Of Memberships, Bids And Rewards: Claim Your Bid on Kappa Sigma Mu

Kappa Sigma Mu is a membership club using the Substrate Society pallet. The society can be understood as an economic game to incentivize users to join around whatever the rules are decided to be. In essence, the society looks to experiment with the connection between the onchain and offchain worlds.

Members are incentivized to participate in the society via the rewards paid by the pot. These rewards will be available to be claimed once a specific locking period passed: but how to know when and how to receive your bid?

Here are a few simple steps to find out.

When Can I Claim My Reward?

Members are incentivized to participate in the society through rewards paid by the Society treasury. New users must have a bid to join the society. A user can make a bid by reserving a deposit. Alternatively, an already existing member can create a bid on a user's behalf by "vouching" for them. A bid includes reward information that the user would like to receive for joining the society. A vouching bid can additionally request some portion of that reward as a tip to the voucher for vouching for the prospective candidate.

These payments have a maturity period for new members before they are able to access the funds. In the Society pallet, the locking period can be seen here. It is important to note that as the number of members grows, the lock period approaches the maximum.

In order to know when a new member can claim their rewards:

  1. Access the Chain State tab on PolkadotJs Apps,
  2. Select the Society module under Selected State Query and payouts(AccountId): Vec<(BlockNumber,BalanceOf)> along with the member's address.
  3. After these are selected, click on the + button on the right.

The call will show a pending payout ordered by block number with the amount to be paid under it:

The first line shows the block number in which the member will be able to claim their reward: in this particular case, the member will claim on block number 5,145,600. The second line shows the bid submitted during the bidder phase, and it is the amount to receive after the locking period.

How Can I Claim My Reward?

When the locking period is over a member needs to claim their reward. To do this:

  1. Go to the Extrinsics tab on PolkadotJS Apps,
  2. Submit the following extrinsic from your member address: society > payout(). Once the extrisic is succesful you will be able to see your new balance on the address.

Are you ready to join the experiment? Find out more about the Society here or join us in the Kappa Sigma Mu Lounge if you have questions.

RTTI-5220Post author

Posts, updates & other resources from Kappa Sigma Mu: The human blockchain experiment.


Posts, updates & other resources from Kappa Sigma Mu: The human blockchain experiment.