FREQUENTLY ASKED QUESTIONS

ETH

Approximate gas fees are $2-5 total per challenge. You only pay when you deposit and withdraw your ETH: 2 transactions per challenge, less if you leave your ETH in the system.

Your ETH is held in escrow and returned to your Commit Club wallet after each check in.

You can withdraw ETH from your Commit Club wallet as long as you have enough ETH to pay the Ethereum transaction gas fee. Withdrawn ETH goes to the wallet address that you used to start Commit Club.

If you choose to leave ETH in your Commit Club wallet, you can do new challenges without paying more Ethereum gas fees (assuming your balance meets your challenge amounts).

To withdraw your ETH, navigate to the Wallet section and click Withdraw.

You can withdraw ETH from your Commit Club wallet as long as you have enough ETH to pay the Ethereum transaction gas fee.

Withdrawn ETH goes to the wallet address that you used to start Commit Club.

For security reasons, withdrawals process within one week. Subsequent iterations of the Commit Club architecture will provide smart contracts which allow for immediate withdrawals.

Checking In

We’re developing “Proof of Trusted Witness” connecting a blockchain API to oracles.

Every challenge gets a unique page that you can bookmark and check in to from anywhere. We’re developing “Proof of Trusted Witness” to have automatic check ins through app integrations, such as DuoLingo, Peloton, or RescueTime. Interested in integrating? Send us a message.

You can check in once per day, week, or goal.

Loser Pool

Loser Pool rewards are distributed at 01:00 UTC following the day you check in.

The amount you receive from the Loser Pool is proportional to what you have committed in active challenges compared to how much exists in all active challenges within the daily check in period.

Your Loser Pool reward % = (Total ETH you have committed in active challenges) / (Total ETH in all Commit Club active challenges within the daily check in period)

For more, check out the Whitepaper.

General

If a challenge is failed, we take 30% of what has not been earned back – the other 70% is distributed to successful challenges. Aside from this, you only need to pay 2 Ethereum gas fees per challenge; approximately $2-5 total gas fees per challenge, less if you leave your ETH in the system.

We’re moving towards decentralized smart contracts for challenges. For now, challenges are centralized within our backend.

With Commit Club, you commit to a daily, weekly, or one-time challenge. The way you commit is by specifying your challenge, then depositing ETH. You put your money where your mouth is.

Every check in you get an equal portion of your ETH returned to you as well as ETH from others’ failed challenges (the loser pool).

If you miss a check in, you automatically forfeit the ETH you haven’t earned back. This lost ETH goes to the loser pool.

The more you commit, the more you get from the loser pool.