Happy New Year! For us, 2023 will forever be remembered as the year that poidh went from an idea to a fully formed dapp with users, fans, and real economic value:
With 2024 ahead, we wanted to write a post about what you can expect to see from poidh in the new year, why these changes expand what's possible to accomplish with crypto, and when we're planning to roll them out.
what is poidh v2?
The plan for poidh v2 is to upgrade the existing poidh bounty product by including the option for bounties to be collaborative. What does this mean? This is how I've previously described it:
While this post is a bit old, the main outline remains true. When poidh v2 is rolled out bounties will have the potential to have a limitless amount of contributors, each with a stake in confirming the completion of real-world tasks.
Why are we expanding poidh to include this functionality? Two reasons:
It seems really fun.
We believe collaborative task funding is a unique opportunity where applying crypto truly improves on the existing fiat money tooling that is available.
This blog is meant to focus on the second point and why it could represent a breakthrough in onchain collaboration.
why fully onchain collaborative decision-making matters
Crypto makes new value coordination mechanisms possible. But instead of being creative with new tech, we’ve fallen into using the same old coordination mechanisms with crypto tacked on as an extra feature.
The way that humans have coordinated value to get things done for thousands of years boils down to a few tried-and-true steps:
A group of people decides that there is a common cause they want to work towards. They all agree to contribute funds toward that thing.
Funds are pooled, and a smaller group of people within that larger group are assigned the responsibility of managing the funds.
That smaller group of people does the hard work of managing what actions the group will undertake, finding people to complete those actions, and using the group’s funds to pay for services.
The other members of the group have varying degrees of oversight over the small group managing funds and can replace them when they do not perform their duties adequately.
The steps above are very generic but generally describe human organizations from those as small as a neighborhood HOA to those as big as national governments. It is the natural method of coordination humans adopt whenever a group has shared tasks to complete.
Most DAO governance falls under the description above. A group of people pools their cryptocurrency and a smaller group amongst that larger group manages the funds with some sort of multisig wallet. Anyone who is a member of the DAO can propose that funds be used for something, but the actual payment and management of funds is completed by the inner circle.
In and of itself, this structure is not bad. Many DAOs have accomplished great things. But is this really innovation? At the end of the day, we are using the same method of organization as we have for thousands of years, but using cryptocurrency instead of some other currency for the underlying value transfer. Some things are made slightly easier thanks to the transparency of onchain voting and internet-native structure, but the coordination method remains the same.
there's a better way
Let’s go over the model above once again. There are three types of actors:
People who want to get something done and contribute funds toward it
“Elites” amongst that group that manage the funds
People who actually complete whatever tasks the group wants to be done and get paid to do so
Good model, but the “elites” in the middle feel a bit unnecessary. What if you could simplify things to:
People who want to get something done and contribute funds toward it
People who actually complete whatever tasks the group wants to be done and get paid to do so
Before cryptocurrency, this wasn’t possible. Normal money isn’t programmable. Once someone contributes money to a fund, they lose all control over it. Someone else needs to manage it and keep track of the specific donations amongst all other contributions. It’s the nature of the beast. Elites are necessary.
Crypto is different. It’s seamless to track who has contributed what to any given address on a blockchain. This means we should be able to have organizations where communal funds are controlled directly by the people who contributed.
But there are other problems. How does a decentralized group of people know the task they wanted to get done got done? Who gathers the evidence? Who triggers the voting period to release funds? What platform is voting done on? Who figures out what address those funds need to be sent to? Who’s responsible for figuring out how much to send? And on and on.
Things get messy at the phase of DAOs where taking action is needed. So we lean back on centralized mechanisms to abstract that messiness away. A few people manage a multisig, we put a lot of trust in those people, and we call it good.
But this strategy completely fails at decentralizing the most important thing DAOs should be doing: taking action to get things done.
DAO expert Spencer Graham has a fantastic blog post on this topic where he makes these crucial points:
“The common misconception that governance is primarily about decision-making is wrong, outdated, and dangerous. The goal of governance is to DO things. Governance is about taking ACTION. Decision-making is important, but it is just one aspect of taking action.”
“If you ignore the actual goal of governance – taking action – you're liable to create a system that is exposed to capture, just like our broken governance systems in place throughout society today.”
“Until very recently, it was literally impossible for agents in a network to collectively execute an action using the network’s shared resources. Instead, many legacy governance systems rely on trusting individual people to execute actions on behalf of the many. ‘Governance’ came to refer to the process for deciding which action to trust a single agent to execute. But we no longer live in that world. Thanks to blockchains and smart contracts, for the first time in human history we have the ability to distribute executive power across multiple agents.”
“Our new ability to design governance systems that actually cover the full breadth of governance is a profoundly important shift. We may look back on it as one of the most important advances in human history. Let's use these new tools to their full potential. Let's build real DAOs.”
With all this in mind, we are left with a single core question: How do we make it easy for a decentralized group of people to incentivize the completion of an action without a centralized middleman confirming/executing the action?
We believe that finding solutions to this question is one of the most important research spaces in crypto today. And poidh v2 will offer users one such solution.
how it will work
someone has a task they want completed
A simple example would be that I want to see someone take a bite out of a kiwi (skin-on) while wearing a Farcaster branded t-shirt. I spin up a poidh project with a description outlining the task. I seed the task with $50 of ETH.
people vibe with the task
I promote the task and other people think that this is a task they would like to see done in real life. 5 other contributors chip in $20 each. They each receive voting rights for the bounty equivalent to their overall contribution (13.33%).
someone wants to do the task
Someone decides they want a shot at $150 and they jump through the hoops to complete the task. They get a t-shirt printed with a Farcaster logo on it and buy a kiwi. They take a bite of it, then take a selfie holding the kiwi while wearing the shirt. They upload the selfie as the “claim” NFT to the poidh bounty page.
the task creator is notified
Because a claim was made with NFT photographic evidence, I (the task creator) am notified. I believe the photographic evidence submitted is a legitimate claim, so I now trigger a voting period for all contributors.
the public voting starts
I vote with my 33% share that the task was legitimately completed. At this point, two more votes are needed from other contributors to reach a >50% threshold for the release of funds. Two other contributors vote that the claim was legitimate.
funds are released
Because a successful >50% vote was reached, the person who submitted NFT photographic proof of task completion will automatically be sent the funds that were locked in the bounty. As bounty creator, the successful claiming NFT will be sent to my original bounty funding address.
the aftermath
All project contributors will receive credit within their poidh account for their contribution to the project represented by a "poidh score" visible on their profile page. This is part of the app’s social mechanism to ensure that it is easy to see at a glance what users are trustworthy based on their past contributions and actions within the ecosystem. These points are purely a social signal and hold no direct monetary value (think: Reddit Karma).
what if it fails?
In the event a claim fails to reach a >50% vote, the bounty simply resets to its original state. A new claim can be selected to be voted on, or the bounty creator can cancel the fund entirely in which case the poidh contract would automatically return all funds to bounty contributors.
Importantly, bounty contributors will also have the ability to withdraw funds at any time (as long as a vote is not currently ongoing). If they lose faith in the project or the bounty creator to properly select a sufficient claim, they don't need to worry about their money going to waste. Their wallet (and only their wallet) controls their deposit.
potential use cases
Collaborative poidh projects could be used for anything that someone desires to see done in the world. Where we think they'll be exceptionally useful is allowing communities to make subjective decisions regarding task completion in a fair, 100% transparent manner.
Incentivize media appearances
Say that the ETH community wanted to incentivize Vitalik to appear on the Joe Rogan podcast. A project could be created, funding could be collected, and it could reach a dollar amount where Vitalik is swayed to appear. Vitalik/Joe would then claim the funds following the completion of the podcast by submitting a picture of them at the interview table as an NFT.
Improvements to protocols
A large group of the Warpcast community is passionate about enabling video on Warpcast. They create a fund that will be claimable once embedded video for casts is enabled. DWR posts a screenshot of the first video being uploaded to claim the funds.
Political causes
Some Americans are passionate about seeing marijuana declared legal at the federal level. A poidh project could be created that is claimable once this legislation is passed. In theory, a large project like this, if it caught on, could reach millions of dollars of funding. Then, once the legislation was passed, there would likely be multiple politicians, organizations, and PACs claiming that they were the ones that made this happen (and, therefore, putting in competing claims for the bounty).
It would then be an interesting experiment to see which claim proved to be most popular with voters. This would become a way of settling complex debates on who should get credit for specific actions in the real world. If people who put money on the line for a task to be completed vote in your favor vs someone else, that’s a powerful signal that will live forever onchain that you were the most important factor in completing a specific action.
what's next?
The most obvious question coming out of all this is "wen v2". Our current plan is for the new contract allowing for collaborative bounties to be launched by the end of Q1 2024. This timeline should become clearer as we make progress. If you want to stay as up-to-date as possible, we recommend joining our Discord channel.
Users of the current poidh app should expect no interruptions in service while v2 is being worked on. We encourage you to continue making bounties, submitting claims, and collecting NFTs like before. And who knows, users of v1 may be grandfathered into specific benefits on v2.
Some other bonus points to look forward to with v2 beyond the option for collaborative bounties include:
Rollout of the new app UX based on the winner of our design contest
Upgraded profile pages allowing users to seamlessly explore the history of the app and its users
A new chain for creating and completing bounties (in addition to Arbitrum): Solana!
We hope you're as excited for poidh v2 as we are. As we mentioned before, to stay up to date on the latest poidh news we highly recommend joining us in the official Discord. We're looking forward to collaborating on bounties with you throughout 2024 🍻.
"That’s not crypto. That’s money. Money corrupts everything it touches." no, money isn't the problem we built the same types of governance systems humans always have but strapped crypto on top thinking it'd be different governance gets corrupted with or without "money"
new governance is possible with crypto but we have to actually get creative link related https://paragraph.com/@poidh/poidh-v2
This is very cool
thank you!
Money is the problem, but only because the reason people show up here is for money. Sure there are people who care about the tech but most people here are motivated by greed which makes it impossible to sustain anything.
most people sure but not all people this space is full of people who want crypto to make a difference in the world around them, it's just that we've struggled to find the right applications for it first which is natural ya know, when you introduce money to monkeys the first things they invent are gambling + prostitution but this tech is too good to not do more, and it will eventually that's my personal goal here no matter how many other people don't give af
agreed, we can make something that works even with infinite greed. it's much more feasible than a system that can handle infinite desire to overrule. luckily governance has already learned lessons like ragequit, but the challenge of "proving the entire works" is incomplete, and that is a critical bulwark against fait accompli from greed or desire to overrule.
Idk man what's your control group? I've seen plenty of governance systems that thrive without money involved. And plenty that have seen money come, go and come again without issue.
my belief on this matter is that human governance systems are organic all organic things decay over time (corruption) the more "power" that governance system holds over people, the faster it gets corrupted that's where people conflate that "money" is what's doing the corrupting, but it's not money's fault, it's just that a powerful governance system is going to get corrupted faster and with powerful ones there is usually money involved so yes, you can have a governance system that don't get corrupted long term but they are generally ones overseeing matters that aren't very important/influential
It's pretty easy (relatively speaking) to craft governance that has influence over things that are important to its operators, and also capture resistant. But agreed that power (over) is the main difference. Any system which could coerce someone into acting against their interest generally will be. But that type of power is a choice. Collective agency comes in many forms, and domination is just one of them
Exactly crypto didn’t fix incentives, it just digitized them. Human nature still runs the show.
sweet I can safely ignore Hyperliquid now
i don't trust anything from CT these days with things like Kaito, it's just an attention game and that's fueled by controversy on X hyperliquid doesn't pretend to not be these things and many products are recycled ideas, this isn't specific to crypto
Nomad might have the most elite "fuck you" money in the game besides Cobie, only active person on there that was pre-Cobie I can think of he's not farming Yaps
yeah so people say, but commenting on the most hyped product that has a decentralised userbase that will defend itself is a great way to farm attention that looks "organic" to the algo farming yaps for social capital purpose rather than direct $$$ gain i do agree tho, hyperliquid is just a CEX/DEX hybdrid. i hadn't thought about how it's similar to thorchain. might look into that
airswap is decentralised and it wasn't about wrapping tokens. what is going on?
honestly 0 idea about the mechanisms behind airswap, but Nomad is the OG trader who's been around since the beginning and actually groks all the tech so I outsource my opinions on "decentralized" trading stuff to him
he's probably more knowledgeable about trading than i am. but i did work for the airswap dao for a while. they're good people.
👉 MINI-INTERVIEW N° 1️⃣5️⃣8️⃣ Today I introduce you to: @kenny 1. WHAT IS YOUR DREAM? I have two related dreams, one as a family man and one as an entrepreneur. The most important dream will always be cherishing my time with my family. I have two boys and the greatest joy in life is raising them alongside my wife. Watching the kids you've been entrusted with in this world observing, learning, and exploring the wonders around them brings a deeper sense of understanding to the human experience. You also receive a new appreciation for your parents who were able to guide you on your journey. This is why having time and attention to spend with my family will always be the #1 goal for me. Everything I do in life is anchored to that. Beyond my family, I am also focused on how I can impact the world around me. We're living in an amazing time in history, in many ways the best time to live, full of inventions that previous generations could only dream of. (Continue 👇 )
One of these inventions is crypto. I believe that Bitcoin is as important an invention to world history as the written word or fire. It unlocks new avenues for human ingenuity. I created my app, /poidh + https://poidh.xyz, to take advantage of this potential. It’s built around leaning into the unique advantages of programmable money to make pooling funds to get things done in the real world more seamless, transparent, and decentralized than ever before. If you’d like to learn more, I’d highly recommend reading my blog about our poidh v2 smart contract that enables collaborative onchain bounties: https://paragraph.xyz/@poidh/poidh-v2 poidh is a small app at the moment, but I dream that it will be a massive platform in the future where people collaborate to build communities around accomplishing tasks (Reddit for bounties). If I can do this, I know I'll be adding to humanity's toolset for social coordination, improving the world my kids inherit in the process. (continue 👇 )
2. SOMETHING I DON'T KNOW ABOUT YOU: I interviewed a dark web drug dealer back in 2014 https://www.vice.com/en/article/what-ive-learned-as-an-internet-drug-dealer/ 3. HOW WERE YOUR BEGINNINGS IN FC? I joined Farcaster in September 2022. Dan had posted on Twitter asking for people to DM him their ENS for manual invites to the platform. I sent him my ENS, and (apparently) he thought it looked the part because I received an invite shortly after. Back in 2022, Farcaster was still small, but you could it was special. I've been a part of internet communities for a long time and was an early Redditor back in 2009. When I started posting a lot on Farcaster what stuck with me was the quality of conversation. It was similar to those early days on Reddit where people were taking the time to respond to interesting questions and conversations would evolve in-depth as new people kept chiming in to provide their viewpoints. (Continue 👇 )
I'd been involved in crypto Twitter (@kaspotz) for a long time as an outsider, but as a small account, I'd never felt the urge to post a lot because I knew how much of an uphill battle it would be to gain visibility. Once I joined Warpcast I knew I had to take advantage of the opportunity to gain visibility in a community without many members. I set a goal of posting every day and was constantly browsing the feed to find interesting posts I could respond to. The work paid off and I was able to climb to over 1000 followers and beyond which was a huge milestone for me. My follower count now is inflated because of the old "autofollow" list Warpcast had for certain channels, but (bots or not) I still cherish the fact that so many people on this app choose to follow me and value what I have to say about the industry. 4. COOL PEOPLE YOU MET IN FC: Too many to name but a few off the top of my head are: @seattlecrypto.eth + @johann - fellow Farcaster Sounders fans (Continue 👇)
@kenny. Thank you so much for taking the time to do this with me. It's a great pleasure for me to be able to share more about you with the community. Since the day I met you, I've always admired your fabulous project, POIDH. I'm so happy that you've shared your vision and your dreams with us. And also, being able to meet those people who have made a difference here on your path in FC, that's always very important for everyone who's just starting out. Knowing that Kenny has 61K followers, but that there was once a time when he celebrated a smaller achievement, when it was only 1K... Thank you so much, from the bottom of my heart!! 🫶
thank you so much for thinking of me for this and for giving me the opportunity to reflect! it's been a while since I wrote anything comprehensive out like this and it helps me reflect and recenter on what I know is most important you're a fabulous person Hank! I promise I'll make you proud and build poidh into everything I know it can be
Amazing interview!! @kenny @hankmoody The best yet!!
Tysm buddy!! 🫶🫶
oh also 3333 $DEGEN for the AI bounty win earlier!
Thanks so much Kenny, as always I had a lot of fun doing that! 🤣🤣. You understand the title of the book, right? 😂
This dude is amazing!!🤩
Hey big @kenny , welcome here, I hope you achieve those two dreams you mentioned.
thank you Mostafa!
It was nice to read your interview about @kenny, you are a very interesting person! One of the few who supported the girls when we were hit with a barrage of hatred that we were bots and the photos were fake)) and gave us the opportunity to prove the opposite. Thanks for your work!
thank you again for being so open to that picture bounty back in the day! I came across that old bounty page a while back and it made me smile because it was such a lame accusation but you didn't hesitate to have some fun proving it wrong
Yeah)) fun times
👍
great and its really amazing
I like this interview 🫶. I am totally agree that family is most important thing 🙏
DAOs, as currently designed, are basically onchain HOAs centralized, boring, cumbersome, poisoned by politics if you want to coordinate in a legitimately decentralized manner use poidh v2 open bounties https://paragraph.xyz/@poidh/poidh-v2
a lot of ink has been spilled on DAOs and they're very interesting, but they are unquestionably 1) bad work environments 2) bad for product teams
Says the person who has worked in bad-environment-for-product-team DAOs Maybe you need to up your mental model of what a DAO could be? Hint: doesn’t have to be an echo of a VC-backed company
1. yes, so I'm actually able to speak to the realities of this, not just pontificating in articles on substack or mirror 2. DAOs don't need to be "echoes of a VC-backed company" but they also don't have basic shit like conflict resolution or HR, so they chaotic messes as workplaces for the most part not sure why you're throwing the phrase "VC-backed" in my face as a retort, do you even know who I am or what I've contributed to? pretty much the furthest thing from VC-backed.
Sorry if I offended you, was trying to be tongue-in-cheek. I guess I failed at that 😅 But the idea that “all DAOs are bad environments and bad for product teams” is telling me you have a narrow view of DAOs. The fact that no HR = bad work environment tells me the same thing. Last cycle everyone was assuming DAOs would be the next way to create a unicorn startup, and I think we agree that’s not true. But there are lots of orgs that are successful without dedicated HR. We have yet to see the real use case for onchain orgs.
is simple smol DAOs the answer
Pop up DAOs are even better. You spin one up that has a self destruct mechanism in the foundational governance and it dissolves once certain criteria are met.
that's basically /poidh collaborative bounties 💙 https://paragraph.xyz/@poidh/poidh-v2
came here to say this.
sir have you read the poidh micro DAO thesis? https://paragraph.xyz/@poidh/poidh-v2
there is still time to give up on your governance tokens anon
What was that fibo extension e talks about some time ago? Was it 116k$
giving up on aave and uni is a generational mistake. this is just a rotation where the frog and dog mature a tad.
I could be wrong! but imo "governance" of defi protocols is just as much a meme as memecoins (and a far less funny one)
governance will redress itself. see dark daos and futarchy (the one on sol that metadao).
I made the mistake to hold onto 95% of the airdrops I got from governance. Mostly by loyalty. Great mistake in most cases. ARB is down bad, OP is still cool but not moving much, ZK is cool too, but same, all the others are just pointless. I held MANTA from 22K to 3k only to swap it for HIGHER a week ago. Did the same with SCROLL. Most of my airdrop portfolio is down -70% Things could change though.
you a real one for being transparent about the losses! are you in the US? when my airdrops crashed I've at least been able to use them to offset some taxes, like I lost $4500 from my friendtech airdrop between when I claimed and when I finally sold, so a nice way to reduce my overall tax bill
I'm in Europe, no need to declare anything unless you cash out for fiat, so it's just there waiting to pump, or die 😆 👍 I'm at -70% of my airdrop tokens, but in the meantime, I'm sticking to my plan. This is my third cycle. Last cycle I did not diversify enough (ETH and LINK accounted for 90% of my portfolio). Airdrops allow me to diversify, so as long as I stick to my plan, we'll see how it plays out in the end. Memecoins are helping big time too. Basically covering all of the losses + extra.
The biggest problem is the token unlocks. The appetite for these tokens do not (at the moment) allow for a sustainable growth to make up for the unlocks.
✌🏻
Is that really a financial advice? @kenny