The Attention Web (Berlin 18 October 2016)
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This document discusses the concept of an "attention web" and attention backed assets (ABAs). It begins by explaining how attention streams can be valued similarly to other assets by calculating their net present value. It then proposes tokenizing access to attention streams and using crypto-tokens to incentivize growing the attention pool. Buyers of these tokens would have their content promoted in return for burning tokens. The document envisions an "attention web" powered by open attention protocols and decentralized autonomous organizations and joints (DAOs and JANEs) that pool attention instead of capital. It argues this could form a new factor of production and economic system based around attention.
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The Attention Web (Berlin 18 October 2016)
- 1. Meher Roy 18 October 2016 THE ATTENTION WEB
- 2. VALIDITY LABS – Enterprise courses - ERIS FOR DEVELOPERS DECENTRALIZED APPLICATIONS FOR DEVELOPERS 2 day on-site workshop Build Mortgage Backed Securities 3 day on-site workshop Build Attention Backed Assets 2
- 3. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 4. A BRILLIANT INVENTION - From the late 1500s - 4
- 5. THE JOINT STOCK COMPANY! Investors / Capital contributors Pool of Shares (stocks) = Pool of Capital Shareholders (stockholders) ....... ....... ....... ....... 5
- 6. THE POWER OF INCENTIVE! Financial Incentive....... Incorporation ....... I need to grow this pool! I need to grow this pool! I need to grow this pool! I need to grow this pool! ....... 6
- 7. SUCCESS! 7
- 8. GOLDHABER’S RADICAL IDEA 500 - 1500 AD THE INDUSTRIAL ECONOMY THE FEDUAL ECONOMY RELATIONSHIPS SCARCITY TECHNOLOGY: Castle, Keep, Landholding, Tribute 1600 - 1980 AD CAPITAL SCARCITY TECHNOLOGY: Printing press, Joint Stock Company, Engine THE ATTENTION ECONOMY ATTENTION SCARCITY TECHNOLOGY: Internet, ? 2000 - onwards 8
- 9. THE JOINT ATTENTION NETWORK? Content consumers Crypto-tokens = Future Attention Streams Tokenholders....... ....... ....... ....... 9
- 10. THE ATTENTION WEB This presentation will walk you through one possible design and implementation of a Joint Attention Network. Takeaways from this talk: Reinforce the value of attention streams Design of Attention Backed Assets Vision of an Attention Web 10
- 11. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 12. IMAGINE A PERIODIC GATHERING – Church group or Music group - 12
- 13. Organizers want to sell you rights to install 2 screens at the venue. Able to display five 10-min ads every week, when 5000-strong gathering meets. PROPOSITION! 13
- 14. VALUING ATTENTION STREAMS – A simple calculation - REVENUE SIDE COST SIDE Number of reachable impressions per week X Market value of impression X Factor for number of weeks EXAMPLE 20,000 impression per week X $0.25 per impression X 50 weeks = $250k Fixed Cost to install the screens + (Recurring cost per week to maintain screen X Factor for number of weeks) EXAMPLE $10,000 for installation + ($200 per week X 50 weeks) = $20k Intrinsic Value of screen rights = (equals) - (minus) Net present dollar value of Cost to maintain (& grow) attention stream Monetizable attention stream14
- 15. NET PRESENT VALUE – Notion - Time Resource Flow Example: 20,000 impressions/week, 25 cents/impression, 3% annual interest Intrinsic Value: $8.62 million 𝑉𝑎𝑙 𝑠𝑐𝑟𝑒𝑒𝑛𝑟𝑖𝑔ℎ𝑡𝑠 = 𝜙 𝑘 ∙ 𝜔(𝑘) (1 + 𝑖) 𝑘 − 𝐶(𝑘) (1 + 𝑖) 𝑘 𝑘=∞ 𝑘=1 𝑘=∞ 𝑘=1 15
- 16. VALID FOR DIGITAL ATTENTION STREAMS! Value of Keyword ‘basketball shoes’ to Google = Total present dollar value of (Searches per second X Fraction of searchers clicking on ads X Revenue per click) For basketball shoes, million searches per week, 1% clicking on ads, $1 per click = $172.4 million 16
- 17. PERSPECTIVE FOR GOOGLE / REDDIT – Bundle of keywords or sub-reddits - Sub-Reddit 1, Life time value = $21 million Sub-Reddit 2, Life time value = $47 million Sub-Reddit 3, Life time value = $100 million Keyword n, Life time value = $z ...... And so on... Keyword 1, Life time value = $100 million Keyword 2, Life time value = $5 million Keyword 3, Life time value = $1 billion Keyword n, Life time value = $y ...... And so on... 17
- 18. INTRINSIC VALUE – GOOGLE SEARCH Intrinsic Value of Google Search = (equals) - (minus) Net present dollar value of Cost to maintain (& grow) attention stream Monetizable attention stream + (plus) Current Owner’s Equity 𝑉𝑎𝑙 𝐺𝑠𝑟𝑐ℎ = [ 𝜙 𝑘, 𝑘𝜔 ∙ 𝜔 𝑘, 𝑘𝜔 1 + 𝑖 𝑘 ] − 𝐶(𝑘) (1 + 𝑖) 𝑘 + 𝑂𝐸(𝑘 = 0) 𝑘=∞ 𝑘=1 𝑘=∞ 𝑘=1 𝑘𝜔=𝑎𝑙𝑙 𝑘𝜔=1 18
- 19. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 20. LET’S TOKENIZE ACCESS TO SCREENS! Organizers want to sell you rights to install 2 screens at the venue. Able to display five 10-min ads every week, when 5000-strong gathering meets. 20
- 21. CREATE AND DISTRIBUTE CRYPTO-TOKEN Community Members Organisers Distribute tokens members & organisers Create a million tokens (meetpoints) 21
- 22. CREATE A SOCIAL CONVENTION! Tokens traded on exchanges Advertiser(s) Token Burn Promote content on screen 1. Buy token on exchange 2. Burn token & tag content 3. Top 5 burners have content displayed 22
- 23. SYSTEM DESIGN Content / Message Burn transactions & tags .... Client - Server .... .... .... Service request Service reply 23
- 24. SMART CONTRACT BASED AUCTION Deploys smart contract Catherine Programmer Advertisers ......... Unsuccessful bid amounts returned Top-5 sent amounts every week Deposit auction amounts ......... 24
- 25. HOW DOES ONE VALUE TOKENS? – Representing access rights in dollars - 25
- 26. SAME AS BEFORE! Treasure Chocolate (access rights to treasure) Asset representing 20,000 impressions per week, 25 cents per impression from now until infinity Market cap of $8.62 million Intrinsic Value of basic ABA = (equals) - (minus) Total present dollar value of Cost to maintain (& grow) attention stream Monetizable attention stream 26
- 27. REMEMBER? Financial Incentive....... Incorporation ....... I need to grow this pool! I need to grow this pool! I need to grow this pool! I need to grow this pool! ....... 27
- 28. INCENTIVE OF TOKEN HOLDERS – Attract people & advertisers - Bring more attention Get content promoters to burn tokens 28
- 29. WHY TOKEN BURN? When someone burns They effectively pay everyone else! Anonymous token-holders ....... ....... ....... ....... 29
- 30. MAKING THE THOUGHT EXPERIMENT RICHER COMMUNITY MANAGEMENT PAID FOR BY TOKEN INFLATION CONTROL USING DECENTRALIZED GOVERNANCE 30
- 31. INTRINSIC VALUE – BASIC ABA Assuming all costs are paid for by the future dilution of ABA tokens 𝑃𝑘=0 𝐴𝐵𝐴 ∙ 𝑄 𝑘=0 𝐴𝐵𝐴 = 𝜙 𝑘 ∙ 𝜔(𝑘) (1 + 𝑖) 𝑘 − 𝑃𝑘 ∙ ∆𝑄 𝑘 (1 + 𝑖) 𝑘 𝑘=∞ 𝑘=1 𝑘=∞ 𝑘=1 Intrinsic Value of Basic ABA = (equals) - (minus) Net present dollar value of Cost to maintain (& grow) attention stream Monetizable attention stream 31
- 32. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 33. THE STRANGE TRUTH Our Attention Backed Asset Tied to a physical location Cryptocurrency related attention Tied to a digital location 33
- 34. WHAT IF? Old social media New interest-based social media Open data, multiple UXs, enables attention monetization Closed data, single UXs, attention monetization for profit of large corporate Recency Up-votes / Likes Token burn Recency Up-votes / Likes 34
- 35. MASSIVE SPACE – JANEs of all kinds - Sports based ABAs Profession binding ABAs Political ABAs Lifestyle ABAs 35
- 36. UX - Serving different tastes - 36
- 37. ON THE BACK-END Content / Message Burn transactions & tags ........ .... .... UX SERVICE M ........ UX SERVICE S UX SERVICE X 37
- 38. UX CENTRALIZATION - DESIRABLE ATTENTION JANE TOKENSMARKET Markets fundamentally need both sides to be quantifiable Centralized UXs can use existing techniques (IP monitoring, user registration, machine learning etc.) to quantify human clicks and impressions M 38
- 39. MULTIPLE AUCTION METHODS BULK TOKEN BURN FOR BULK ATTENTION No oracles needed TOKEN BURN FOR CLICKS WITHIN ONE UX UX service acts as oracle 39
- 40. INTRINSIC VALUE – ABA Assuming all costs are paid for by the future dilution of ABA tokens 𝑃𝑘=0 𝐴𝐵𝐴 ∙ 𝑄 𝑘=0 𝐴𝐵𝐴 = 𝜙 𝑘, 𝜐 ∙ 𝜔 𝑘, 𝜐 1 + 𝑖 𝑘 − 𝑃𝑘 ∙ ∆𝑄 𝑘 (1 + 𝑖) 𝑘 𝑘=∞ 𝑘=1 𝑘=∞ 𝑘=1 𝜐=𝑎𝑙𝑙 𝜐=1 Intrinsic Value of ABA = (equals) - (minus) Net present dollar value of Cost to maintain (& grow) attention stream Monetizable attention stream 40
- 41. INCENTIVE OF TOKEN HOLDERS – Attract people & advertisers - Bring more attention Get content promoters to burn tokens Spread word! Create a great feed Create great content Upvote their content Engage with them! Create Memes 41
- 42. DAOs vs JANEs Similarities Both are implemented using smart contracts Both have no central token issuer Both enable automation at the center and at the edges Differences DAOs pool capital, JANEs pools attention Pooling capital is regulated, pooling attention using crypto- tokens is a new paradigm altogether DAOs suffer from majority vs. minority attacks, JANEs don’t 42
- 43. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 44. OPEN SOURCE ATTENTION PROTOCOLS ........ Information Web Lenses to view the information web Open source, fairly remunerative protocols 44
- 45. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 46. DAOs, JANEs And their offspring! DAOs JANEs DAOs, JANEsDAOs 46
- 47. ECONOMICS – FACTORS OF PRODUCTION LAND CAPITAL ATTENTION! LABOR 47
- 48. THE STRONG JANE HYPOTHESIS Intrinsic Value of Attention Backed Asset = (equals) - (minus) Net present dollar value of Cost to maintain (& grow) attention stream Monetizable attention stream 48
- 49. Introduction and key objectives The value of attention streams A basic attention backed asset Crypto-tokens meet attention economy The Attention Web Landing on Planet Radical Acknowledgements & Resources
- 50. ACKNOWLEDGEMENTS - INTELLECTUAL MACIEJ OLPINSKI MICHAEL H. GOLDHABER SIMON DE LA ROUVIERE 50
- 51. Michael Goldhaber’s article ‘The Attention Economy’ Michael Goldhaber’s slideshow ‘The Real Nature of the Emerging Attention Economy’ Maciej Olpinski’s blog Simon de la Rouviere’s article on Hashtag markets Crash course’s video on The Dutch East India Company RESOURCES 51