To become the standard for incentivizing offchain actions and confirming those actions onchain.
what’s the point?
We believe that the clearest untapped opportunity in crypto is finding a way to seamlessly bring offchain information onchain. Currently, this job tends to be done via clumsy oracles or trusted, centralized solutions. The poidh app’s lightweight, standardized method for confirming offchain actions via bounties is a better approach.
Here’s how it works from start to finish:
Someone deposits money to create a bounty
It's expected that anyone "completing" the bounty uploads visual + text evidence minted as an NFT
If the person who created the bounty thinks the NFT is sufficient proof, they can confirm a transaction to automatically release the bounty funds in exchange for the NFT
why is it innovative?
Many crypto bounty apps have been tried before without any of them gaining significant traction. How does poidh improve on what’s been done and unlock bounties as a popular consumer crypto application?
There are three mechanisms at play that we believe set poidh apart. They are carefully balanced to move tasks towards onchain confirmation while keeping the protocol itself as simple and accessible as possible:
keep it casual
Most crypto bounty apps have taken a focused approach with bounties for specific activities, organizations, or individuals. With poidh, we don’t want to put anyone in a box. Our focus is building a robust tool that is equally secure and transparent for a $500 design contest bounty or a $5 bounty for a selfie.
We believe this is the key to unlocking crypto as a widespread method for incentivizing offchain actions. We want to make creating and claiming crypto bounties as casual as Twitter and Facebook made posting short-form content online.
ease of use
Lack of friction in the UX and a mobile-first focus means that we increase the odds significantly of people both creating bounties + accepting claims. Most existing bounty platforms are optimized for desktop and offer a wide array of customization options that are intimidating to users.
In comparison, poidh allows a user to create a bounty and generate a shareable URL by filling out three form fields and completing a single transaction. Submitting a bounty claim is equally simple with poidh. You upload a picture, fill out two fields, and complete a transaction.
Collectible NFTs are the wild card incentive mechanism inherent to poidh that makes the protocol completely stand out from existing bounty apps. They are an elegant solution that lessens the likelihood of protocol fraud by requiring visual proof-of-work, while at the same time incentivizing bounty creators to want to have their task completed via poidh.
Most poidh NFTs will have little value in the long-term, but each one does have some upside in that they could become collectible based on who completed a specific task or what task was completed. Consider a poidh bounty to incentivize an MLB player to pitch a perfect game. The NFT submitted by the pitcher would instantly become a collector’s item and one of the most sought-after assets related to their achievement.
where are we going?
What’s in store for poidh beyond the current app? There are two main priorities we are focusing on:
the easiest way to earn your first crypto
Crypto has an onboarding problem in that it’s rare for someone who is crypto-curious to have a way to get access to their first coins that doesn’t involve signing up for an exchange. And once they are onboarded, the activities that are available to them are primarily speculative in nature. It’s very rare to find a transactional activity onchain where the incentive mechanism doesn’t boil down to “you may buy something that goes up in value”.
The primary way we want to grow poidh’s user base at these early stages of the app is by offering a different path: give new crypto participants ways to earn crypto based on real-life activities that add value to their communities. We’ve already started this with bounties to improve local parks by replacing basketball nets. A widespread campaign of these types of local improvement bounties is the perfect way to attract new users while also introducing poidh as a force for good within the crypto community.
The primary flaw of poidh in its current state is that bounty completion approval lacks any form of decentralization. There is a single bounty creator and that bounty creator has complete control over whether or not NFTs submitted as claims are legitimate.
While this works for small bounties, if we wish to scale the protocol and reach the goal of being the standard for incentivizing and confirming all worthwhile offchain actions, we will need a more robust platform with collaborative bounties. The complete vision for how we will enable group funding and voting on claim approvals can be found here.
These features will allow us to reach the poidh endgame: A self-contained social platform for funding public goods in a fair, transparent, and decentralized manner.
You can find answers to app usage faqs via our how it works page.
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