystem. After mainnet has launched, users will need to bridge assets from other chains (e.g. bridge USDT from Ethereum or Binance Smart Chain) into the TEA Project network. Once bridged over, users can exchange these tokens for TEA.
The actual form for initiating this transaction is linked in our competitor checklist. This is a manual process so allow some time for the conversion.
No, they're part of the simulation. CML and TEA during the competition should be thought of as "testnet CML" and "testnet TEA" which have no relation to mainnet CML or TEA. Even though these two coins are fictitious for the purposes of our mining contest, the testnet TEA that contestants earn during the contest can be exchanged for mainnet CML vouchers.
No, the mining machines are simulated during testnet. When mainnet launches, the TEA Project will require mining machines that have TPM chips on-board and run a specially designed NixOS. At this early stage, you cannot use your existing PC for mining even though your PC already has a TPM chip on the motherboard. Initially, AWS Nitro will be the first approved mining machine. The next available will be IoT mining machines such as a customized Raspberry Pi.
Currently, all mining is simulated as we’re on testnet. When mainnet starts, only AWS Nitro will be used. Mining with an RPi is on our roadmap for after mainnet launches, but there's no guarantee when that will be.
TEA token currently is on the TEA Project testnet. The mainnet target launch date is early 2023, more information is available in the when will the mainnet be live? document.
TEA project is a layer2 solution, it will run above multiple blockchains (layer1) in the future. Right now in epoch9, it has its own layer1, a substrate-built blockchain.
Yes, you can purchase an unlimited number of CML with one account.
Initial limit of 10k, then controlled algorithmically by the DAO according to supply and demand after year 2. When the mainnet starts, in the genesis block there will be no CML. But right after it starts, the DAO will start to generate CML seeds and put them into the marketplace for auction.
You can exchange TEA Token back to COFFEE in order to get USDT to leave the contest OR you can sell CML back to Coffee then get USDT.
The testnet epochs are on an accelerated schedule during contests with 10 blocks per minute.
We originally compressed 2 years time into 14 days, using the accelerated shedule of 14 (days) * 24 (hours) * 60 (minutes) * 10 (blocks per minute) during the testnet. But the epochs have evolved to last varying lengths of time as the team will move to a new epoch only once they feel enough progress has been made.
The leaderboard shows an updated list of how well contestants are doing based on their net asset value. The leader board calculation is as follows: your total TEA currency + your total COFFEE (valued in TEA) + value of your TApp tokens - Genesis loan debt. Note that the leaderboard calculation doesn't take into consideration the value of your mainnet CML vouchers (i.e. when you exchange some of your testnet TEA for mainnet CML vouchers, you're asset value will go down).
If you are an accredited investor (e.g. a VC), please contact us at [email protected] to join our private sale.
If you’re an individual, so far the best way is to join the mining competition. Your mined TEA tokens can be converted into our CML coupon. That is the CML in our mainnet. If you don’t want to exchange your mined testnet TEA for CML coupons, you can always exchange back to USDT (via COFFEE) and exit.
More information on our mainnet CML and TEA as well as how to invest is available in our wiki.
Because epochs change, some information in the wiki is no longer relevant and becomes outdated. In an effort to keep the wiki useful, we will delete these pages from the wiki though you may find some of them still in our archive.
- Mining Contest: Competitor Checklist
- Mining contest newbie guide
- Epochs
- Genesis Loans
- Marketplace Auctions
- TEA Browser Wallet
- TApp Tokens
- Mining: Host and Unhost TApps
- TEA mining helpful links
- How does the TEA network handle attacks?
Note that all contestants must read and agree to the Mining Contest Disclosure Agreement.
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