I received some nice feedback and tips from my last posting but heard there were many questions but few answers. I’ve been brainstorming the last three days and woke up this morning at around 4:00 am with a “wow this might really work” type idea. First off I’m not affiliated with the Whycoin Foundation and these are just my ideas – which could really be used for any coin at this point.
Proof of Knowledge Issue
The main difficulty I see with Proof of Knowledge (PoK) is that when you are gifting coins to people or paying for knowledge type achievements it is very difficult to see both how much individual effort is placed in a task and how to really reward the type of efforts that give lasting value to the community.
Rewards need to be made somehow appropriate to the level of the recipient. For example, to ask a schizophrenic street person to somehow prove their knowledge by writing assemble language code to take square roots on an 8088 processor would not make a particularly good PoK task. (This is both unfair and of no particular value, however it might be surprising to find out how many could actually get it done) 😀
What I propose is based around the idea of “pay it forward” and by gifting your value you retain both value for yourself and you can grow and nurture that which you love. As individuals we often can tell very intuitively where there is a real need and if we make a few mistakes along the line that’s just all right.
PoK payments could come from the foundation based on the amount of holdings within the address requesting the payment. For example if you have an address with 10,000 WHY you could request a 100 coin payment to a different address from a new user per day. The foundation would then pay you 25 WHY for your effort in gifting the value to someone else and pay 75 coins to the person you are gifting to. If you don’t make use of your potential PoK payments they expire each day.
I would be up to both you and the foundation to make sure the the person you are gifting the value to is doing things that are making improvements in either their life or for the greater good.
To be of real use money has to flow. There has to be a way that we can feel that our efforts are being treated fairly, appreciated and somehow sustainable in way that we won’t be left out on the street if somehow our jobs were lost. We need to reward the real work that gets done and yet allow each of us to have the time we need to grow in our own unique way.
By building a coin in a gifting economy there is no real liability being made that has to get paid back. It would be very easy for people to feel free to gift value to members of the community that are doing valuable work because by gifting to them they will be getting value back for themselves as well.
This could be a good way to get to know each other on a more individual way because you will need to be able to see the results of your gifting in order to see if it is of benefit to continue. There is no real reason for someone to dump the coin and cash out because it destroys their own ability to create value for themselves.
Through controlling the size of the PoK reward payments the foundation can effectively manage the money supply and should have some control thereby over the price at the exchanges.
To make sure this works correctly each address eligible for giving or receiving would need to be validated by the foundation to be unique to a different user so that people could not gift values to themselves. Thus Greenpeace for example could have a publicly validated address and people could use that to do their gifting if they wanted. A web application could be designed by the foundation to collect text to validate the use of the PoK as well as the addresses of both the requesting party and the one receiving the gift. The foundation would need to audit the entries and make sure the value is being gifted properly so email addresses might need to be tracked per coin address as well. (Gifting to dictators to produce weapons of mass destruction for example should be construed as not being in compliance of the terms of agreement imho) 😀
If you value my proposal please feel free to “pay it forward” or send tips, offer suggestions, etc. Again, I’m not affiliated with Whycoin, so please be advised that your tips may go to keeping this blog going or other expenses. I very much value your support, thank you!