Thanks to a donation from @LegosiWolff , a contest of ideas was promoted in the Spanish telegram to create new products or services that generate fees, and thus increase the rewards to the sov stakers. This is good for the users, for Sovryn and for Sov.
Many of the ideas are opportunities for external developers to build on top of Sovryn.
They are as follows:
A crowdfunding platform for any initiative (both real world and defi). Fees would be charged with each contribution.
Creation of indexes (sets of assets) as Sets on Ethereum. Fees would be charged with each contribution.
Create a Marketplace (as ex-openbazaar) for buying and selling second hand items, own production, job offers and demands. A fee would be charged on registration. A fee would be charged to gain visibility.
In the future it would be good to port Kleros to RSK for dispute resolution, when there are participatory platforms.
Allow to create tokens on RSK easily without needing to program anything, paying a small fee. It would be interesting for small or medium projects. For example, I would love to make a token to give away to those who help to grow my youtube channel… and then make an airdrop with part of the profits that the channel receives to those who have the tokens… and that way also, those who contribute more, and therefore have more tokens, would also receive more percentage.
Anyone could create a company that provides a service and take it out as “shares” to raise funds. But thinking about it from the point of view of someone who lives in places like Africa or Latin America… and if they would have the possibility to avoid the arbitrary obstacles of their government and not use the local currency… if they are managed entirely or mostly on chain and without KYC. It could open the door to many people that today the traditional system keeps closed to them.
RSK was created with the idea of providing financial services to those who don’t have access… this would be well aligned to that.
Something like whirlpool could be implemented. Example. I send my bitcoin over the bridge to transform it into RBTC paying 0.5% +5k Sats fees and then sovryn sends it to me to an on chain address with different utxos than mine to remove the trace. They could with that collect fees like Whirlpool/Samourai do and users could put RBTC and earn part of the Pool fees instead of SOV.
Sovryn could give a free nft to those who open a line of credit in ZERO. That will attract interest and volume to ZERO. One nft can be made beta level and another alpha level.
Increase activity in Sovryn by rewarding with NFTs for levels of use, and that can be collected. For example the NFT of user zero, the NFT of borrower, lender, pooler, trader, veteran, etc… In turn these collections could be alive or linked to a value in SOV, or generate rights in Sovryn.
In a way, as you perform more binding activities or have more assets locked in the protocol you receive those unique distinctions or benefits in the form of Nft. This brings volume and usage (fees).
Digital Visa card on the platform, with deposits in xusd. As an external service if needed.
Further integrate Defiant Wallet, facilitate XUSD/DOC/ZUSD swaps (fees).
Stake auto-compounding strategies (fees).
Continue to explore the potential of Ligthning for micropayments (fees).
In ZERO, offer services such as displaying the settlement price for a fee. Perhaps third-party services such as hedging, entry or exit orders at different limit prices could be added externally.
Always love more ways to see value on SOVRYN. I have some feedback on these as rather than just provide an oversimplified, generic response - I have added my comments below:
A crowdfunding platform for any initiative (both real world and defi). Fees would be charged with each contribution.
Like the concept. Since others exist more directly - I would assume this would leverage some SOVRYN unique elements like crowdfunding from or with ZERO as a UX/UI flow???
Creation of indexes (sets of assets) as Sets on Ethereum. Fees would be charged with each contribution.
I would love to see indexes for commodities more than anything else here. Digital and physical asset classes in the same place!!!
Create a Marketplace (as ex-openbazaar) for buying and selling second hand items, own production, job offers and demands. A fee would be charged on registration. A fee would be charged to gain visibility.
Interesting. A group in California is trying to do this for the US but running into Money Transmitter License requirements. Might be best to have on/off ramp fiat partners involved in this discussion. I brought a US one to the team to assist.
In the future it would be good to port Kleros to RSK for dispute resolution, when there are participatory platforms.
Not familiar but like the idea of issue resolution for services but would want it clearly separate from self-sovereign elements so we do not set an incorrect precedent/ implied commitment
Allow to create tokens on RSK easily without needing to program anything, paying a small fee. It would be interesting for small or medium projects. For example, I would love to make a token to give away to those who help to grow my youtube channel… and then make an airdrop with part of the profits that the channel receives to those who have the tokens… and that way also, those who contribute more, and therefore have more tokens, would also receive more percentage.
I see the point but the ICO legacy has me cautious here. Unintended consequences. Probably a whole different thread.
Anyone could create a company that provides a service and take it out as “shares” to raise funds. But thinking about it from the point of view of someone who lives in places like Africa or Latin America… and if they would have the possibility to avoid the arbitrary obstacles of their government and not use the local currency… if they are managed entirely or mostly on chain and without KYC. It could open the door to many people that today the traditional system keeps closed to them.
RSK was created with the idea of providing financial services to those who don’t have access… this would be well aligned to that.
is this in line with the crowdfunding bullet above? corp share ownership of a legal entity begs the point I did not raise earlier. UBO _ Ultimate Beneficial Ownership. Not only will this be a securities conversation - but a KYC of ownership compliance requirement in most regulated jurisdictions where the company ownership exists. Maybe I am misunderstanding the use case / application
Something like whirlpool could be implemented. Example. I send my bitcoin over the bridge to transform it into RBTC paying 0.5% +5k Sats fees and then sovryn sends it to me to an on chain address with different utxos than mine to remove the trace. They could with that collect fees like Whirlpool/Samourai do and users could put RBTC and earn part of the Pool fees instead of SOV.
Coming from the US - this is definitely a major decision. The Tornado Cash sanctions - right or wrong - show the impact of doing this. Since SOVRYN ecosystem will need solid on and off ramps with regulated entities for certain transactions, I urge the community to consider how to support privacy and sovereignty without losing access to many regulated areas of the financial ecosystem
Sovryn could give a free nft to those who open a line of credit in ZERO. That will attract interest and volume to ZERO. One nft can be made beta level and another alpha level.
I like the POAP style use case and would elaborate on this for access to potential services down the road.
Increase activity in Sovryn by rewarding with NFTs for levels of use, and that can be collected. For example the NFT of user zero, the NFT of borrower, lender, pooler, trader, veteran, etc… In turn these collections could be alive or linked to a value in SOV, or generate rights in Sovryn.
same response as previous
In a way, as you perform more binding activities or have more assets locked in the protocol you receive those unique distinctions or benefits in the form of Nft. This brings volume and usage (fees).
Digital Visa card on the platform, with deposits in xusd. As an external service if needed.
we can do this now similar to the Crypto.com card. I introduced the right folks to the team already
Further integrate Defiant Wallet, facilitate XUSD/DOC/ZUSD swaps (fees).
sounds good on the surface being stable coins focused. Think more is good but would recognize limited resources need proper allocation and I am not clear on how many users defiant has already
Stake auto-compounding strategies (fees).
Hmmmm I think so but probably a chunk of work here and cost for the transactions which may be fairly low denominations. I like the concept a lot though
Continue to explore the potential of Ligthning for micropayments (fees).
yep. high speed, low value, low cost good problem to solve for
In ZERO, offer services such as displaying the settlement price for a fee. Perhaps third-party services such as hedging, entry or exit orders at different limit prices could be added externally.
like connecting to a strong value like ZERO for growth but see these more for the trading side of the world rather than ZERO itself. It is not designed as a flash loan (unless I missed something) so high freq behavior goes to the cluster of trading services while longer term investment and growth items cluster with ZERO. My 2 cents
Promote the growth of Sovryn validators.
big hell yeah here. With all the heat coming down on POW and only exacerbated by The Merge - showing how BTC PoW - showing the compound value of BTC security supporting a WHOLE ECOSYSTEM of financial services is critical to international support for SOVRYN
Anyway - figured I would capture my feedback here and share my appreciation for thinking on how to make SOVRYN better
Many thanks to you for taking the time to answer point by point all the ideas presented.
Actually I refrained from commenting because the ideas are from a few different people, and I tried not to judge or go into depth to respect their purity.
That being said, all your comments are welcome, and I personally agree with most of your insights.
Many of the proposals collide with invisible barriers that have to do with the regulation of existing financial systems. This is not the time to make mistakes.
That is why Sovryn may have to open or cross unconventional doors. Regulation is dynamic and evolving, we don’t know what will happen in the coming months and years. However, Sovryn can adapt to whatever comes along without losing its essence, which is ultimately what makes it valuable.
The ideas remain seeded, and all your observations have enhanced them.
I wrote this in over in the discord after reading your suggestion - I want to put this here. Again if someone is up for making something like this happen I would love to contribute to a project like this - hit me up.
“5) Allow to create tokens on RSK easily without needing to program anything, paying a small fee. It would be interesting for small or medium projects. For example, I would love to make a token to give away to those who help to grow my youtube channel… and then make an airdrop with part of the profits that the channel receives to those who have the tokens… and that way also, those who contribute more, and therefore have more tokens, would also receive more percentage.”
Have this somehow tied to real world money - like people buy vouchers with cash. On these vouchers there is a code which is tied to a coin with a set value. Then you can pay the local business online with this money. I have a use case here and there is ultimate demand for exactly this. Local Bussiness can redeem the coins and get cash from the pool. This is a hyper local solution for small groups/villages to become autonomous. You can basically create a local currency with this (which is kinda legal in many parts of Europe). If anyone wants to build this I am totally game. burning and createing tokens has fees attached to pay SOV stakers - in return sovryn provides the trading and infrastructure for creation of coins and and burning and printing the vouchers etc
For sure - The Bitcoin Gift card I talked about elsewhere is a great example. Rather than private money like UCASH rolled out back in the day, leverage existing retail points where consumer engage TODAY and bridge a cash purchase of the card/ voucher/ script as a service for a fee but the result is fully portable BTC. Lots of ways to approach that.
Absolutely - I am aware of that project and it sounds pretty cool for a purely crypto native solution. I was focused more on mass market adoption rather than parallel ecosystem development. That will happen over time. Visa Debit and Credit card issuance in mature markets for 10s to 100s of millions of people accessing value at millions of retailers globally that allows a jump from DeFi into the TradFi system is a path to broad(er) adoption NOW. I think many people have yet to understand the fantastic push such a structure will give to enable more native crypto solutions simply by having a far larger user base that is now crypto enabled (even if not crypto optimised).
I think we should want to see all these projects and ideas on Sovryn and more. However, Sovryn core team cannot build and maintain all of this. What this is describing is the creation of a robust and innovative ecosystem.
This requires us to rethink how we conceptualize Sovryn - from being a suite of product to being a platform.
I think that this is a necessary evolution to achieve our mission of creating a Sovryn world built around Bitcoin.
Dapps are designed to solve a specific PRODUCT problem.
PLATFORMS are designed to solve general ECOSYSTEM problems.
We started by building out a series of products to start bootstrapping an ecosystem and a community. We should look to evolve Sovryn further.
The obvious solution to this would be outsourcing , without the need to introduce additional tokens. The Origins Launchpad comes to mind, I would’ve loved to have that live by now but certain things have stopped progress.
Do you feel like there is a scenario where products like Mynt , Origins, Perps, Zero can have separate teams developing and maintaining and use SOV as the incentive and coordinating mechanism?