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I would love to have the money or the dev skills to build projects. Do you ever see things and just want to build solutions or projects to make them better. I always look at the hive blockchain and see what I would like to add to it if I had the skills to do it myself or the money to get people to do it for me.
We had the question on one of the hive chats a couple of weeks ago about what would you like to see on hive. It took a few messages for me to get it all down on paper and that wasn’t the end of it. I have many more outrageous and interesting ideas that never make it that far.
My latest one involves changing the whole voting mechanism of hive to power an interface for writers. Before hive I used to write a lot more fiction and fantasy just for my own pleasure and even had a few followers as I tried to write consistently. It was actually that passion for writing which sent me in search of ways to monetize the work I was doing instead of just creating content every week for free. Some was done towards a fantasy novel that never made it to the end and some was for shorter stories and segments. All of that led me to the steem blockchain and my current fascination with blockchain, web3 and cryptocurrency. It has led me down a three year rabbit hole that I have yet to find my way out of.
The place that I was writing originally was called wattpad.com and it’s a writing site that is set up for amateurs to write stories in long or short form.
You can write it chapter by chapter and it has about 80 million readers and writers.
You create content, they have a good website and mobile app which I used to use for hours every day as I followed the best creators writing stories bit by bit.
You would give help to them by proof reading mistakes and adding comments and ideas as they worked. It was a great set up and one that I would like to bring to hive.
They have 80 million users writing and producing content for them with only a few partners making money from all of the ad revenue and deals that they have formed over the years. Since I left they have created some strong ties to publishing companies to get the best works mass produced and even a couple have made it onto the big screen from a humble beginning.
It was a great place to visit with top notch content discovery and enough content to keep you going for years. You had a follow through to each chapter from the last and suggestions for other stories to read if you liked a certain genre. So many things that we are missing from here and over time the best content rose to the top as it wasn’t limited by a 7 day window for voting.
That is why I would like to turn the voting system on it’s head and totally redesign wattpad onto hive.
We can call it Power Writers. “Name to be decided. That’s not great.”
So on my writing site I would like to keep it very similar to the existing wattpad site. Simple email sign up on the second layer that could be linked to a mirrored hive account on the blockchain itself. They wouldn’t need to know about hive and could just start posting from my power writers site without even knowing it was blockchain. All posts would go into my writers community on hive automatically as they were posted opening them up to hive rewards.
This would all be going on in the background but I would change it up from here. I would like to have these posts set with my powerwriters account as 100% beneficiary. Now bear with me. It’s not for personal gain. I think our voting system is broken and has lost us a lot of users over the years so a change could be good.
On my site every user would be entitled to give 10 likes a day. Every day there would be the same amount of power points given out as likes had been made. I would have these power points as an smt that could be traded against hive.
This would give me two options for paying out creators based on how many points they have earned and would be distributed every day at 00.00. You can only vote a piece of content once but there are no time limits and every vote is equal to one power point. An author can have many chapters in the one work and you can use all of these likes for the same story if you want.
To redeem them you would be able to buy an amazon voucher form the site for whatever current market value is or you could trade them against hive on the market. The hive rewards that are earned from the beneficiary setting would all be used to buy power points back at market rates and give them value as well as ad revenue from the site that would help to give backing to my power points.
This would give interested users a chance to delve further into crypto and the rest of hive if they wanted to trade their points as a cryptocurrency or just earn simple amazon vouchers if they had no interest in learning any more. They could just write and earn.
I don’t think that this kind of system would be too hard to set up if I had the skills to build proper blogging website but could give all the benefits of the blockchain to a site with all the benefits of a regular website.
People signing up just to create content and being able to earn a small bit from the process would be a huge win for those 80m users on wattpad.
It would be web3 disguised as web2.
There would be a lot more to figure out if it was to be built but tokenizing wattpad and cutting out the POS, down voting, circle jerking, 7 day window, content discovery issues from hive would be a good step I think.
This could all still happen on layer 1 but the users on my site should never have to see or deal with the drama that goes with it. A like would just be a like to them. People would have ten equal votes to give out every day and would still earn rewards. Give out ten likes and get one power point as a curator for yourself.
If ad revenue became a big part of the site it would be good to distribute based on traffic brought into the site by a writer as well but this is all random thoughts anyway. It would incentivise people to showcase their work and get more eyes on the project.
Just another daily rambling from my head but there are so many possibilities to do more on here as we have seen with @leofinance and all of the work they are doing lately. Think outside the box. I might not be able to build these things but i'm sure that somebody can. Either that spark a thought towards building something else in future.
Click here for the 500 words community.
Write #500wordsaday now.
Hive is a blockchain to power exactly the ideas you share here. Hive rewards distribution system is among its core economic models to showcase the proof of concept what can be done on Hive.
However, we are not limited to this model. We don't have to use this model. We don't have to tap into the Hive rewards system. As you already mentioned, LeoFinance and other tribes already have proven that other token specific to tribes can have value as well, and they don't have to rely on Hive rewards if they choose to. Yet tribes implement the similar rewarding model and also users can take advantage of Hive rewards as well.
But you don't have to rely on tribe systems either. You don't have to implement upvote/downvote systems. Hive has a feature called CustomJson. Apps can utilize this CustomJson feature to store anything they like (text-based) in the Hive blockchain. It is different from how posts and comments are stored in the blockchain. That's what games, hive-engine, etc use to store data in the Hive chain.
Using CustomJson, you can create any App you like, build your own economic model if you wish the tokenize it, or don't use tokens at all. What you can do is limited to your imagination, dev skills, time, and money.
You want to have a user based voting system instead of stakes based. There are problems with that. You will have to require KYC to make sure users don't create multiple accounts. If you don't, one person can create hundreds of accounts and have thousands of votes. Solving this is not an easy task.
If you go KYC route, it will become a centralized App which only your and your company will have sole control over. Nothing wrong with centralized Apps. Hive can power them as well. But how will your token have value? If it is centralized, it will be completely up to you to print tokens, distribute them and destroy when needed based on your model.
Lastly, the biggest challenge as any services/websites you describe is attracting new users and maintaining user growth. Use solve this, you solve everything else.
There would be a lot of things to figure out if we were to implement an app like this. In reality though are not all of the hive based apps centralised? They are all owned by a specific entity and ran upon the decentralised blockchain. Regardless of kyc or not?
Any token powered by hive would still need a good economic model to add value as we have seen from 99% of the tokens previously. Without good use case they will just fade away to zero.
If we ever see smts it will be interesting to see if people can create a value to the tokens and if there will be other ways than just ad revenue. LeoFinance do it very well and while ad revenue kept the price stable for a long time, adding defi and use case to the token has driven it to higher levels.
It is where I would hope to see hive some day and any token starting off should be looking at the successful models that went before them. Study the good tokens and then improve upon the concept or start something totally new.
It is true App are centralized, but the token economy relies on decentralized blockchain.
To do your account based voting model you will have to fully control token economy. Even then it will be difficult to accomplish because as long as money is involved, people will find ways to control multiple accounts.
It is probably possible, but I can’t think of a way to do that at this time.
I'm not a coder so can't really say what is possible or not in these terms but just brainstorming i would say that,
It would require email sign up and verification. I don't have a problem with limited kyc.
Captcha on sign in to the dapp.
Any voting must be done at the interface level, so an account needs to be signed in and actually click on the button.
20 votes per day on an extending time line. 1 minute delay after first vote, 2 mins after second, 5 minutes after 3rd to a 12 hour period and voting keeps dropping back at a rate that 12 hours from the last vote you would have a gone full circle to zero delay.
Tokens could be released daily based on votes given out. If there were 4000+ votes then 100 tokens released for sharing that day. If 20,000+ votes were placed then 500 tokens released ect. Totally automated and transparent.
Curation would consist of receiving one token back for every 5 votes cast by your account.
As i said before tokens could be redeemed for vouchers or traded against hive as a full scale token. Other uses would be in ap purchases like promotion, badges, extra features....Lots of ways to introduce even more burns within an app itself.
The focus would be on the app rather than on the money. That should just be a bonus rather than the incentive. For me ease of use, quality of content and experience are very important if we ever want to see apps that compete with existing options. The majority of people will never care if it is on the blockchain or if it is decentralized as long as they enjoy using it. The 7 day payout window is a huge barrier to all of this as it promotes a bad culture within our system towards greed and selfishness instead of one that tries to encourage the users. I'm just trying to look at alternative ways to leverage the best parts of the blockchain while bypassing the negatives.
There will always be people that will put in the effort to game the system unfortunately but over time this could be made into more trouble than it is worth. I would like to take the focus off the money side and remove that sense of entitlement from users. Content is rewarded based on quality and popularity rather than anything else with the option to be rewarded for traffic brought in at some stage. In theory. 😀
I'm not a coder, but I think there must be a way round the alt account issue. I think a decent reputation system formed from anonymous peer to peer assesment could well solve it, so points are rewarded based on reputation score.
I can’t think of a system that would prevent multi-account creations.
As long as there is money involved and each account has influence on money, people will come up with creative ways to own more accounts that fit the reputation score and other requirements.
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