building 'google for the economic web' using the ethereum blockchain

Building ‘Google For The Economic Web’using the Ethereum blockchain

Maciej Olpinski | userfeeds.io founder

Bitcoin proved it’s possible to program human behavioursusing economic incentives

embedded in software

Web 1.0 Web 2.0 Web 3.0

nodes documents people/brands economic agents

edges hyperlinks likes, follows, ‘friends’ tokens

primary activity linking liking, following buying, selling, sending, holding

primary relationships

semantic‘shared keywords’

social‘friends in common’

economic‘common interests’

primary content discovery mode keyword based search social based feed ?

dominant platform Google Facebook ?

These token-based networks are behaviourally distributed

interest groups.Large, groups of members

sharing the same incentives and economic goals.

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Blockchain

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The primary goal of token-based interest groups is to generate network effect around the

token.

…while fending off competition.

Ethereum Blockchain

Ethereum Digix Augur

Examples Of Ethereum-based Interest Groups

Entrepreneurs build apps

Developers develop codebase

Investors provide long term capital

Speculators provide short term liquidity

tokentoken

Entrepreneurs build apps Content Curators

provide content discovery for the network

Developers develop codebase

Investors provide long term capital

Speculators provide short term liquidity

token

Today Content Curators contribute to network effects of proprietary platforms

The problem:you can’t distinguish between members and non-members of token-based interest groups in

online discussions.

‘She is my friend on FB but what if her cryptoeconomic interests are different than mine?’

‘We both own 10% of the same token and he has a website. How do I find it?’

Effects of competing interest groups’ activity

Facebook answers the question:

what/who should I pay attention to based on my social links (same friends, interests)

userfeeds applications will answer the question: what/who should I pay attention to based on my cryptoeconomic links (same tokens owned,

same economic incentives)

userfeeds.io is a platform for content discovery applications based on

economic ranking factors.

attention

informationgrowing exponentially

limited by human factors

competition for attentiongrowing exponentially

Why ‘Curators’ will be more rewarded than ‘Creators’?

Time

Avail

abilit

y

From timestamping value transfers to timestamping your ‘likes’

Curator

endorses

Content

backs

Curator Other Curator

100 ETH

100 ETH

200 ETH

500 ETH

BACKERS CURATORS CONTENT URIs

50 ETH

10 ETH

1 ETHback

back

back

endorse - 801 ETH

endorse 100 ETH

endorse 50 ETH

endorse 10 ETH

100 ETH

100 ETH

200 ETH

500 ETH

BACKERS CURATORS TWITTER

50 ETH

10 ETH

1 ETHback

back

back

endorse - 801 ETH

endorse 100 ETH

endorse 50 ETH

endorse 10 ETH

1

2

3

4

5

6

Endorsements and Backingsdon’t transfer any monetary value between

accounts…

… they transfer ‘reputation’and subsequently ‘attention’

token

Eachtoken-based

interest group becomes its a

media companywith its

own index

token

more attention on the token

Better Curationdemand for token increases, price goes up

early curators get rewarded

Network Effect

Hypothesis

More ‘eyeballs’ traslates to higher valuation of the network and is reflected in token’s price.

#token#token

#token

#token#token

Economic Identity 1 Economic

Identity II

These are NOT social networks.Our tools will enable alternative curation of existing social networks

Q: Is this a ‘decentralised social network’?

Motivations of curators will be primarily economic.Economic networks:biased, subjective, self-promoting

1 ETH owned100k ETH backing

Curator X

100s of tweets curated

How Curators Can Make Money? One of Many Scenarios

Promoted

issues a new token

Curator X owns 100% of PromotedCurator X sells his/her Promoted token to buyers - advertisersValue of Promoted will depend on Curator X’s Attention & Reputation generated with ETHThis way Curator X can convert Attention in ETH into Capital in ‘Promoted’.Curator X has to be careful though, not to lose Reputation (Backers withdrawing their Backing)

1 ETH owned100k ETH backing

Curator X

100s of tweets curated

issues a new token

Curator X owns 100% of PromotedCurator X sells his/her Promoted token to buyers - advertisersValue of Promoted will depend on Curator X’s Attention & Reputation generated with ETHThis way Curator X can convert Attention in ETH into Capital in ‘Promoted’.Curator X has to be careful though, not to lose Reputation (Backers withdrawing their Backing)

50% 50%Promoted

How Curators Can Make Money? One of Many Scenarios

UI

App

licat

ion

Laye

r

Client

Ranking/FIlter

UI

Client

Ranking/FIlter

UI

Client

Ranking/FIlter

UI

Client

Ranking/FIlter

Clo

sed

Dat

a La

yer

Identity

Curation Graph

Identity

Curation Graph

Identity

Curation Graph

Identity

Curation Graph

Application #1 Application #2 Application #3

#token

Ope

n D

ata

Laye

rBl

ockc

hain

#token #token

App

licat

ion

Laye

r

Application #3

Identity

Identity

Identity

Content URI

Content URI

Content URIContent URI

#token

Ope

n D

ata

Laye

rBl

ockc

hain

#token #token

App

licat

ion

Laye

r

Identity

Identity

Identity

Content URI

Content URI

Content URIContent URI

Search Engine Top Authors Trending Live Feed

Recommended Worth Reading You Might Like Just Photos

…

Each application is essentially a list with various rankings and formatting

#token

Twitter curated by native

retweets, likes and follows

Twitter view curated by#token interest group

Twitter view curated byETH interest group

Trending Trending

#token

View curated by#token interest group

View curated byETH interest group

Unbundling curation from existing networks and publishers

Trending Trending

Game Theoretical Considerations

App

Long Term Incentive Compatibility

Applications

Users

AppApp

Curators

Content

curate

curate

curate

attention

Time

simple filtering rule

super-intelligent AI

The apps will get exponentially more intelligent Curators’ history stays on the blockchain forever If you ‘cheat’ today then sooner or later you will be caught

Advanced filtering rules

Your best, long term strategy is to stay truthful

App ‘intelligence’

Demo** barely working prototype, with no UX work, recorded during testnet issues

Sign Up For Alpha Testing: userfeeds.io

Acknowledgements:

Hashtag Markets Attention WebContributions ToUserfeeds

@simondlr @83TB @MeherRoy