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Building 'Google For The Economic Web' using the Ethereum blockchain

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Userfeeds is the Content Ranking System for Blockchain Communities. Inspired by Liquid Democracy and Google Pagerank. Learn more at http://userfeeds.io

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Building 'Google For The Economic Web' using the Ethereum blockchain

  1. 1. Building ‘Google For The Economic Web’ using the Ethereum blockchain Maciej Olpinski | userfeeds.io founder
  2. 2. Bitcoin proved it’s possible to program human behaviours using economic incentives embedded in software
  3. 3. 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 ?
  4. 4. These token-based networks are behaviourally distributed interest groups. Large, groups of members sharing the same incentives and economic goals.
  5. 5. 15xGgMBRcqaxgZvKFnsL9qcyG7XJ2cXmqv Blockchain 15xGgMBRcqaxgZvKFnsL9qcyG7XJ2cXmqv 13p7vVXYbqjr7DsHcfmSGhfqaqh8bjAwAk 13p7vVXYbqjr7DsHcfmSGhfqaqh8bjAwAk 13p7vVXYbqjr7DsHcfmSGhfqaqh8bjAwAk 13p7vVXYbqjr7DsHcfmSGhfqaqh8bjAwAk 15xGgMBRcqaxgZvKFnsL9qcyG7XJ2cXmqv 13p7vVXYbqjr7DsHcfmSGhfqaqh8bjAwAk
  6. 6. The primary goal of token-based interest groups is to generate network effect around the token. …while fending off competition.
  7. 7. Ethereum Blockchain Ethereum Digix Augur Examples Of Ethereum-based Interest Groups
  8. 8. Entrepreneurs build apps Developers develop codebase Investors provide long term capital Speculators provide short term liquidity tokentoken
  9. 9. 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
  10. 10. Today Content Curators contribute to network effects of proprietary platforms
  11. 11. 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?’
  12. 12. Effects of competing interest groups’ activity
  13. 13. 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)
  14. 14. userfeeds.io is a platform for content discovery applications based on economic ranking factors.
  15. 15. attention information growing exponentially limited by human factors competition for attention growing exponentially Why ‘Curators’ will be more rewarded than ‘Creators’? Time Availability
  16. 16. From timestamping value transfers to timestamping your ‘likes’
  17. 17. Curator endorses Content backs Curator Other Curator
  18. 18. 100 ETH 100 ETH 200 ETH 500 ETH BACKERS CURATORS CONTENT URIs 50 ETH 10 ETH 1 ETH back backback endorse - 801 ETH endorse 100 ETH endorse 50 ETH endorse 10 ETH
  19. 19. 100 ETH 100 ETH 200 ETH 500 ETH BACKERS CURATORS TWITTER 50 ETH 10 ETH 1 ETH back backback endorse - 801 ETH endorse 100 ETH endorse 50 ETH endorse 10 ETH 1 2 3 4 5 6
  20. 20. Endorsements and Backings don’t transfer any monetary value between accounts… … they transfer ‘reputation’ and subsequently ‘attention’
  21. 21. token Each token-based interest group becomes its a media company with its own index
  22. 22. token more attention on the token Better Curation demand 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.
  23. 23. #token #token #token #token #token Economic Identity 1 Economic Identity II
  24. 24. 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
  25. 25. 1 ETH owned 100k 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 Promoted Curator X sells his/her Promoted token to buyers - advertisers Value of Promoted will depend on Curator X’s Attention & Reputation generated with ETH This 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)
  26. 26. 1 ETH owned 100k ETH backing Curator X 100s of tweets curated issues a new token Curator X owns 100% of Promoted Curator X sells his/her Promoted token to buyers - advertisers Value of Promoted will depend on Curator X’s Attention & Reputation generated with ETH This 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
  27. 27. UI ApplicationLayer Client Ranking/FIlter UI Client Ranking/FIlter UI Client Ranking/FIlter UI Client Ranking/FIlter ClosedDataLayer Identity Curation Graph Identity Curation Graph Identity Curation Graph Identity Curation Graph
  28. 28. Application #1 Application #2 Application #3 #token OpenDataLayer Blockchain #token #token ApplicationLayer Application #3 Identity Identity Identity Content URI Content URI Content URI Content URI
  29. 29. #token OpenDataLayer Blockchain #token #token ApplicationLayer Identity Identity Identity Content URI Content URI Content URI Content 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
  30. 30. #token Twitter curated by native retweets, likes and follows Twitter view curated by #token interest group Twitter view curated by ETH interest group Trending Trending
  31. 31. #token View curated by #token interest group View curated by ETH interest group Unbundling curation from existing networks and publishers Trending Trending
  32. 32. Game Theoretical Considerations App LongTerm Incentive Compatibility Applications Users AppApp Curators Content curate curate curate attention
  33. 33. 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’
  34. 34. Demo* * barely working prototype, with no UX work, recorded during testnet issues
  35. 35. Sign Up For AlphaTesting: userfeeds.io
  36. 36. Acknowledgements: Hashtag Markets Attention WebContributionsTo Userfeeds @simondlr@83TB @MeherRoy

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