Owldotask and Crypto: We Use Blockchain for Rewards

5 min read

In this article, we’ll tell you a bit about the crypto world and our relationship with cryptocurrencies.

Why Crypto as a Reward?

We have selected blockchain as one of the primary methods for rewarding users for completed tasks on Owldotask. From a development standpoint, it is an efficient solution that offers maintainable code and seamless scalability.

This system provides:

  • Transparency: Every payment is fully traceable. Users can click "Claim" and watch the process move node-to-node in seconds, receiving cryptocurrency payments directly in their connected wallets.
  • Global Access: Rewards reach you regardless of your country of residence or local banking restrictions—blockchain is decentralized and operates independently of any bank or government.
  • Efficiency: It is a fast and cost-effective way to handle payments, allowing users to claim and receive their rewards in a matter of seconds.

A wallet is a digital tool that allows users to securely store, manage, and interact with their cryptocurrency assets and blockchain addresses.

How We Obtain the Funds to Pay Users

The Owldotask fund management team maintains a cryptocurrency portfolio used to automate user payouts. We keep a generous provision specifically allocated for user rewards across several of our wallets.

We acquire these funds through various methods, primarily by purchasing them on well-known exchanges

We Purchase Cryptocurrencies Mostly on Exchanges

In case you are interested, we conduct our operations across several exchanges.

Security and Trust in Exchanges

Before you begin, it is important to note that reputable exchanges implement rigorous security protocols to ensure the safety of your assets. These platforms require strict identity verification to prevent fraud and money laundering. Additionally, they offer robust account protection features, such as Two-Factor Authentication (2FA), which adds an essential layer of security beyond just a password to keep your funds and personal information safe.

  • Kraken is widely recognized for its robust security measures and its long-standing reputation as a reliable platform for professional traders.
  • Binance is the world’s largest cryptocurrency exchange by trading volume, offering an extensive ecosystem of financial services and digital tokens.
  • Coinbase is a highly user-friendly, US-based exchange that is often the preferred entry point for beginners due to its intuitive interface and regulatory compliance.
  • Bybit specializes in high-speed trading and derivatives, providing advanced tools for users looking for a more professional trading experience.
  • OKX is a global platform known for its versatile suite of trading features and its deep liquidity across hundreds of different crypto pairs.

An exchange is a digital marketplace that allows users to buy, sell, and trade various cryptocurrencies for other digital assets or traditional fiat currencies.

Transaction Fees and Efficiency

One of the most significant differences between these payment methods is the cost of operations, commonly known as fees. Traditional platforms often impose high percentage-based commissions or hidden costs that can eat into your earnings. In contrast, blockchain transactions—particularly on efficient networks—allow for much lower fees. This ensures that the rewards you earn on Owldotask remain as intact as possible, providing a more transparent and economical way to receive your money.

Important! If you exchange Feathers for cryptocurrency on Owldotask, we cover all the transaction fees. We currently process payments in POL, which features exceptionally low fees for buying, selling, and transferring assets.

Active Management of Funds

Since we maintain a cryptocurrency fund for our users, we actively manage these assets to keep them in "constant motion." This transforms the capital into an active, rather than stagnant, asset, thereby increasing its overall value.

We execute short-term operations—evolved through accumulation strategies—utilizing our proprietary bot to implement a secure and conservative DCA (Dollar Cost Averaging) strategy. This approach guarantees that we consistently maintain the necessary funds to fulfill all user payouts on the platform.

  • DCA Bot: We utilize a proprietary automated bot to execute a Dollar Cost Averaging (DCA) strategy. Instead of making large, risky purchases, our bot spreads out buy orders at regular intervals regardless of the price. This mathematical approach mitigates the impact of volatility and lowers our average cost basis over time. By maintaining this disciplined accumulation, we ensure a constant and healthy flow of liquidity, guaranteeing that we always have the necessary funds to fulfill user payouts even during market downturns.
  • Staking: A significant portion of our treasury is allocated to Staking on Proof-of-Stake (PoS) networks. By "locking" these assets, we participate as validators or delegators to secure the blockchain and verify transactions. In return for this contribution to the network’s stability, we earn consistent staking rewards (similar to yield). These rewards are directly reinvested into the Owldotask ecosystem, providing a sustainable and non-inflationary way to fund the Feathers you earn every day.

How to Get Paid in Crypto

You must own a wallet to connect it to our platform in your profile section (link). No further action is required; payments will be processed as long as the wallet is valid, unique and compatible with the Polygon network.

Security Tips

To ensure your experience remains safe and your rewards are protected, please follow these essential security guidelines:

The Importance of Never Sharing Your Seed Phrase

Your seed phrase is the master key to your funds; anyone who has it has total control over your assets. No administrator or member of the Owldotask team will ever ask for this phrase, and you should never enter it into any website or application other than your trusted wallet provider.

How to Verify That the Configured Network Is Correct for Receiving POL

To receive POL, your wallet must be set to the Polygon network. You can verify this in your wallet settings by checking that the Network Name is "Polygon" and the Chain ID is 137. Sending assets to the wrong network may result in a permanent loss of funds, so always double-check before confirming a transaction.

Beware of Phishing

Ensure you are interacting with the official Owldotask platform. Scammers often create fake websites or social media profiles to trick users into connecting their wallets or revealing private information. We will never DM you first to ask for personal details.

Test Transactions

This ensures that your wallet configuration is correct and that you can see the funds arriving before processing the rest. You can always verify your transaction status on the blockchain, as it is public and transparent.

Glossary

If you are new to the crypto world and want to get started, you should at least be familiar with these concepts. It isn't strictly necessary to know every detail inside out to earn cryptocurrency on Owldotask, but it will certainly help you understand the full scope of this article:

  • Cryptocurrency: A digital currency where transactions are verified and records maintained by a decentralized system using cryptography
  • Exchanges: Platforms like Kraken or Binance where you can buy and sell cryptocurrencies
  • Wallet: A digital tool that allows you to store and manage your crypto assets. You will need one connected to your profile to receive rewards
  • Blockchain: A distributed, traceable ledger that ensures every transaction is transparent and secure
  • POL: Our primary payment currency, chosen for its extremely low transaction (gas) fees
  • Smart Contract: Self-executing contracts with the terms of the agreement directly written into code

Is it Complicated?

You can always use PayPal as your preferred payment method by simply filling out the corresponding field in your user profile with a valid PayPal account, which must be unique to each user.

In any case, if you have doubts regarding the wallet connection process or need assistance, write to us here: