Reception to finance.vote so far has been quite overwhelming. Our inboxes are clogged, so apologies if we’ve not got back to you yet.
Thanks and welcome to all our early community members, you will be the early adopters in our ecosystem. You will be rewarded for your time and participation through our token economics model when we launch. Early players win big.
We’ve picked up a few interesting questions from our telegram group and other places, so thought I would respond to them in a series of stand-alone blog posts.
Closing the feedback loops on your questions is what makes a good project. So, if you have any other questions add them in our telegram and if I’m not in there, our admins will contact me and make sure they get answered.
So, are you like Cindicator?
Sort of. Cindicator are on to the power of collective intelligence.
They use it to try and gain alpha in the markets, we are too, but that’s where the similarity ends.
Collective intelligence is a fascinating thing and I’ve been researching this phenomenon for a decade in the context of large institutions and how people learn at scale. You might have also heard it called “wisdom of the crowds.”
It’s powerful. More powerful than people realise by far. So we aren’t the first collective intelligence app and we certainly won’t be the last. The trick to it though is understanding that crowds aren’t actually wise. They’re mostly quite the opposite.
What’s important is curation, filtering out the knowledgable people from the not so knowledgeable. We do this game theoretically and we explain how we do that in the first blog post.
The other thing to note is that if you try to open the Cindicator app, you’re asked for a login or some other Web 2.0 identity. If you’re asking me to connect my identity to something these days, I’m out. We’re decentralised and permissionless. That’s where the new web is at.
Alright, so what about Augur?
Again, sort of. Augur is a prediction market system and uses markets to resolve decisions. We do the same.
Augur is up for any question though. We are focussed solely on the markets. That means we focus all the action into a few live questions in a much tighter parameter space.
We also don’t use our own internal market, we’re using signals from on-chain data in the DEX world to resolve our decisions. That means a better connection to the real world through more liquid markets.
We also engineer our own reward liquidity. You will always win something in finance.vote even if there’s a small pool of players. In Augur you need a counterparty to every trade.
It has to be said though. There will be a generalised prediction market system that takes over the world, Augur are front runners on that in my book. These things have incredible potential. Check out this amazing paper by Ralph Merkle the grandfather of cryptography and the reason why we’re all here, to read about the potential of this for governance in the future.
Are you doing your voting on-chain?
Yeah, we’re aiming for on-chain everything, but we understand the payoffs here. We want to be decentralised and unstoppable ASAP. We want to live on IPFS and be fully serverless, but we recognise that in some cases the tech isn’t quite there yet. So we’re going to do that progressively and when it makes sense to do so.
What about gas costs, isn’t that stopping governance from working up to this point?
A vote on finance.vote is (based on our tests) on par with a uniswap transaction and if people are willing to buy meme coins there, they’ll play the game here.
Why people are doing that though, is the prospect of upside reward. You make a good call in our game you win tokens. Tx cost is also the only expense, once you have an identity in our system you can play in all of our vote markets. No stake necessary (although you can, if you want bigger R/R).
Tx costs in these systems, are the price of freedom. If we want to be decentralised, that’s the game. However, if there’s a rational reason to think it’s worth it, people will play. It’s all about incentive alignment if we build a game where the reward is higher than the entrance cost, people will be mad not to play.
We’re also going to incentivise users to vote in our DAO through vote mining, but there’s plenty more time for us to talk about that.
Are you using L2?
We will do, but not yet. We can lower the price of freedom in exchange for trust and complexity. We don’t know which of these L2 systems will work yet and we aren’t ready to go all-in on any of these. Right now, people are using L1 at unprecedented levels, so why risk building on systems that might not work. We’re going where the action is.
However, we’re going to be the perfect place to try these things out and we can run parallel vote markets on each of these solutions. We’re already in talks with some of them, but if you think you’re onto a winner, reach out to us. L2 is the next big narrative after DeFi and we’re going to be front and centre of it.
We’re running a limited private sale this week for strategic investors. Drop us an email on firstname.lastname@example.org to get in touch.
The public sale will follow hot onto the tails of that (announcement soon) the app will launch with the first iterations of our vote markets on the same day.