Incognito's Decentralized Dream Factory

I just had an idea, and believe the basic idea would be really cool for all of us. Maybe we can play all here around with the idea and bring it to life on the incongito chain.

The Incognito Dream Factory - Where we together making dreams come true

Basic idea example 1 You as a builder or entrepreneur has a idea for a great product which helps incognito or blockchain, decentralization to grow. You go to the idea campaign area and present your idea as detailed as you can (like you would do on kickstarter). You set your milestones and needed fundraising goal. Next stepā€¦see Scenario 1

You as a visionary you maybe not able to code etc. but you have a awesome idea, you are a kind like Steve Jobs, you see the feature but need other people who are specialized in other fields to make your vision come true. So you have this great idea now you head as well to the idea campaign area and present your idea in a nice and structured way together. Next stepā€¦see Scenario 2

Scenario 1

Other people can look at your idea and if they like it, they can participate by funding it. Letā€™s say you need 2000 PRV for your idea. Now I like your idea and decide to send 250 PRV in order to make it come true. Others do this as well and at some point 2000 PRV have been collected. Now all the funds will be locked in a smart contract and only paid out partially once you hit the promised milestones (this will be verified in a decentralized way as well). Once all milestones have been completed all funds have been unlocked. And the project has gone live.

Scenario 2

After you have presented youā€™re idea, people who have the necessary skills will contact you and so you can talk and build a team, make arrangements etc. Once you have this done, you guys as a team add concrete milestones, budget to the idea campaign and start by this your fund raising campaign. Afterwards everything will work like in Scenario 1.

Economics

All raised funds are locked within a smart contract and pay out to the team who works on the project will be done according the originally presented pitch in the idea campaing section.

If the delivery date is reached and the project is still e.g. stucked in milestone 1 out of 10 milestones all the remaining funds can be send back to the one who funded it initially. Means you have sent originally 100 PRV to support the idea, after milestone 1 was reached maybe 10% have been paid out. Thus you still actively invested with 90 PRV. Now you can get this money back via withdraw or decide to you still want to continue support the idea after the project owner has explained why it has come to the delay. It is up to you.

Economics in Detail

When you fund a project you are locking up your PRV. In Exchange you get a token like IDEA-PROJECT-NAME it is kind of a share, which will give you to also some governance over the project. You can always sell these tokens if or just hold them whatever you like.

Any thoughts

I hope the main idea gets clear guys :blush: I could describe it much more detailed but this would be too much text and maybe kill further ideas to this approach as well. So please, share your thoughts, do you think this cold work maybe even too fund ideas which are not connected to blockchain etc.? Could this maybe a solution is well for rethink the builder rewards program in order make it long term self sustainable and decentralized?

Looking forward for your opinions. Letā€™s decentralize the world together. :partying_face:

14 Likes

It would be nice. I saw already some of those blockchain that use this idea and i approve it 100%!

Discrict0x did something similar:
You can post a marketplace idea and people stake (DNT) token if they like the idea than when you reached a number of staked token, builders can help you to program the app!

2 Likes

Who will determine if the milestones are completed or not?

Exactly the kind of question I had in mind ready this

Itā€™s a nice idea

This depends how the milestones are defined. Easiest would be if always clear defined goals are used like:

Milestone 1:
Beta Version for testing live until April 2021

Milestone 2:
Final Version release until June 20201

Milestone 3:
Having more than 100 unique users, will be measured with tool XYZ

I hope the idea gets clear, logically the milestones should later be described more accurate. But like this there could be a decentralized validator group, who will vote and say milestones have been reached yes/no. A bridge to Chainlink (LINK) could be a way to offer this kind of decentralized validation. But also might be an option, if the people who funded and received the specific project token, just could vote and create the consensus, only problem here, that people with a huge stake could eventually manipulate the votings but there would be possibilities for a work around.

Another option might the following:
Every community member with a trust level of 2 or higher can jump in a validator pool by locking for example 500 PRV. When a new project idea has created automatically a validator group of 10 member gets selected and will be linked under the project idea with their member names. So you as an investor see for example @inccry, @Tempestblack, @abduraman, @andrey, @sato, @Ducky and so on will be validators of this project. Now you can already decide if you trust these people and decide if you want to invest in this project or not. As these are the people who will decide if milestones have been accomplished or not.

Now the project starts and the members of the validator group will watch and vote if a milestone has been reached or not. 7 out of 10 votes are necessary to have a valid decision. Normally we should always have 10 out of 10 but if for some reasons this is not the case and only 7 say yes and 3 say no in this case the 3 with no votes will penalized by getting deducted 100 PRV (from there 500 PRV who have been locked) in this case it would be a penalty of 300 PRV, which will now divided and go to the 7 honest voters. Moreover the 3 who voted no will have only 400 PRV left, thus they forced to withdraw or if they want to be eligible in new projects they have to add 100 PRV again.

I hope the idea gets clear somehow. Let me know what you think. Please bear in mind this is just a basic concept. If we give it a go, for sure we will need to add more details, for example what kind of penalty is necessary if someone does not vote at all etc.

Letā€™s just collect all ideas. If the core team is interested in bringing this kind of idea to life I would be happy to sit down for longer time in order to make more detailed concept if desired.

4 Likes

I liked your alternative, except from this part. What is the problem if they vote no? If voting no will put you in risk of loosing 100 PRV, then people will be afraid of being honest and say no if they feel the milestone is missing something. At the contrary, those 100 PRV should be penalized to the project, because it didnā€™t fulfill the expectations of some of the judges.

I mean they get penalized when ā€œlyingā€ sure they can say no the milestone has not been reached. I was reffering to the possible event, that some validato acts dishonest by saying that a milestone has not reached even though it has etc. I hope it becomes now more clear.

1 Like

I agree with both JO53 and Sato as to the 100 PRV penalty aspect in the sense that if the milestone is not reached by the project then it should be them to pay the penalty and also if instead some validator lies in his vote about a milestone being reached then it should be the validator to pay the penalty. Now mind you that either the developer or validator would be afforded the opportunity to defend their position before said penalty can be imposedā€¦ :sunglasses:

1 Like