Idea for an $IDEA coin
This is just a fun idea for this site. Tell me what you think of it or what I am missing.
1. Premise: If you think of Twitter / Facebook / Instagram, the founders get super rich, but the people who create the valuable content that build the network don't really make anything. That's a problem. How does a network solve it?
2. Monetize great content. Making everyone feel rewarded for a community that is valuable and growing.
3. $IDEA coin
4. First off, why would $IDEA coin have any value? Or any assets that back it. Which, as an example, was the problem of $LUNA's stablecoin $UST.
5. Possible solution: Let's say there are 10,000,000 $IDEA coins. Each coin could represent 1/10,000,000th of 10% of the revenues of "notepd" (if notepd were to go down that path at some point).
In other words, if notepd had $1,000,0000 in revenues and someone owned 2 million $IDEAcoins then they would get 20% (two million / ten million) of 10% of $1,000,000 So the owner of those $IDEAcoins would make $20,000 in that example.
6. How does one get $IDEA coins? Three ways:
7. Creating idea lists. "Proof of Ideas". We'd have to figure out the mechanism how this is calculated but the basic idea is to reward creators of idea lists with $IDEAcoins. Kind of like doing mining by making idea lists.
8. Method 2: Traditional crypto mining by being a "node"
A node validates transactions that occur with the coins. Like how Bitcoin miners use "proof of work" to validate transactions on the blockchain.
9. Buying them on an exchange.
Because the coins have real value backing them. Then people would buy and sell coins based on what the value they think notepd would have.
10. This creates incentives for all:
1) incentives for the community and individuals to create great idea lists and bring more people on.
2) incentives for people to be on the community
3) incentives for the developers to create more and more valuable features.
4) incentives for people to buy and sell $IDEA coins even if they don't use the website
Metcalfe's Law says the value of any network goes up exponentially with the number of users. So 10 users is not 10x the value (linear growth) of 1 user but 100x the value (exponential).
Already I can see how valuable this is with a few thousand users and thousands of posts.
Two simple examples:
A) I was telling Robyn earlier they should put chips in guns and then alert people when a gun is close to a school. She's like, "That's a great idea" and I was going to pretend for a second that it was my idea but then I said, "Guess what? That idea is from Notepd."
B) There's been a few posts already about what idealists people would be excited about if they were made into books. So I'm already talking to publishers about how to work with them on this.
But there are 100s of other examples as well.
Combine that with more community features, plus features for users to make money, and I think this will more useful than all of those sites where people just argue with each other all day long.