Please describe your proposed solution.
In order for the token system to work, users need to have an account, that account then becomes the wallet, that wallet could be a custodial wallet created by the platform. Wallets would need to be compatible with blockchain use.
How it works.
- User performs an action that may be eligible for reward (based on the predefined rules of the system).
- The reward module manages the associated rules and incentives, confirms the rewardable action and at the end of the day applies the transfer of the corresponding tokens to the users wallet.
- On a daily basis, we have a predetermined number of tokens generated, based on the total daily activity of all network users.
- The tokens to be distributed to a user is determined based on how much they contribute to the network vs rest.
- Users can spend the tokens earned to access opportunities.
Tokens are earned in exchange for engagement with content.
- Reward users for authentic creativity for users who curate engaging content, using transparency and accessibility of blockchain technology so users get paid for creating new and authentic videos to remove the fake news aspect.
- Removing fake news issues - incentivizing users to rank or verify the content correctly.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Goodwalls mission is to level the playing field for Gen Z, to help them maximize their potential and have a positive impact on society. With Cardano´s blockchain technology we are able to support youth through their education and career journeys providing a platform where it is possible to certify contributions, create a reward economy and a sense of collective ownership by providing implicit or explicit benefits contributing to its construction. Ultimately it means leveraging the power of people, working together to produce benefits that they can draw from as needed. Empowering the community, where we all in one way or another have benefited from but the benefits users receive have never entirely been equal, in this way we provide a level playing field for youth to have their chance to fast-track their future.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Budgeting issues - It is necessary to use our project scheduling tool, following the budgeting procedure, and make realistic assumptions to avoid cost overruns.
Limited engagement of stakeholders - Goodwall will collaborate closely with Cardano and other partners to develop this, so their engagement is key.
Lack of Information or resistance by users - users might not understand the purpose of this Tokenization, but we will create informative content (videos and posts) so our community is more aware of what they are earning.
Technical Problems - a lot of time will be dedicated to the development of our project and we will keep a close eye on any potential technical problem in order to find a quick way to solve it as fast as possible