engagement tokens

tokens mineable by engagement on farcaster

- assign every faracaster user a rank using @openrank. seed it with people you value
- distribute tokens on daily / weekly cadence for posting
- rewards are based on engagement weighted by the user rank
- attach a funny meme, build a cult, profit

essentially proof of work distribution but based on social signal rather than computing power

in my head tokens have taps that dictate supply and sinks that dictate demand and in the case of successful tokens the sinks are greater than the taps

engagement is a tried and tested distribution mechanism as we've seen with tipping tokens and moxie

the problem that remains unsolved is the lack of sinks to sustainably support creators realizing their gains (dumping)

staking is a common sink. fan tokens are an interesting spin on staking, but ultimately has the same outcome imo

feels like we're onto something here but are missing one or two more important innovations to make it sustainable

Working on Moxie at Airstack| airstack.xyz | moxie.xyz | hihi! 


Main issue I'm seeing is long-term sustainability if whole system just revolves around engagement (supply) & speculating on Fan Tokens (demand).

Small poll I'm running below - so far not a single person said engagement is a good proxy for value creation, which means that long term token value is likely to fall (no value capture). 

I'd love to see Moxie reward algo try to capture community value creation (and can suggest some ideas/mechanisms to achieve that), which could then lead to long-term token value growth (and let smaller accounts feel the system is more "fair" also)

https://warpcast.com/abundance/0xd7fe2dac

Missing part is the value creation. Engagement is valuable to advertisers, not to users.

cypherpunk wannabe, engineer working on @frames /open-frames /opencast
https://stephancill.co.za create stories at https://stories.steer.fun

Missing part is the value creation. Engagement is valuable to advertisers, not to users.
https://warpcast.com/abundance/0xbe63abc1

Working on /impact ||


Abundance Economy book: book.abundance.id

just to clarify: this concept doesn't touch value creation

very few things in crypto that are valuable ever created any value

i'm not inventing a cure for the world here, it's just a new format of a cryptocurrency

I don't make the rules. It's either value creation or speculation. Otherwise it's down only. Most crypto is speculation