As a close knit, nascent ecosystem cryptocurrency is largely self contained. New people enter the space every day, sure, but the majority of crypto marketing is designed to appeal to existing cryptocurrency users instead of attracting new ones. That’s perfectly fine and it certainly makes sense from a return on investment standpoint.
Bounty campaigns are a key marketing tactic employed by hundreds if not thousands of cryptocurrency projects. But it’s interesting to note that these marketing campaigns that are promoting a decentralized world are being run by a centralized entity. Should the decentralized future be pushed to us by a centralized company? Moreover, does this campaign setup ensure that participants are rightfully rewarded?
The aim of moving to decentralization is to crowdsource effort and opinion to eradicate centralized decision making. It’s likely that in almost all cases these campaigns are run fairly without prejudice, discrimination or otherwise unfair treatment improsed by a centralised entity. But that’s not the point. It’s fairly contradictory to push decentralization with a centralized campaign, when you could be using a decentralized solution that would achieve the same outcome while contributing to establishing blockchain.
Kleros has very recently released Curate, a decentralized platform that can be used to create a token curated registry (TCR), which will then be maintained by the community. There are a wide range of applications – one of which is hosting trustless bounty programs. First we’ll have a quick overview of how Curate works, before diving into decentralized campaigns using Curate.
What is Curate?
Curate is a decentralized application that allows the creation and decentralized management of TCRs using the Kleros platform. This is achieved using crypto-economics and game theory to incentivize community members to contribute to the decision making. Those that agree the majority of the community will be rewarded, while those that submit decisions that are deemed to be incorrect will lose some crypto. This system therefore allows TCRs to be maintained by rewarding positive behaviour and punishing negative behaviour.
Curate and decentralized campaigns
To demonstrate the power of Curate, Kleros has launched the second edition of their Storytelling reward program. Users can submit content about Kleros, which is then vetted by the decentralized community.
Here’s how it works. Kleros has outlined content rules which have to be met in order for a submitter to be eligible for the reward. The content producer creates the content while abiding by these rules and then submits it on the Curate platform for review. The submitter will have to place an ETH stake along with their submission.
The decentralized community will then assess the content to ensure it meets the standards of the competition policy. If it does, it will be approved and the content submitter will receive their ETH stake back, along with being placed onto the rewards list for the campaign. However, if they have submitted content that doesn’t meet the guidelines their submission will be denied and they will lose their ETH stake.
The end result is that all campaign submissions are arbitrated by a decentralized community that are financially incentivized to act fairly. All content that meets the rules should therefore theoretically be rewarded for the effort via the campaign payout. By the end of the campaign a smart contract will execute and all eligible parties will receive a reward payment. The campaign may have been set up by a centralized entity, but it’s entirely managed by a decentralized community to ensure a fair outcome.
Future implications of Curate and distributed campaigns
Not only are distributed campaigns more transparent, they are arguably easier to manage for the campaign issuer. Once it’s set up the Kleros platform will handle the rest. Not to mention that all participants will witness a new powerful use case for blockchain technology and hopefully develop a deeper understanding and respect for what blockchain can be used to achieve.
With applications like Curate cryptocurrency companies will be able to stay true to their morals of distributed effort while continuing to reward their community.
Join the Kleros Storytelling Reward Program
Share your stories about Kleros through content creation and earn crypto for your efforts! You can learn more about this campaign here.
What’s really cool is that as a participant, or even a spectator, you will see how the Curate process works and build a new appreciation for what blockchain can achieve. You can head over to the competition page on Curate now to see content waiting to be arbitrated.
Kleros Curate paves the way towards organizing information in a trustless environment and allows us to create rules together on the ways this information will be presented.