CrowdSafe: The Death of Scam Coins

Project Name and Company

CrowdSafe, StakeWarriors

Application type

Product Launch

Proposal overview

CrowdSafe is an on-chain Smart Contract that uses Proof of CrowdSafe, PoCS (a.k.a Proof of Peer Review, PoPR) to define a wallet/token/contract’s creditworthiness. This is a peer-review-based process where reporters are incentivized through the minting of an ERC-20 token called $VERIFIED as a reward for their submissions.

Reviewers can deem a wallet/token/contract as safe or scam. The scores are published on contract and through the CrowdWatch Registrar DApp. Accounts with high scam scores are banned from interacting with the contract. If a Smart Contract using CrowdSafe will be locked down if they have been deemed to be a scam.

CrowdSafe is currently deployed on Polygon, and CrowdWatch has also already launched. CrowdSafe has already been upgraded to version 2 with initial plans for a third upgrade. CrowdSafe’s first partner, StakeWars is set to launch within the week.

Adoption is slow, which is why we are reaching out to help grow our presence in the community. With community buy-in and investment, CrowdSafe will become the leading provider of creditworthiness, a product of great interest for investors, borrowers, and lenders.

Tokenomics

The $VERIFIED token is currently inflationary with no max supply, however, the project has been structured such that it will be transferable to a DAO when the project has reached maturity.

The $VERIFIED token has intrinsic value in two ways. One is that it is used to determine whether a wallet/token/contract should be banned, and two $VERIFIED can be burned in exchange for increased awareness scores. A novel way for influencers to buy clout or hedge against being banned. Since a wallet/token/contract can be banned from either having more negative votes than $VERIFIED or by having a lower awareness score than the number of disapprovers, accounts are compelled to have both the $VERIFIED and good awareness scores.

The $VERIFIED token is minted to anyone who submits a Safe or Scam Report against a wallet/token/contract. Every unique reporter against a given wallet/token/contract will increment that address’s awareness score. There is Safe Awareness and Scam Awareness. You can burn $VERIFIED to lower your Scam Awareness or higher Safe Awareness, this will require submitting many reports (a payable function) or buying $VERIFIED on the free market.

Reporting Safe or Scam addresses will by default give the reporter one (1) $VERIFIED token, however, if that reporter is confident in their conviction, they can attach a monetary value to their submission. This will linearly increase the number of $VERIFIED they will receive.

More information is available on our official blog: StakeWarriors – Medium

Team

Robert B.- Lead Developer, SAFe Certified, Certified Associate of Project Management, 10 years experience as a full-stack developer, with emphasis on Frontends and APIs. Developed several smart contracts and their associated DApps.

Joey G.- Marketing and Consultant for cryptocurrencies.

Peter L.- Accountant and Financial Adviser. Expert consultant within the NFT marketplace.

Proposal ask

$50,000

Justification

The ERC-20 Token will not require a liquidity pool, due to the Proof of Peer Review minting algorithm. The investment will instead be used to incentivize contract developers with integrating their projects with CrowdSafe. This will be used to determine both the creditworthiness of the contract and their users, as well as grow the user-base of CrowdSafe.

Metrics for success

Our initial milestones are to:

  1. Grow to have 10 Smart Contracts integrate with CrowdSafe,
  2. Gain 100 Active Reviewers,
  3. Gain 5000 registered users
  4. Ranked within CoinMarketCap

External links

Twitter: https://twitter.com/StakeWarriors
CrowdWatch: CrowdWatch - CrowdSafe registrar
CreditScore: https://stakewarriors.app/card/?a=0x843E074B738b0f7f35Da89F35c2292760F882fe6

CrowdSafeV2: Matic/Polygon: 0x28B97a68D53cfBEa6313b588255af4F53a0A7754

1 Like

Hi @stakewarriors , thank you for your proposal!

A few questions to kick-off:
Would you mind elaborating on how Harmony fits into your plans?
I know your website was just released, but your Roadmap doesn’t mention anything about building or integrating with Harmony, and the description above in the Justification talks about ERC-20 tokens, not Harmony’s HRC-20 tokens.

For a quick recap, the $50,000 Launch Proposal’s Guidelines are the following:

500 Launches ($20M). Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each:

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

Is this something you are aligned with and ready to take on?

The technicalities of cross-chain contracting would have to be worked out. But to my knowledge harmony, polygon, ethereum, and other chains like chronos all hold wallet addresses unique across all the networks. Meaning for instance your ethereum metamask address can link to your One metamask address.

So creditworthiness would benefit from being universal for an address across all chains. Yet herein lies the hurtle, users and contracts will need to interact with CrowdSafe from their native chain and be rewarded accordingly. For Harmony, this means they should be rewarded with a $VERIFIED HRC-20 token (or the wrapped ERC-20 equivalence). This ought to be possible with either oracles or other cross-chain design patterns.