Request the validation of your profile in Proof of Humanity through the allocation of an economic incentive.
Motivation • Rewards • Related • License
Proof of Humanity and the UBI are elements that seek to address the greatest number of human beings in these large projects. Taking into account that the number of potential users contemplates precisely all the people on the planet, it is necessary to build tools that complement the intrinsic incentives of the protocol and at the same time build tools that combat the disincentives of the protocol.
One of these disincentives is the Vouch.
Vouching is declared as an altruistic component in the conception of the protocol.
It manifests itself as the ability to vouch for the humanity of one human being for another human being.
The problem is that the use of this procedure is recommended only when there is certainty that it is used on a non-malicious actor. In other words, trusting that it is used on the profile of a live person and that it does not violate the protocol in the form of a duplicate or deepfake. The penalty for giving the vouch to such a malicious actor is the suspension of the user from the system.
Furthermore, registration on Proof of Humanity generates new profiles, and these profiles receive a constant issuance of UBIs, increasing the total supply of UBIs, which could generate a perception of depreciation on the token. This scheme discourages part of the registered population from wanting to onboard more users to the ecosystem.
On the other hand, the project is in early stages of deployment and development, which explains the low number of users at the moment (taking into account the potential population of the project), a situation that converges in turn with the rate of adoption and use of cryptocurrencies on the Internet, which is limited, making it difficult to have environments and communities with the ability to participate in the program. These characteristics make it very unlikely to have an known person who is already registered in the project.
Understanding then the disincentives to give the vouch, coupled with the population capable of issuing it, a major bottleneck on the adoption of the project arises.
The Vouch Market emerges as a need of the protocol in its initial stages to encourage the use of the vouch, which translates into a higher growth rate of registered users. And in turn in greater incentives for being in Proof of Humanity, since by being part of it, you can choose to give the Vouch in exchange for rewards and collaborate with the token economy.
The VouchMarket is designed to benefit everyone.
Every time a proposal is created using this system, a minimum of ETH is deposited, of which:
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75% goes to the person who locks the proposal and makes the vouch.
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20% is used to burn UBIs in the UBIburner contract.
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5% remains as a contract usage fee in favor of the maintainer.
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And at the end the person who makes the proposal is now validated to receive UBIs. Note the fact that in addition the person collaborated with the token economy by using a significant part of the deposit to burn UBIs. So everybody wins.
GPL-3.0