I am thinking about proposing this on the Prop House but first I would like to get feedback & advice from you so that I can improve my proposal.
Start a decentralised Twitter account that tweets daily about the most interesting things and takes from the crypto world.
We want Nouns to have the first decentralised media publication. It starts with a Twitter account where anyone can suggest content to be published. The content gets sorted in a decentralised way (described later). The best content gets published and contributors are rewarded according to their contribution.
We believe that having a high quality Twitter account is important for the Nouns mission of proliferating Nouns. Our most ambitious goal is to replace New York Times with The Nouns Daily.
This is also a fun way to engage the Nouns community, amplify the voice of their talented members and create value.
- The Twitter account has specific guidelines saying what can and can’t be published.
- A moderation team (initially just me) enforces these guidelines in a transparent way.
- The community will be able to change the moderation team and the guidelines through voting.
- When someone suggests a piece of content to be published, a prediction market is created. It will allow people to bet on the number of likes the content will have 24h after being published on Twitter. The suggested content is sorted by its estimated number of likes.
- This is idea is based on Vitalik Buterin’s post on Prediction Markets for Content Curation DAOs.
The smart contracts and UI to do this are already implemented and currently deployed on the Mumbai Testnet. The tool we will be using to manage this is called: Writing Monks.
There is an ERC20 token attached to the Twitter account, called $DAILY.
Every time the account makes a tweet a constant number of tokens are emitted and distributed in the following way:
- 50% author of the content
- 20% subsidy to the predictive markets (to incentivise people to sort the content)
- 10% moderation team
- 20% dev team
If we manage to create a successful twitter account with many followers then we can 1) monetise it or 2) use it to proliferate other Nouns products like a newsletter or a blog.
Monetising the twitter account
We can auction sponsored tweets to be published once per week. The sponsors would bid using $DAILY, the winning bid gets burnt and the tweet gets published.
Proliferate other Nouns products
In this case, to be sustainable, we would need to continue to receive funding from the Nouns treasury in order to attract good content producers and good people at predicting what good content looks like.
Goal: To attract a community of good content producers.
Budget: Ξ 2.7
How will it be used?
We will use the funding to guarantee that $DAILY is value right from the beginning.
With Ξ 2.4, we will fund a smart contract that accepts $DAILY and gives out eth. The exchange rate will be fixed: 3000 $DAILY equals Ξ 0.06.
For every tweet, 3000 $DAILY is emitted. So this means that we can fund 5 tweets per week, for 2 months. 5 x 4 x 2 x 0.06 = Ξ 2.4.
The remaining Ξ 0.3 will go to:
- Ξ 0.1 to create an icon and a cover image for the Twitter account
- Ξ 0.1 to pay the gas costs for the community
- Ξ 0.1 to cover our initial airdrop of 5000 $DAILY to the early supporters of the project
Important Note: During this period (first 2 months) NO funding will be used to pay the salaries of the moderation and dev team. We are using 100% to bet on the success of the Twitter account.
The dev and the moderation team will use their tokens for only two things 1) bet on the predictive markets, or 2) exchange the tokens for USD and use the money to buy ads to advertise the Twitter account.
I have now founded Writing Monks. It’s a brand new project but has already won 1st place on the Chainlink sponsored prize for the Polygon Buidl it ‘22 competition.
In the past, I’ve founded a VC-backed startup (optimal.ag).
- Sign up at least 50 users (airdrop them the initial tokens)
- Write down the guidelines and iterate them with the community
- Deploy contracts on Polygon Mainnet & Fund smart contracts
- Start tweeting! ~ in 4 weeks since funding received