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- Wednesday, November 23rd, 2022 at 21:05 #409479DestroyTheGhettosParticipant
Hello everyone. I would like to preface this by saying that ever since the dawn of the last bull cycle I have been coming up with idea after idea involving blockchain tech and cryptocurrencies. I am (and many of you can probably relate) someone who genuinely wants to move away from TradFi and transition into a more sustainable, rewarding, and fair financial system/life. As the world, or at least a large part of it, moves to a Defi system, I can’t help but want to be personally involved in that transition. We really are in exciting and changing times. History is being made everyday within this industry, even as we speak, and that’s something I want to be able to say I was a part of when I’m older. So, without further ado, here are a few ideas that have been floating around in my ambitious mind for some time now.
The ideas below are just a collage of what is written in my notes. It ended up being longer than I expected so just a heads up. I hope you guys enjoy and have something valuable to add to the conversation. Enjoy.
# Non-Fungible Tokens:
Am I the only one who thinks saying the word Non-Fungible Token out loud is kinda awkward? It seems like ever since the images of monkeys being sold for thousands upon thousands of dollars that it gave the word Non-Fungible Token a bad connotation. Although I have fallen in love with the concept and use cases of Non-Fungible Tokens, I personally believe the term should be altered to attract more users. But hey, that’s just my opinion.
1. **CNon-Fungible Token Outfitters:**
“CNon-Fungible Token Outfitters, the first blockchain driven clothing store.”
1. Not my most favorite idea that I have had, however, within the context of real world use, it solves a “problem” so to speak. The problem isn’t much of a problem but more of a real world reason to indulge in Non-Fungible Token purchasing. When conversing with everyday people about Non-Fungible Tokens, they simply do not get it, and I think we can all come up with an example of when we talked to someone who scoffed at Non-Fungible Tokens as some sort of joke. These are the same people who screenshot Non-Fungible Tokens on Opensea and then jab at how it was free to obtain the image.
2. When talking about getting regular individuals into blockchain and especially Non-Fungible Tokens, something that they already purchase such as goods like clothing, needs to be on-chain. A way to put an item on-chain is to simply tokenize it. This is what CNon-Fungible Token Outfitters does. It tokenizes your favorite waifu pillow so it can be added to the ledger.
3. Now this idea branches off into other ideas such as tokenizing goods and services as a whole. It brings up questions such as “why can’t we have a Non-Fungible Token grocery store,” “We can tokenize music songs.” Any and all are of course valid, I simply chose to use clothes as a primary example.
4. Some of you might wonder how a user receives a real world item through blockchain. It’s possible, just as it was possible for Beeple to send out his real world items to his customers.
1. Although I may be mistaken because it is fairly early to say – the Midnight sidechain may be the answer when it comes to protecting sensitive information such as personal names and addresses while also shipping them real world items.
I have more information and notes on this specific idea and topic if anyone is interested.
1. **CNon-Fungible Token Lottery:**
Imagine a lottery system where you have higher chances of winning compared to traditional lottery systems. Where proceeds can be distributed to organizations/groups/individuals in need, and is provably fair. This is where the CNon-Fungible Token Lottery comes into play.
1. Say you want to enter in a chance to win ₳10,000. Fortunately you can by simply purchasing an Non-Fungible Token. Similar to how traditional lottery systems work, you purchase your “lottery ticket” and patiently wait for a winner to be drawn. After some time, your Non-Fungible Token transitions, letting you know if you are a winner or not. If you are a winner, your winnings are instantly sent to your wallet.
2. Now this idea and concept is my latest one and is by default the idea I’m most excited about because it seems like no one is doing this right now. This is how it could work – keep in mind that all numbers are for example only and are arbitrary.
1. First off, if you are wondering if this idea is executed as a smart contract, native asset or both, I couldn’t tell you. I am not that savvy when it comes to how more complex Non-Fungible Tokens work on Cardano. However, I did ask around and at least this seems possible, which is exciting!
2. Project Cottery (get it, cardano-lottery? Call it whatever you want, this is made up for the example) sells 10,000 CNon-Fungible Tokens for ₳50 and offers a grand prize of ₳15,000. The Non-Fungible Tokens are not “visible” to the purchaser yet. For now, imagine them as a blurred image at the time of purchase. Let’s say you purchase one of these “hidden” Non-Fungible Tokens, this immediately and automatically enters you in a chance to win the grand prize or jackpot.
3. The jackpot has a rarity of 1. Meaning that out of the 10,000 Non-Fungible Tokens there is only one jackpot. There can be more winning levels, such as a level two or Tier 2 Winnings. Tier 2 Winnings can have a payout of ₳7,500 with a rarity of 2 (1/5000 odds of winning). So you can start to see how you can add more levels of winnings. However, in this example, the larger the winning payouts are, the less of a profit margin there is unless you increase the Non-Fungible Token price. For this example we have 5 tiers.
1. Tier 1: ₳10,000 Jackpot 1 of 1
2. Tier 2: ₳7,500 2 of 2
3. Tier 3: ₳3,500 3 of 3
4. Tier 4: ₳500 4 of 4
5. Tier 5: ₳30 5 of 5
4. With the set of numbers above we can say that the sales batch total is ₳500,000 (₳50 x 10,000). The total winning payout cost is ₳42,650. What is left over after paying out is ₳457,350 (which is worth $142,680.23 USD at the time of writing this.) In order for Project Cottery to be able to afford the winning payout, it needs to sell a minimum of 853 Non-Fungible Tokens.
5. Think of it like this, you are given a paper slip to write your name on. On the back of that slip (unbeknownst to you) is what the prize is, it could be the jackpot or it could be a dud. You write your name on the front of the paper and let’s say that on the backside is the jackpot. There is no way (physically impossible) for you to be able to tell what is on the back of your paper slip until after the draw. You can only see the paper name side up. You then place your paper in the hat and wait for at least 852 other names to also be placed in the hat. After the minimum number of named slips that the hat needs has been satisfied, the hat is then tossed in the air and every paper lands name up. What is different now is that you are allowed to turn your paper over to see if you wrote your name on a winning slip. Luckily, you won the jackpot. By simply looking at the other side of the slip, the winnings are instantly handed to you, hell, the back side of the slip might as well be the jackpot itself.
6. The hidden Non-Fungible Tokens and the prizes attached to them are generated at true random and you buy one (writing your name on the slip). By simply holding the Non-Fungible Token in your wallet you are “placing your slip in the hat.” You then wait for the minimum to be sold. Once the minimum has been sold the “draw” begins. All of the “hidden” or blurred Non-Fungible Tokens have now transitioned to something you can see, (“turned over”) and exposes the winnings to you. The winnings are then automatically and instantly transacted into your wallet.
7. This concept has its share of problems and important questions such as, how do we make sure that it is a fair and equal “draw,” and how do we make sure that the minimum sale is met?
8. The fairness of the draw is written in the code of the system itself. Meaning that Bob nor anyone else has a higher chance of choosing the winning Non-Fungible Tokens. To ensure the minimum sale is met is slightly more complicated but most certainly obtainable. First, we need to make sure that all of the Non-Fungible Tokens expose their winnings to the customers simultaneously. If we want the prizes to be sent automatically and immediately from the generated sales pool then we need to make sure that the minimum is met first. I.e. you cannot give out ADA that you do not have. Having the winning payout be generated from the sales makes the project self sustainable. Meaning that if there aren’t sales, there isn’t a project (there’s only winners if there are players). Two of the options that we have are that the project either remains open until the minimum is met or a time period is set for the minimum to be satisfied. The latter is less appealing but gives a guarantee if the project follows through or not. Meaning that if the sales are not met within let’s say, 2 weeks, the project refunds its customers and restarts, instead of potentially making customers wait months for sales to accumulate.
There is a lot more to this particular idea and topic that we could dive into but I will leave it at that for now.
Distributr – The automatic and decentralized funds distributing application.
1. Let’s say that you are the owner of a small restaurant and only have a couple of employees. Instead of you and or the employee keeping track of each hour worked you decide to pay the percentage to everyone who takes part in the business.
2. For example; A customer comes into your restaurant and orders a drink for 5 DJED. You, as the fair and honest business owner that you are, have decided that for every dollar your business receives, 25 cents or 25% goes to you, 25% goes to the company itself, 15% goes to the manager, 8.75% goes to Tom, 8.75% goes to Clair, 8.75% goes to Wanda and the final 8.75% goes to George. Because the manager and the crew know that they receive a percentage of every dollar that flows into the company, it could be a major contributing factor as to how the employee treats their customers, the business and themselves. Meaning their work ethic could improve if they are away they could make more if they work harder.
1. I am aware that a pessimistic viewpoint would ask “why would anyone work harder knowing their lazy counterpart gets the same cut?” This problem can be solved in many different ways and shouldnt be considered a large setback for such an application.
3. Say Tom is taking a two week vacation and Clair will be filling in his position. Well we can just take Tom off of the distribution schedule and replace him with Clair until he returns. Meaning that distribution to different wallets can be turned off, on, paused, and even scheduled for future events.
4. Now let’s say that Clair decides to use Distributr for when she gets paid. She has one wallet but multiple addresses in that wallet for her different accounts. A billing account, savings account, tax savings, and investment account respectively. Clair adjusts her setting on her app to where 15% of every dollar that is sent to her wallet address is automatically sent to her tax savings account, 10% is sent to her savings, and the remaining 70% is divided up between her expenditure and investment accounts.
5. With an application like this, you can begin to see how easy it is to automatically budget, save money, and invest. This could even be used for an entire household, business, any individual or anything with a wallet address. Say your actual home address has a wallet address. Anytime a family member or friend wants to gift the Blane household, the sender can send it to the home’s wallet address and watch as it gets divided up into portions for each individual on the wallets distribution list.
6. Of course Distributr makes its revenue by taking a percentage of what its users receive, like a transaction fee.
7. This idea is less thought out and has more kinks in it than my other ideas. Some kinks that may be more obvious and prevalent to you than to me but all could be worked out later. I really like the concept of automatically distributing assets when they are sent to my wallet.
# Non-profit, Volunteer, Environmentalist Groups:
**Environmentally friendly group/tree planting:**
1. I think this section is fairly straightforward and self explanatory. Simply put – the idea consists of individuals donating their precious crypto to a group of motivated individuals that perform acts of good. I am sure you can imagine a group similar to Team Trees that instead of 1 dollar is 1 tree planted, 3 ADA is 1 tree planted (or what have you). This sort of model works well because it takes the physical work away from the individual but still makes them feel as if they contributed to helping the environment.
2. Trees do not have to be the main focus. This could be written off as 10 ADA = 10 pounds of trash or whatever works. So just keep that in mind when thinking about non-profit organizations, a lot of things can be accomplished all by asking people to help support.
I believe that we as the greater blockchain community, not just Cardano, need to be thinking and brainstorming ways to incorporate more people into our spaces. It was the engineers, designers, and visionaries who made the internet as easy to use as it is today. We are the designers and engineers and visionaries that need to make it easier for today’s people to use this technology. This tech needs to be easy to understand, easy to use and actually useful for everyday people. It needs to make sense to the everyday person. It needs to grab the individual and make them say “wow, why haven’t I been using this before?”
I want to take part in history and get my slice of the pie, too. Collaborations and partnership inquiries are welcomed. If the ideas above have made you want to do more than just talk about them, you can send me a direct message. I do have people in my immediate social group with backgrounds in sales, software sales, payment processing, project management, account management, and online/digital/social marketing.
I hope there are more like minded and ambitious individuals like myself on this forum category who can really add something of value to the conversation. I want to hear what you have to say, the questions, concerns, even your own ideas if you have any to write about.
Thanks for reading and Happy Thanks Giving!
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