Posting in search of a technical partner to help develop an idea. Also would love feedback!
Building on the successful interface of Pool Together, we believe we can grow the user base of no-loss prize pools by layering an engagement mechanism easily shareable on top of the experience. Instead of a random draw of all invested every week, let’s ask a weekly question to our depositors, something fun like “Is a hot dog a sandwich?”. Upon payout time the interest is then split among the depositors who answer with the majority, given them a higher than typical interest return for the week.
By having a new question each week, we can create a very shareable (social media and even just casual crypto talk) way to talk about no loss pools and get more people saving their money and on the platform. Beyond this hook, we also see an opportunity to offer additional prize pools only for depositors on an active streak of 4 right answers to encourage longer deposits - as well as aligning the branding of the pool with the parody account @BoredElonMusk (1.7M followers) to address the cold start problem of gaining initial depositors. Happy to share more details in the thread.
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This is absolute gold. Sounds like a need for a front end dev and a contract dev. Would you post the weekly question on something like snapshot (thus gasless) and somehow award from that input?
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Exactly re: front/back-end dev. Would be willing to compensate for time or work out some kind of partnership. Ideally the question lives on the same page as the lottery/pool.
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Hi BoredElon,
I like the idea - definitely think “social” is the next frontier of the cryptocurrency world.
Can probably help break down some of the technical requirements for this. It’s likely going to be bit more complicated than anticipated.
First, if the payout is to a significant number of people, the return is going to be much lower. Especially when dealing with majorities. The gas costs might outweigh the benefits. This challenge will be exaggerated, also due to needing to start a new PrizePool/Strategy which will likely have low deposits in the beginning. It’s likely existing PrizePools wouldn’t and couldn’t incorporate this approach.
Second, a “decentralized identity” system is required. One that operates on-chain. You would need to enforce 1 answer for 1 person. This could be done via ENS domains - assigning a subdomain to a verified user or via an external verification system like the UBI Token, which has a method in the contract along the lines of “isHuman” and the users need to also use that system.
Essentially decentralized identity is the biggest challenge and developing a new PrizePool Strategy with the correct mechanics to integrate the identity solution would be the technical requirements for such a project to work.
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