Incentive Based Work

First, you can now give anyone in the world performance rewards based on specific criteria. Imagine the Mayor of a city, they get their base salary but they also get a bonus package that basket of tokens representing the inverse unemployment rate, the city happiness score, and the inverse crime rate in their city. The better results they create for their city, the more their tokens are worth.

The ability to create an incentive pool, one that can be freely tapped into by anyone, that pays them for pursuing the goal of the pool? That concept is one of the most revolutionary things I’ve seen in crypto. I want to see this concept in action as soon as possible, deployed by the BAO community for the benefit of the BAO community.

So the idea is this: Lead by example, and show the world what we are building is good by virtue of overwhelming success. Create several baskets that each represent a different aspect of BAO succeeding; Good press; healthy economy; positive growth; etc etc. Deploy these baskets and allow anyone to ‘buy in’, thus incentivizing them to work in favor of BAO.

Reading the following examples will help you understand what I mean, and allow you to come up with some ideas of your own. Please note that these are ideas in their most basic form, and they can be improved quite easily.

The Good Press Index: This basket tracks the mentions of BAO across the entire internet. The mentions are paired with whatever metrics are available to determine if the comment is good, or bad. Good comments = higher value. Bad press = lower value.

The Healthy BAO Index: This basket would track the number of BAO holders and what they’re doing with their BAO. The more people actively using BAO, the higher the value. This would be paired with the metrics for ‘behaving intelligently’, a set of parameters that basically boil down to ‘Is this person using BAO in such a way that they are prospering?’ The more people who are prospering using BAO, the higher the value. If people are not prospering, lower value.

The BAO Work Index: This basket tracks the number of people actively employing themselves through the BAO baskets. The value goes up in relation to the number of new people who start using the service, how long people use the baskets, how prosperous people who use the baskets are, and all the other various metrics that mean that the program is succeeding.

Those are three very basic examples of how we as a community can show the world how BAO works. I feel very strongly that we cannot wait for someone else to come along and understand what needs to be done. We, as a community, are the ones who will be proving if BAO is a good system or not.

That is all I can say intelligently about this subject. I can’t tell anyone how to code this, or about the financial mechanics of how it should work. I invite you to fill in the blanks on this concept, and highlight what you liked. If there is a glaring error, please point it out and propose a solution.

4 Likes

Most of these are almost impossible to code in the proposed structure, but even if they aren’t they are impossible to implement now because we need the entire synth system to exist to create these.

The other factor to consider is that any time you make a synth, it means you are also creating an inverse synth.

So just like being able to long Bao on exchanges means you can also short Bao on exchanges.

This means if you create a synth of good press for Bao then people can also short it and try and get more bad press.

Synths are designed to be balanced equilibriums that people can make money on in either direction.

This is why you have to be careful with which synths are constructed and who is incentivized by them.

Ideally you want them to track things that are larger than themselves so the existence of the synth doesn’t impact the event.

Creating a synth reflecting the project the synth is on can never reach that scale.

It’s a great idea though in concept and I think there are other ways for us to incentivize people to work on Bao and we will continue to explore them as we move forward!

5 Likes

I love the idea, could something like a decentralized fund be built in order to incentive Dec / community to build on top of Bao.