Credit: Stuz0r
Proof of stake chains allow for tokenized engagement. It essentially works by staking tokens in a protocol that distributes yield for engaging with content — with the content creator themselves being rewarded from that yield.
This is a more positive-sum tokenomics. Rather than a conventional payment where one user gains a token and another loses, new tokens are distributed to a user for providing another user value.
This allows for some interesting applications to MetaCartel. Namely, as added functionality + funding for grants and as a social utility for Chili tokens. My proposal is to get this deployed and in full beta testing for the DAO in a month.
I will create a social testing token that runs on a protocol for tokenized engagement. This will be airdropped to the community, where it will interface seamlessly with discord. The engagement being tokenized in this case is an emoji reaction. If a user receives certain emoji reactions on their post — a signifier that their post has provided some value to the community — then the poster will receive tokens. The goals for this proposal are as follows:
R&D for ETH2. I believe tokenized engagement is the future of web3 social. Where Steem and EOS have previously failed to deliver, I think Ethereum will succeed. A part of this is timing, but a lot is Etherean culture. Many people in the web3 community view tokenized engagement as a failed concept. I want to prove that it’s not the concept that has failed, but rather the communities it’s been deployed to. I think MetaCartel is the perfect place to test how this can actually work well. ETH2 ships in Q1 2022. That gives us time to see how this works before deciding how this could be ported to Ethereum and merged with MC tokens/Chili.
Community Engagement. The content that users provide within this community has intrinsic value, be it educational or purely entertainment. If this token were a part of the community, it would encourage more participation and largely reward those that give outsized value to the community. It may also provide an alternative pathway to membership. If a community member earns enough of this token from being a continued asset to the community, that could be exchanged for a DAO token.
Grant Funding. A network empowered with tokenized engagement has the ability to generate positive-sum funding for a proposal just by voting on it. No payments necessary. I think this is worth experimenting on.
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Create a MetaCartel token that runs on a protocol like the one described
Due to the small scope of this proposal, I will not be building out a protocol from scratch. I’ll make a token on top of Hive to test on. If this works well it should be ported to ETH2, which will allow for greater customization. -
Allow users to onboard and interface with the token within Discord
The interface will be a discord bot and the UX should be as seamless and secure as possible
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MetaCartel Forum Functionality
Allowing the MetaCartel forum to interface with the token could go one of three ways: browser extension, web crawler, and possibly(?) DiscoBot (the forum’s bot). -
ETH1 Proof of Concept
Could this work well on ETH1 using rollups and a reworked DeFi protocol?