I have an idea but I’m not sure how best to implement it. I really need the expertise of this community.
To start with, It’s highly possible that Greece will need a new currency at some point in the near future and I think this could be a good opportunity for crypto-currencies to get their “foot in the door” - on a much larger scale at least. However, crypto-currencies such as Bitcoin are clearly not suited for this purpose. A new currency is required which will allow the people of Greece (or anywhere for that matter) to create their own wealth and rebuild their economy.
Essentially, my plan is to develop a toolbar which allows people to crowd-fund money into existence, thus resulting in a currency which is a digital representation of value. Value is subjective and should be assigned by consensus, and not explicitly defined.
The toolbar will be called “Give me credit”. The currency units themselves will be called “Credits”, with the currency symbol “GMC”.
The toolbar will have the following features…
Submit project url – This will submit the current page to the database. Once submitted, this project can appear in the “Get Projects” window (see below).
Get projects – This button will randomly select and display a project in a popup window. Only 1 project every 30 minutes can be displayed.
Assign Value – This popup will allow you to assign a value to the project/content. The results are stored in a decentralised database. You can only assign value to one project every 30 minutes. If the value drops below a certain target, the projects becomes unverified. When a project is unverified it cannot receive credits, and any credits it has already received will become inactive.
Donate credits – A popup will open allowing you to donate credits to the current project/content (thus mining the credits).
Provide/show feedback – A popup will open allowing you to provide or view the feedback associated with current page/url.
Show wallet – A popup where you can send money and view transactions etc.
So basically, anything that can be proven to have value can be used to mine the credits!
This idea could also improve the internet as a whole. Search engines rely on algorithms in order to find good quality content. Although human moderation is far more effective, it requires an incentive for people to take part. “Give me credit” provides that incentive.
In the case of Bitcoin, it seems strange to me that we are expending energy and resources to virtually mine a digital currency as opposed to using a real life “proof-of-work” (or proof-of-concept) scheme, which actually adds value to the system. Why don’t we extend the concept of “consensus” and allow people to decide for themselves what has value? It is still possible to maintain a secure network without mining. After all, once all 21 million Bitcoins have been mined, the transaction fees become the incentive for securing the network.
If Greece were to adopt this currency, there could be no such thing as unemployment as there will always be something to do and there will always be a crowd waiting to fund it.
I don’t know where to start with this project. I’m very new to the world of crypto-currencies. I am a web designer and I have some programming experience although not enough to do this alone. If you’re interested in getting involved I would greatly appreciate it. Below is a slightly more technical description…
When the user installs the toolbar they are also installing the client. This can be a full client, lightweight client or a web client.
First, a project will need to be uploaded and submitted by the owner, via the toolbar, to a decentralised database, which is then sent out to all of the other nodes in the network. It will be necessary for the owner of the project to verify that they are a rightful owner. One way of doing this is for users to display their GMC address on the project page, which then get’s hashed with the URL and stored in the database. However, i’m not sure how this would work exactly. I guess they would need to add something to the page like this…
“GMC Address: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy”
By adding this anywhere on the page, the toolbar can find the phrase “GMC Address:” and know that whatever follows is the address.
As soon as the other nodes have received the project, which is displayed in the “Get projects” popup window, they must verify that the project is valid. In order to maintain modularity, I would prefer this to be a manual process. For example, i would prefer it if users can upload their project proposals anywhere, i.e., Justgiving, youtube, Google docs or some other crowd-funding website etc…
Although it should be encouraged that the projects meet a certain criteria, I don’t want to force rules on people. If all you have uploaded is a small description of the project and nothing else, the chances are, the project’s value will not go above the minimum target value, and will thus remain inactive. A criteria should emerge organically.
Now that the project has been submitted, received and verified by the community, who have then received inactive credits as a reward, the community will then need to upload their own projects as well as find projects to donate their credits to, thus activating them. NOTE: They cannot donate credits to a project which they have verified themselves.
Of course, when it comes to crowd-funding, an element of trust is required. Those who are donating their credits need to trust that the project will be carried out. Sure, you can setup an escrow system or a smart contract, but what if the project proposal was requesting an upfront donation for whatever reason? One possible way around this is to rely on feedback, much like ebay. So if the user has submitted a proposal requesting 10,000 credits upfront, and they have zero or negative feedback, the chances are they will not be given the requested amount. Trust, therefore, needs to be earned!
Once the credits have been donated, they become active (mined) and can be spent in any way the owner chooses. The mined credits will always have a reference to the original project and can be verified by other nodes on the network when a transaction takes place.
Anytime a project has been completed, if required, there should be a way for the owner of the project to inform the community that the project has been completed, requesting that they leave feedback. Perhaps we could add a “Request Feedback” button as well as a “Projects Completed” button which opens list of completed projects.
I’m not concerned with anonymity. If people want to be anonymous, they can use dark coin or whatever.
There are various other features that could be included in the toolbar such as the ability to buy shares in other peoples projects/content. Also, a “View Project Requests” feature might be good too. For example, some people might choose to earn credits by seeking out projects for other people to do, kind of like a recruitment agency. There are many avenues to explore but right now i just want to start with a simple toolbar which allows people to submit projects, verify projects and donate to projects.
Your advice would be greatly appreciated!