Some Updates on the Overall Network
Welcome to the Ledgerback Blog publication! Herein you will find overall updates on the Ledgerback network.
For this week, we have updates on the Open Collaborative Network Model, CryptoCamp, and Project Greenback.
Open Collaborative Network Model
1 We are planning to change the name from the “Open Collaborative Network” to the “Co-Value Network” (CoVal).
The basis for the model will remain the same except for a couple slight tweaks. First, we are dividing the model into three separate parts: (1) value-creation, (2) decentralized governance, and (3) peer platform. We expect the CoVal model to be used for fostering value creation across the network.
Now, to elaborate on CoVal, CoVal operates on a closed feedback loop model.
In CoVal, there are four primary components:
Contributions
Evaluations
Reputation
Token Distribution
Definitions
Contribution** is defined as any action that has potential value, tangible or intangible, to the network.
Evaluation** is defined as the act of appraisal, i.e., the determination of Value of a Contribution.
Value** is defined as relative worth, utility, or importance.
Value Function** is defined as the relative worth of Contributions and Evaluations in tokens.
Reputation** is defined as an additive, non-transferable unit of account that members earn based on their Contributions and Evaluations. A certain amount of Reputation is required before a member may engage in Evaluations.
Token Distribution Cycle** is defined as the distribution of tokens for Contributions and Evaluations, based on the Distribution Formula and Reputation.
Distribution Formula** is defined as the median value of all weighted evaluations (evaluations accounting for the total reputation of members) of the network, at the time of a contribution necessary for the distribution of tokens. In other words, tokens will only be issued after at least 50% of the overall reputation of Ledgerback is engaged in evaluating a particular contribution.
Reputation Score System** is defined as the objective-subjective system that is based on the objectivity of publicly verifiable sources, and on the subjectivity of the network.
Evaluation Criteria** is defined as the objective-subjective factors used to evaluate Contributions, which include the following exemplary list of factors:
Principles and Values of the network;
Originality of the Contribution;
Research, analytics and development focus of the Contribution;
Quality of the Contribution; and
Timeliness of the Contribution.
Operational Procedure
We expect CoVal to operate in the following manner (without taking into account any special circumstances):
- Members will make Contributions to the network.
- The Contribution will be Evaluated by members who have the requisite Reputation score
- For members to make Evaluations, they must “stake” a certain amount of their Reputation.
- If the Contribution receives at least 50% of the overall reputation of Ledgerback engaged in evaluating it, then the member will receive tokens and an increase in their Reputation score.
- For Evaluations, they shall be reviewed by other evaluators for their Value, i.e., if the Evaluation is good, the member will regain their staked Reputation plus an additional amount of Reputation, but if the Evaluation is bad, the member will lose their stake.
- The tokens received will be freely exchangeable for goods and services within Ledgerback, and (hopefully) for other cryptocurrencies and tokens.
Notes
This Model is heavily based on the models, projects, beliefs and philosophies of the projects, communities and individuals listed below, and derives directly and indirectly (in definitions, operations, and overall concept) from them. If you have any questions over these models, please do not hesitate to message us at hello@ledgerback.coop.
The models, projects, beliefs and philosophies without limitation, are:
- Backfeed’s Decentralized Collaborative Protocol
- Sensorica’s Open Value Network Model
- Platform Cooperativism, as described by Nathan Schneider and the Internet of Ownership
- Platform Cooperatives including Resonate, Open Collective, Loomio and AgoraKit
- International Cooperative Alliance’s 7 unifying principles and values.
- Open Cooperativism and Collaborative Intelligence projects such as Wikipedia, Linux, Kickstarter, Indiegogo, Enspiral, Catalan Integral Cooperative
- Blockchain projects including LBRY, Steemit, Bitcoin, Ethereum, Sia, Storj, Maidsafe, NEM, Lunyr, Aragon, Althea, Status, Dash, MakerDAO, Cindicator, Augur, Decred and RChain.
- Commons-based, peer-production models
- The P2P Foundation
- The Bitcoin Whitepaper by Satoshi Nakamoto.
- Feedback platforms including Reddit, Quora, and StackExchange.
** = subject to change.
The decentralized peer governance model (DPG) is still in development (and may be specified further for a decentralized project) and we expect to have a working description within the next month.
CryptoCamp
2 CryptoCamp is our revamped version of our Newcomer Kit to Distributed Ledger Technology.
We have redesigned CryptoCamp inline with our brand, and have added new sections that we believe will be helpful to beginners as they enter the blockchain and cryptocurrency space.
We plan to complete the revised version within the next 2 months.
Project Greenback
###3 Project Greenback is getting into the final swing of development.
We know we have been on the “hush hush” about the project so far, but we believe we are finally in the late stages of development, and thus appropriate to discuss the project in further detail.
What is Project Greenback?
Project Greenback is an over-the-counter (OTC) service provided by Ledgerback for Nevada-based members and non-members (“patrons”) to buy and sell Bitcoin and Ethereum for US dollars (including cash and credit/debit card transactions).
How will Project Greenback operate?
As a physical OTC service, (1) patrons will come to our physical location, (2) state the transaction they seek to make, (3) complete the necessary Know-Your-Customer (KYC) and Anti-money Laundering (AML) forms, (4) acknowledge our Terms of Service (ToS) and Privacy Policy, and (5) after we verify the KYC/AML information, they may complete a transaction with us.
All transactions will be subject to a fee and rate structure, which shall be provided in further detail in a future post, but is expected to be more affordable than other cryptocurrency-to-USD conversion providers.
What benefits will Project Greenback provide?
In addition to finally getting the chance to put a face (trust us, we think we look pretty darn good) to cryptocurrency transactions, we will be providing patrons with basic information (generally summarized in CryptoCamp) about blockchain and cryptocurrencies to help them navigate this space (e.g., how to avoid those unfortunate Twitter scams).
In addition, we plan to offer a patron loyalty program for repeat patrons, wherein we provide benefits such as cryptocurrency accessories (e.g., hardware wallets) and discounts on transaction fees.
Lastly, we truly want to provide a space where the local cryptocurrency and blockchain community can come together with the general public to discuss and educate each other on blockchain, cryptocurrencies, and other cool and exciting topics.
Sounds interesting, how do I join?
You can join Project Greenback by becoming a member of Ledgerback, or one of our partners.
To get in contact with us, send a message to hello@ledgerback.coop.
About Ledgerback
We are a cooperative, molded in the open collaborative network model, that focuses on peer-to-peer research, analytics and development for digital disintermediation and innovation (D2I).
Anyone who is passionate about emerging technologies, decentralization, blockchain, cryptocurrencies, alternative economic and governance models is encouraged to join us as we continue to discover the unknown in this digital frontier.
As a member (a/k/a Backer), you will have an equal say and interest in the affairs of Ledgerback, and the ability to choose the direction of it’s growth.