Engagement is the lifeblood of any community or social platform. A social platform can lose money and still be worth a lot on the strength of its engagement. This is because it’s assumed that the platform may eventually monetize that engagement… but what if the engagement itself literally minted monetary capital?
Bob has some amount of staked tokens and gives Alice an emoji reaction because she said a funny joke. Yield is generated from that engagement-action (the emoji reaction) and distributed to both Bob and Alice (ratio TBD but maybe 25% Bob and 75% Alice) — distributed to Alice for adding value to the network and to Bob for network participation.
The amount of yield is determined by:
a) Bob’s stake,
b) The weight Bob chose to engage with.
If Bob has a high stake, then his engagment has the potenital to be worth a lot of tokens. Alice’s joke was funny, but maybe not that funny.
Each engagement-action can be worth 0-100% of his engagment power. For example Bob can assign the fire emoji 33% of his voting power and the crown emoji as 100%. And,
c) Bob’s engagement power:
Engagement power is like Mana. It dimishes with use and regenerates over time. If Bob gave Alice a crown emoji, then his next crown emoji would be worth substantially less. If he spammed them then they’d quickly be worth 0. Akin to an RPG where spamming a heavy attack has quickly dimishing returns.
It would be awesome if this were eventually merged with Chili and then generalized as a DAOHaus Minion. It can also be particuarly interesting if it were applied to grants. Members would vote on a proposal, then if it passed the treasury — with the largest stake — would make a massive vote on the grantee.
The notion of a network willing capital into existence to fund causes they vote on is a cool one. What originally got me interested in tokenized engagement was its application as a kind of lobbying agent or caucus, where members vote on causes they believe in and those votes generate the money to fund them.
In the long term, engagement can be anything — from a committed pull request on GitHub to listening to a podcast. This is currently being slept on, and it is only a matter of time until it takes off.
This is a pretty big project, and it has to start with 1 proof of concept. In this case, that’ll be an EVM smart contract that is interfaced with through a discord bot. Core Features are:
• Power Up - Stake
• Power Down - Unstake
• Check Balance
• Emoji Reaction = Generates Yield if Sender is Powered Up
1 month ship time
Tokenomics — the amount of yield generated per stake and the recharging / diminishing of engagement power — may not be complete for this proof of concept.
The primary goal is to have that single feature — the distribution of stake based yield on emoji reaction — working as well as possible.
$2500 xDAI • 1 month to ship