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August 09, 2014, 01:41:29 PM |
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Figured this would be as good a place as any to post some previews of what is to come:
Prepared by:
Chris Bates - B.A. Psychology, M.S. Telecommunications
Problem Statement
In the current state of social media interaction and media distribution, there is a growing need to promote quality community interactions and in addition a need to incentivize media viewers to be active participants in information distribution, rather than stay as passive consumers. This is a problem on its own.
10-30% of Twitter accounts estimated to be fake or bots
42% inactive
1,000 Twitter followers can be purchased for $11
Estimated 1,000,000 total Bitcoin users as of Feb. 2014
On Facebook, it is estimated that only 1-5% of users who Like a page will see posts from that page without paying for extra exposure
With cryptocurrency emerging as a new technology that could potentially change the landscape of the global economy, crypto-education initiatives are being met with limited success. Few mainstream media outlets have access to correct information that does not create a conflict of interest with any of their affiliates.
Even further, cryptocurrency news is often presented in dry and boring platforms. The attention of the audience is not able to be held, and this reinforces the idea that cryptocurrency is not interesting to the public at large.
Suggested Solution
One of the logical solutions to bridging the gap between the need for people to learn about cryptocurrencies for larger adoption to be possible and the lack of incentive or motivation for them to learn is to pay people for participation in learning. By creating an algorithm that calculates participation based on activity and user voted quality, quality participation is rewarded, and the system is unbiased about which specific currency community the user is participating in.
Proof of Action: (POA) is an algorithm being designed for the Coin Proz forum. POA pays users for article submission, moderating forums, participating on forums. POA adjusts to pay out higher rates for higher quality content based on user ratings. Algorithm has internal limits to logarithmically reduce payout if user continues to go past upper limit to discourage system abuse. It uses individualized difficulty adjustment based on upper and lower limits. Payouts once per week to user/wallet address. POA will be implemented into CoinProz Forum Wallet after completion.
It is anticipated that implementing POA into the forum will not only work to create a positive environment conducive to learning, but will help spread the usage of cryptocurrency by actively and transparently paying users to promote cryptocurrency awareness.
Base Equation Examples
Simple Forum Poster:
X = Posts
Y = Upvotes
Z = POA Score
X(.25) * Y(/\2) = Z
Conditional adjustments
If X/Y < 10, then Z * 5
If Y/X > 100, then Z *.5
Article Contributor
X = Articles submitted
Y = Unique Page Views Per Article
Z = POA Score
X(.25) * Y(/\2) = Z
Conditional adjustments
If X/Y < 5, then Z * .1
If Y/X > 100, then Z * 5
Conclusions
As POA becomes more refined as an algorithm, the infrastructure built around it will create an ecosystem in which participants will have incentives to not only contribute quality activity and ideas, but also gives them an outlet to use their rewards through the Cryptoshoppers store, or through any Coin Proz affiliate that accepts Proz Coin. In addition, the Coin Proz team will be developing the POA system further to allow Proz Coin to be exchanged for other digital currencies with ease. The Coin Proz team wants to facilitate the distribution of educational information, but also does not want to dictate the content to the community as yet another oligarchic information filter.
In establishing an autonomous system that works on community feedback to determine quality, the individual communities are given equal ground to establish themselves on the Coin Proz forum, and by proxy they are encouraged to be active for their own coin community because they will get paid in Proz Coin for said activity. By creating mutual benefit for the Coin Proz organization and any digital currency that makes its home on Coin Proz, resources are used for a cooperative goal, rather than diversified among competing communities.
In essence, creating an unbiased hub for every coin to exist allows them to co-exist without detracting from the common desire for mainstream acceptance of digital currency. This does not force users to support a specific currency, but it creates a way for quality activity for any currency to reward a user. POA is designed to create a cooperative approach which allows for individualized communities to coexist, and not have to necessarily compete.
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