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Proof of Thought
You might be familiar with concepts like Proof of Work and Proof of Stake. Within the framework of Social Entertainment Equity Distribution (SEED), we have developed Proof of Thought (PoT), a consensus mechanism that ensures permanent, secure, and transparent recording of information. PoT emphasizes
- 1.Creator Ownership,
- 2.Inspiration Tracing,
- 3.and Fund Distribution.
Rather than decentralizing a ledger, Proof of Thought (PoT) decentralizes the diverse ideas of content creators and keeps a record of the interconnections among these pieces of content. Creators register their thoughts through posts, much like they would on any other social media platform. However, what sets this apart is that every post made on the Lens Protocol carries a unique piece of information that indicates which post inspired the content creator's thoughts. Through a self-governing decentralized system, the history of these inspiration links is immutable, and no one can alter it. However, creators can continue to build upon this history by establishing new links of inspiration with every new post. This creates an evolving tapestry of ideas, bound together by the threads of inspiration.
We call a direct extended-post a "Fork," and the entire chain of subsequent responses that stem from it are known as the "Branch" of that Fork.
Creators need to spend $2.8 USDC to register each post. Proof of Thought (PoT) employs this nominal fee as a means of putting forth a reasonable amount of effort to deter or reduce illegitimate usage of the system. Moreover, PoT redistributes this fund as rewards to all the posts that have served as sources of inspiration. What's intriguing is that the $2.8 USDC reward does not diminish as it passes through multiple layers of inspiration. In essence, a single investment of $2.8 USDC can potentially set off a cascade of rewards, each being $2.8 USDC, for the source chain of inspiration. Curious to learn how this algorithm works? Find out more at Creator Economic.
The inspiration relationships can be visualized with SEED in two ways: Tree View or Consensus View. The Tree View displays each post equally, creating a map that resembles a tree sprouting from an initial post, complete with forks and branches. On the other hand, the Consensus View takes into account the significance of each post, depicting them in varying sizes or, in some cases, omitting them entirely for clarity.
Thoughts, being among humanity's most precious assets, have traditionally been monetized through services or products. The flow of value derived from thoughts is crucial for the evolution and sustainability of an ecosystem, as it guarantees the efficient allocation and usage of resources. However, valuating thoughts is subjective and their value can be challenging to circulate within a system, often due to the issue of idea theft.
Proof of Thought (PoT) tokenizes thoughts in the form of posts:
- 1.Posts are registered within Lens NFTs, attributing ownership to the NFT holder
- 2.The rewards system encourages audiences to fork high-quality posts, with the number of forks serving as a consensus-driven measure of value.
- 3.Forking also adds value to the original post by generating additional potential rewards in $USDC.
- 4.Both Lens NFTs and $USDC are tradable tokens, facilitating value circulation within the blockchain ecosystem.
Posting a thought is a one-time endeavor. Rewards are generated passively through the forks created by others. Unlike Proof of Work (PoW), Proof of Thought (PoT) encourages content creators to put in effort before posting, as high-quality content is more likely to inspire new forks.
Quality content also tends to attract forks of a similar calibre within related branches. This means that the branches of a post have the potential to evolve independently through the contributions of other quality creators. PoT provides rewards through an infinite chain of inspirational relationships without any deductions.
Market saturation is not a concern for posts, as there are new inspirations and information updates occurring around us daily. The possibilities for new content are boundless.
The rewards a post can generate is limited to all the earnings associated with its third-largest Branch.
In Proof of Thought (PoT), there are numerous strategies to maximize the earning potential of a post. At its core, the rule is simple and transparent - any new fork on your 3rd branch earns you $2.8 USDC.
This elegant simplicity not only paves the way for easy understanding but also creates a welcoming environment for content creators and enthusiasts alike. When rules are simple, they become a foundation upon which creativity can thrive without the hindrance of complex mechanisms. Creators are thus encouraged to focus on what they love most - generating quality content.
Furthermore, the transparent earning potential acts as a motivator for new participants to join the platform. Knowing that one can earn by contributing positively to the ecosystem is a powerful incentive. This, in turn, results in an increase in the number of participants, and consequently, a more vibrant and diverse community.
Proof of Thought (PoT) fosters a spirit of collaboration among content creators through two distinct and innovative rules:
- 1.PoT provide rewards through unlimited layers of inspiration relationship without deduction.
- 2.Mandatory forking of another post as inspiration for new content creation.
PoT ensures that content creators don't just benefit from their direct contributions but also from the ripple effects their content may have. When a creator’s post inspires someone else to create content, both the original creator and the one who built upon it earn rewards. This chain continues indefinitely. As more people contribute to the chain of content, the value increases, and this, in turn, translates to higher rewards for everyone involved. This encourages content creators to not only produce high-quality content but also engage with and promote the content of others, knowing that they all have a stake in each other’s success.
PoT also ensures that content is never created in isolation. Every piece of content is linked to something that came before it. This creates a sense of history and continuity, and it builds a tapestry of interconnected ideas. This rule encourages content creators to explore the works of others for inspiration, thereby fostering an environment of collaboration and mutual support.
Moreover, this interconnectedness has the potential to create a vibrant ecosystem where ideas are continuously evolving. Content creators would be motivated to actively participate in this ecosystem as they are part of a larger narrative Yggdrasill Tree. They will be encouraged to create content that not only benefits them but also adds value to the community as a whole.
Proof of Thought (PoT) ingeniously fosters a flourishing and synergistic environment among content creators by erecting an ecosystem where collaboration, innovation, and community engagement are both encouraged and tangibly rewarded. By tokenizing thoughts for value circulation, PoT has opened up new avenues for creators to derive value from their intellectual contributions. Furthermore, likening each post to a "Mining Machine" that requires a one-time effort but reaps potentially endless rewards, PoT incentivizes quality content. This is enhanced by a simple and fair underlying logic of rewarding, makes the system transparent and straightforward. Lastly, by embodying a collaborative earning model for mutual success, PoT harnesses the collective strength and creativity of its community, ensuring that the triumph of one is a shared victory for all. This ground breaking approach can transform the content creation landscape, making it more community-centric, interlinked, and rewarding for many participants.