[PIG] - TheInternetOfValue - OpenProtocolStack for an Equitable Economy

General
1

Title:

  • TheInternetOfValue - An OpenProtocolStack for an equitable economy that optimises for individual wellbeing

Team Member Names:

  • MosesSamPaul
  • Gaurav Singh

Short summary of your improvement idea
The OpenProtocolStack from TheInternetOfValue aims to address unethical capital accumulation by rethinking the concept of value, particularly focusing on how value is captured at creation and re-distributed. Value Exchange is taken care by Bitcoin, Ethereum and the entire DeFi solutions.

Problem Visualised:

This protocol suite incorporates a Value Capture Protocol to transparently record contributions and value, a Wellbeing Protocol to promote and quantify wellbeing over productivity, and a DAOcommons Protocol to establish equitable, skill-based decentralized organizations.

This stack is presented as a comprehensive solution to reformulate economic interactions, emphasizing time as a fundamental unit of value. For a deeper understanding, you can explore more on TheInternetOfValue’s OpenProtocolStack.

  1. Existing Target Protocol: We aim to augment Layer 1 protocols such as Ethereum and Bitcoin, which are primarily focused on value exchange. Our protocol stack introduces a complementary layer, designed to enhance these fundamental protocols with advanced mechanisms for capturing and distributing value based on equitable principles and individual contributions over time.
  2. Core Idea or Insight: The cornerstone of our protocol stack is a novel value capture mechanism that fundamentally reassesses how economic contributions are quantified and rewarded. By acknowledging time as a key metric and underpinning for value, we establish a fair and transparent record of contributions that align with community-driven, skill-based economic models.
  3. Discovery Methodology: Our research methodology encompasses a robust multi-disciplinary approach, combining data-driven analysis with theoretical modeling. We integrate insights from community interactions, behavioral economics, and network theory to investigate how Layer 1 protocols can be extended with our stack to facilitate a more just and balanced economic model within the Web3 framework.
  4. Prototype Form: The prototype will materialize as a layered architecture, integrating with existing blockchain infrastructures. It will include smart contracts for the Value Capture Protocol, a digital platform for the Wellbeing Protocol, and a decentralized governance framework as part of the DAOcommons Protocol.
  5. Field-Testing: Field-testing will involve live deployment within existing blockchain communities such as QuantumComputingIndia and SystemIntegrators Guild. These communities will serve as microcosms to evaluate the impact of our protocols on real-world scenarios, gauging user engagement, transaction efficiency, and the promotion of equitable value distribution.
  6. Quality Judges: The quality and effectiveness of our improvement will be judged by advisory board comprising blockchain technology pioneers, economists specializing in community-driven models, and representatives from active Web3 communities. Their evaluation will be based on pre-defined metrics that include user engagement, equity in value distribution, and overall network health. More on metrics here: DAOcommons metrics
  7. Publishing and Evangelizing: Our dissemination strategy includes academic partnerships for research publication, active engagement in blockchain and economic forums, and a series of educational initiatives that will introduce the principles and workings of our protocols to a broader audience.
  8. Success Vision: 8. The success of our protocol stack will be demonstrated through the scaling of skill-based communities such as QuantumComputingIndia, SystemIntegratorsGuild, and wellbeing community for me - HouseOfBros. Our aim is to develop these communities to a sustainable state, fostering an environment where members are actively engaged and value is equitably shared. A pivotal milestone will be the successful launch of ERC-20 tokens for each community, symbolizing their economic viability and independence within the Web3 space. These tokens will encapsulate the essence of our protocol — transforming time and skill into tangible economic assets.
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