Hi everyone,
a bit more of an elaborate concept for this. I would like to hear your ideas and if this could be a feasible thing to implement or not.
Main Points
- Content
- Who could implement this? Content creator, Artist, Agency, Devs…
- Who will pay for this. Grant, DAO and Community.
- KYC issues
- Feasibility. Is this doable ( Yes / No )
So lets look into each point:
1. Content
Goal
The idea behind this would be to onboard new members (new wallets) and in addition to that new delegators. We want people that never heard from harmony learn about us, create a wallet and learn about the passive income feature on the stating dashboard. Harmony is all about the new era of finance, circular economy and passive income. So there is where we start.
Later on, we could expand to other things like DAOs, participation, voting, etc… but first is first, who are we and how can you earn passive income.
Concept
The idea would be to watch a 2-3 minutes long video and then answer a question or do a task (for example create a wallet). When the question or task is successfully answered or finished the wallet becomes a certain amount of ONE (later more on this).
Style
Personally I like the cartoon style, accompanied with a light cheerful music and a voice narrating the story. Yes, we have seen this before and this style works perfectly IMO.
Videos
3 Videos would be the kick off:
Video 1 - What is Harmony One
- A blockchain
- A smart contract platform
- It is super fast and incredibly inexpensive
- You can use it to earn passive income, use it for DeFi, Trade, Farm or even play Games
- You can develop all sorts off apps and its connected to a whole bunch of other blockchains including Bitcoin and Ethereum.
Video 2 - Create a Wallet
- Install the Chrome Extension
- Create an Account
- Store your seed phrase in a secure place
Here is where it would be great to find a mechanism to identify that the wallet is actually a new wallet that has been created with the video and not an old existing one. Once that is proved, we grant the wallet with an amount of ONE (more about the amounts later).
Video 3 - Staking Dashboard
- Open the Staking dashboard
- Connect you wallet
- Delegate your coins (more about the amounts down below).
2. Who could implement this?
Since these videos will represent the project and will also be the first contact with harmony One for many, they must hold a really high quality standard. Neat graphics and design, pleasant music and a good voice as narrator.
I would assume that other big companies out there gave this task to an agency and paid for it. The budget here would be considerate IMO. I don’t personally know which agency could be the right one.
3. Who will pay for this
Background
The idea would be that every person that passes the earn program will have 100 ONE staking on the dashboard. It would be looking like a bit of a “ponzi” if we only give members 20, 30 or 70 ONE and tell them that in order to stake they need to buy the rest on an exchange, send those ONE to the wallet and finally delegate those 100 ONE. It does look a bit fishy and at the same time it would add additional hurdles and complexities for new newbies.
Numbers
A high price of ONE is not great when giving them for free. At this prices, 100 ONE is around 28USD. Other Learn to Earn program used to give around 6-12USD. This would triple that amount.
A possibility would be pairing this with a referral program. In order to finish the full program, you need to refer 3 friends. Only after a friend finishes all 3 videos you become 25 extra ONE.
This could look like:
Video 1 → 10 ONE
Video 2 → 10 ONE
Video 3 → 10 ONE
Referring a friend that makes all 3 Videos → additional 25ONE
After referring 3 friends you would have 105 ONE, 100 for staking and 5 for fees.
Onboarding Budget
This is a costly Onboarding program and I don’t know if something like this could even be possible. Here a little example what this would mean, in ONE and USD:
1000 new members = 105,000 ONE = 29.4k USD (at 0.28USD / ONE)
10,000 new members = 1,050,000 ONE = 294k USD
100,000 new members = 10,500,000 ONE = 2,940,000 USD
Financing
-
Grant
A grant of 50k USD could be used for the creation of the Videos, questionnaire, track of new addresses, distribution of ONE and referral program.
-
Community DAO @HarmonyCommunityDAO
The Community DAO, that has “Onboarding of new members” as one of the three mandates could find ways to find additional financial support for the onboarding process.
-
Community (through staking Dashboard)
Delegators
On the Dashboard we could include an Optional Checkbox that could be marked if a delegator would like to destine a % of the staking rewards to onboard new members. This could be a 1% for example:
From 1000 ONE rewarded:
- 940 ONE go to de delegator
- 50 go to the validator (at 5% fee)
- 10 go to the Onboarding Program (at 1% Onboarding “fee”)
Validators
Validators would benefit directly from the new onboarded members and the 100 ONE that they would allocate on the staking dashboard. A checkbox for validators would make also sense.
In the example above, that would look like this:
From 1000 ONE rewarded:
- 940 ONE go to de delegator
- 50 go to the validator (at 5% fee)
- At a 1% Onboarding fee, 0.5 ONE would go to the Onboarding Program
- 10 go to the Onboarding Program (at 1% delegator Onboarding “fee”)
In total, if delegator and validator participate this could look like this:
From 1000 ONE rewarded:
Delegator = 940 ONE
Validator = 45,5 ONE
Onboarding Programm = 10 from delegator + 0.5 from Validator = 10.5 ONE
Every 10,000 ONE rewarded we would have 105 ONE, enough to Onboard 1 member.
As an exaggerated extrapolation, at 440mill ONE/year we would collect 4,620,000 ONE, enough to onboard 44,000 new members/wallets.
-
Implementation - @harmony_dev_dao
This solution needs developer capacity. I just mention the Developer DAO because this might be channeled through them, I am not sure.
The destination wallet of the Onboarding Program should be known by everyone so that this gets as transparent as possible and every participant knows where their funds are going.
4. KYC issue
Exchanges that have had these Learn to Earn programmes had strong KYC rules and every new member was easily identified. This might be an issue since our users and wallets are not KYCed.
Could this be connected to an E-Mail address? People tend to have 2 or 3 E-Mail accounts nowadays and this wouldn’t prevent the possibility of taking advantage of the program.
Are there other identity possibilities?
All this brings us to our last point, feasibility:
5. Feasibility. Can this be implemented?
This Onboarding Program would be a common effort among every layer of the project. Core Team(Grant), Community DAO, Developer DAO and Community (delegators and validators).
Is this a too difficult and costly task that will potentially onboard only 44k new members a year?
I let you all decide and I would be very happy to get feedback on this. Please, I encourage everyone to throw in here critics, point out if there are gaps or issues that I might have forgotten. The earlier we declare this as non feasible, too costly or inefficient the sooner I and others can concentrate on something else.
Thanks and nice sunday to you all.
Manu