I have an idea and I wanted to write it down to see if we can build something together.
1 Where this idea come from
This idea comes from several things:
1.1- friend.tech
Lately, friend.tech (ft) is so hot. I was a little bit late and only registered four days ago. Due to my involvement in developing Chatpuppy, a social web3 messenger, I was able to quickly understand the essence of this SocialFi product.
With the guides of some experienced ft players in the community, I grasped the core concept of ft. Its design is considered classic to the extent that I even gave up my Huawei mobile phone, which I had been using for years, and bought a new mobile phone that supports Google Services just for using friend.tech on mobile.
1.2- Innovation of the ferc20 platform
On Sep.18th, I handed over the permissions of the ferc20 platform to fercDAO, and it has been almost a month since then. When drafting the DAO rules, I specifically mentioned that the mission of DAO is to "create a free, fair, and equal environment to stimulates innovation and creativity." I believe that innovation is the only thing can drive fercDAO community and ferc's token price.
However, up to this day, most of the discussions within the community are focus on price, with very few people discussing innovative. I review and realized that this mission might be too high for most members: most people do not understand how to innovate or the impact of innovation on ferc. Therefore, even though after I handed over the permissions of ferc20, I have been always thinking how I can inspire everyone through practical actions in this space.
1.3- Telegram bot
In August, some telegram bots like unibot became one of the hot space. These products have greatly improved user experience and efficiency, benefiting many people and changing or will change the user experience of web3 Dapps.
During the recent national-day's holiday, I studied telegram bot technology and realized that, with the improvement of account security, telegram bots might potentially redefine certain aspects of web3 dapps that have been around for the past few years.
1.4- Chatpuppy
Since the launch of Chatpuppy, a web3 social project, in the first half of last year, we have been searching for a suitable economic model. friend.tech has provided some important inspiration in this space.
2 Ideas and Issues
2.1- Innovation drivers for ferc20
Where could the innovation emergence be for ferc20? In other words, what can start the boll of innovation rolling?
2- Innovation on edge
Considering limited resources, if we were to create a product to set the boll rolling in the ferc20 community, could we find opportunities for innovation on the edge of Chatpuppy, Telegram bots, and ft?
3- Put value on ft keys
Since opening ft account four days ago, I have been thinking about how to make my keys more valuable. Honestly, as a programmer who spends most of time coding, I don't have a lot of Alpha opptunities like some famouse KOLs, so I feel it's difficult to do this to satisfy key holders.
I am good in seizing innovative opportunities and implementing ideas through technology. However, I'm weak of token model designing and need strong assistance in this space.
When developing the ferc20 platform half year before, I adopted a development mode that involved sharing the process on Twitter and encouraging community participation. Could we use this community-driven development model inside of ft group, which means allowing key holders to actively participate and witness the product's development? And could we make key holders the first beneficiaries once it goes online?
4- Optimization of ft token economics
Are there any space of ft that can be optimized? For example, why members of the largest ft group can not exceeded 200 till now? Are there any opportunities for a better token economics? How can we be more welcoming to new participants if the key price become high? How can we enhance the chatting experience?
Indeed, ft has been very successful, but there is still space for improving, and this will provide opportunities of innovation.
5- Fairness issues of ferc20
For the past few months, I am always thinking the issue of fairness on the ferc20 platform. Although ferc20 focuses on fairness, in reality, true fairness has not been achieved. While fairness has been improved in the token launch process, it still falls into the trap of Ponzi schemes prevalent in the cryptocurrency industry (ie. the earlier got money from the later participant).
Last month, I created a agent-based model using NetLogo to simulate price fluctuations. The model showed that seeking to way of solving the fairness issue by the ERC20 protocol is futile. However, the model also provided a solution. Unfortunately, this solution cannot be implemented with the ERC20 protocol, so further experimentation on ferc20 had to be abandoned. But now I found that the ft's key system makes this solution possible. Why not give it a try?
3 Ideas
Yesterday, the idea of this edge innovation came to my mind, and here is a brief description:
1- Create a social similar to ft but on telegram
Ft is a group chat application based on Twitter. It has been very successful and has strong VCs support. Everyone feels that it is almost unbeatable. Why not try to move it's idea to Telegram and make some improvement in the economic model, such as the sluggish growth of keys, excessive operational pressure on KOLs, and poor users' experience.
As for whether it will become popular or not, we don't need to consider it now. You will never know if you don't try. In May, when I mentioned the idea of moving Ordinal to Ethereum to some friends, almost no one had high expectations for it. Let's give it another try this time!
2- Discussing and developing inside the ft group
I am a programmer, good at coding. Although I also understand token models, my thinking is more academic and traditional. I am not good at fantastic token models in the crypto space. We need KOLs and friends with insights to give suggestions.
Therefore, I decided to discuss the details of this product, especially the economic model, inside the ft group. Since all the members has to buy the key, the key holders can effectively protect the business and technical secrets during the developing.
3- Whether to issue tokens
No tokens will be issued. Instead, the profits will be distributed to the key holders.
4- Relationship with ferc
After the product goes online, keys can be purchased by Ferc, just like buying keys with ETH on ft platform. However, ferc is not the only payment method.
5- Timeline
If there are no unforeseen circumstances (especially health issues), I hope to start testing in middle of November, which is about a month from now.
The major tasks to be completed during this period include finalizing the economic model, smart contracts, chat bot.
6- Compensation
If the project fails due to personal or technical reasons, all the ETH obtained through keys will be distributed to the key holders, providing some compensation to the holder to cover part of losses(not all). However, the likelihood of this happening is very low.
4 Objectives
Personally, I hope this product can achieve the following specific objectives:
1- A better version of ft
2- Supporting ferc
3- Provide innovative ideas for the ferc20 community, stimulate creativity and innovation
4- Explore the economic model of Chatpuppy
5- Explore an improved solution for the Ponzi scheme in the cryptocurrency industry.
6- Make some money
Six months ago, I personally invested a significant amount of time and effort to create the Ferc20 without any fund-raising. However, the result was not only make no money but also lose a lot because buying Ferc tokens, and even facing misunderstandings and accusations from others. Therefore, with this product, I want to make some money behind efforts.
This article is a simple and rough idea of what I am planing to do, I think one month later, the product will be much better than this planning.