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0 sats \ 0 replies \ @hussamfyi OP 25 Oct 2022 \ parent \ on: Earn sats by controlling your keys 🔑 bitcoin
I'm in a comfortable position to bootstrap a rewards system liquidity in the beginning. If things get really out of hand then it's probably a good thing (and a potential sign that it's time to raise).
First of all, thanks for taking the time to share this feedback @south_korea_ln. It's super helpful.
An example of a multi-sig service offering would be Casa - they charge an annual fee for controlling 1 key out of a 2-of-3 setup (and they have more expensive tiers that offer a 3-of-5 setup with additional benefits).
There's absolutely a risk of gamification by malicious users. In my experience building these types of products, you want the system to be difficult to game but still have a some slack to encourage FOMO and participation.
Regarding your ideas:
- I'd lean towards wanting to preserve the "self-custodial pseudonymous anonymity" aspect of the wallet. Plus, I don't know how tying the wallet to a social media handle would prevent gamification.
- This is closer to what I was thinking e.g. an incoming portion of bitcoin has to be custodied in the wallet for x amount of time to qualify for the sats reward. The question is: how big is the reward, and when is it given to a user? This is where I might need to make some tradeoffs. Ideally the rewards system should be inclusive i.e. rewards don't scale depending on how much bitcoin you have in each incoming transaction. However, as you mentioned, this is easy to game.
- It could also be a system similar to Fold where you're entitled to 'spin the wheel' in some way for a chance to win x, y or z bitcoin rewards.
Overall, some really interesting experiments in game design and incentives. I haven't thought through all of these edge cases but you've given me the inspiration to start shaping the idea and technical details.
I'll keep at it! Thanks again!
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The sats would be subsidized by the wallet, initially as part of a marketing budget, but eventually from revenue generated by a multi-sig service offering. How the rewards would be dispersed at a technical level, I'm not sure. That's why I'm looking for developers to explore the idea with :)
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Something like: users earning rewards when they self-custody drives wallet adoption which allows us to layer on more monetizable services over time.
Hey @michael1101, spotted some typos in the 'What is Boltz' section of the Boltz FAQs: "Boltz neither users uses any trackers nor log logs any data that could potentially be traced back to the identity of the users."
I discovered Ethereum in 2017 and was sold the dream by a few token projects that ended up being scams. I learned my lesson. What convinced me was when I learned about PoW and Bitcoin's principled approach with respect to its fixed supply and predictable monetary policy. It's the most neutral money we have and it needs to be made accessible to everyone.
GENESIS