Hey folks - you can check out Erik’s AMA on Facebook at https://www.facebook.com/xyonetwork/videos/2209562972621424/?hc_location=ufi - there’s some questions that we didn’t get to that we’ll follow up on here.
The XY network has about 1 million devices in circulation, currently for personal item tracking … can you talk about bringing those users up in participation, to opt-in to the new network capabilities?
If you own one of the million devices out there, all you need is a firmware update and it will be ready to be a node in our network. We will definitely let you know when this update is released.
Assume 10 devices validate a point of data. this happens 10 times. Assume each package has a cost of $1.00. You have 100 validations, each with a minimum compensation of $0.02 or something. Now you have $0.80 per package unallocated. Each validation gets two lottery tickets, one for the package and one for the day. Half of the money goes to the package lottery, so someone gets $0.42 total. Half of it goes to the daily lottery. Split the daily between 10 winners.
A: Average Fee-Based Reward per device per day,
P: Total number of devices paid that day,
F: Sum of fees of that day.
You thus would have:
A = F/P.
The goal is to have a high A, but we don’t want to achieve this by increasing F or decreasing P. That is fundamentally what I was discussing.
Creative idea, but I believe it will still run into this.
Ok, let’s take a step back and ask what we want to accomplish. I believe the answer to that question is to two-fold; first, to make the purchase price of the device, plus the need to carry it on our person, worth it to the verifier, and second, to have the verification be affordable enough that it makes the verification worth the purchase price. To accomplish the first goal we need to have a good ROI. That can come from high compensation for each of a low number of verifications or low compensation for each of a high number of verifications. To accomplish the second goal we need to either have a high fee for high-value items or a low fee for ubiquitous use.
I think ubiquity should be the end goal, but 1 million devices just isn’t enough for a ubiquity approach. Perhaps starting with high fees for high-value items would be better. Because these verification opportunities wouldn’t be numerous enough to stumble upon by happenstance, you could manage it by contract. By creating an app that delivers the estimated date, time, location of a verification opportunity as a contract you can deliver the contracts to your agents for acceptance. The fee for use could be tied to density of agents in the area. For example, if you’re delivering a package that would likely only require an agent to travel a few blocks for verification the contract could be worth $5. On the other hand, if you’re delivering a package to a low density area that would likely require agent travel of several miles, the contract could be worth $20. So, using the app, agents could scan for contracts available that day - upon acceptance, the contract would be exclusive to the agent who accepted it and then timed to the expected delivery time. In that way, if the agent fails to fulfill the contract within the specified window the contract is placed back in the marketplace.
Eventually, as the product/service reaches saturation, you can lower the fees so that it makes sense to purchase the service for products valued at <$100, which will make verification opportunities plentiful. If I am verifying dozens of interactions each day, you could provide compensation of only cents and it would be worth it to just go on about my day with my device.
Finally, there is value and perceived value of compensation. I would look to other forms of compensation outside of money. Community recognition is one idea that comes to mind. Similar to how Google provides ranks for its contributors, you could “level up” in the XYO network. Perhaps even tying compensation to your level in a minor way. For example, if you did implement the lottery system in some fashion, you could provide an extra lottery submission if your rank is X. The important part is that the user feels in control of their ability to level up and show leadership in their area. Recognizing leaders in the community, perhaps in a spotlight fashion, would increase the perceived value of XYO leadership points.
I’m pretty new to the XYO family, so please forgive me if I have any fundamental misunderstandings of the operations of the network. I’m excited to be a part of this and love to spitball ideas. I implement electronic medical records for a living, which often requires me to come up with creative solutions to problematic workflows. I am a firm believer that every problem has a solution, and presents an opportunity. These ideas may not be the way forward, but it’s at least the start of a brainstorm.