Nxt Forum

Social => Alternate Cryptocurrencies => Topic started by: thank-u on February 04, 2017, 01:50:48 pm

Title: [pre-ANN] thank-u: NXT-based solution to fix ad-blocking
Post by: thank-u on February 04, 2017, 01:50:48 pm
Motivation and Context

The reason we come up with yet another cryptocurrency is that we could not find an existing one that meets requirements of our project - the need for true commission-free micropayments.
We aim to solve the problem of ad-sponsored content distribution caused by consumer revolt against ads, disruption of their content providers' food chain.
In the last year there have been a few announcements of similar attempts (Flattr+, Mass, Brave and others). However, judging from the first reaction of the community, to get a chance to be accepted as a fair alternative, replacing a chain of intermediaries between content consumer and publisher with a lighter and fairer version might not be enough, such micropayment platform should better be:


thank-u doesn't propose to reform the industry in a particular way, but rather attempts to build a two-way bridge between publishers and authors on one side and consumers on the other, inviting them to meet somewhere in between. At one extreme, some consumers might prefer to install an app that, in addition to ad-blocking, lets users assign a monthly amount of money they consider fair to be proportionally distributed among their favorite (most visited) sites, or use "like" button for one-click micropayments to thank for a touching article, a movie, or a song. (Check out thank-u chrome extension beta, for example. More details on thank-u.org.)
At the other end of the bridge, some publishers might still opt for preset content prices or subscriptions. thank-u can help here as well with 0% commission transfers, one-click micropayments and sign in.
Although lossless micropayments are difficult to achieve, we propose to make use of the voluntary (gratitude or donation) nature of transfers and specialize the cryptocurrency for this case.


Cryptocurrency parameters

To achieve frictionless and free transfers we promote the primary function of money, medium of exchange, trading off fitness for derivative uses. The parameters will be tuned by the consensus once the platform is up, until then we propose to start with conservative ones to deal with main costs and leaks of a micropayment platform:

Processing


Speculation and volatility


Fees for exchange to fiat currencies



Bounties

thank-u cannot offer coins to investors or developers as in a common ICO because this would conflict with the goals stated above. Initial liquidity is distributed among early adopters from the most likely payment recipients and the community within the PR campaign:

1. Publishers: 5M rays will be distributed pseudorandomly among the top 5K sites listed by alexa.com, depending on the volume of transfers they receive, provided they help maintaining the blockchain by installing nodes.

2. Community: PR program will be encouraged by an adequate bounty campaign including:
- articles and blogs;
- translations;
- social network reposts;
- bug and vulnerability reports, improvement proposals.
Details will be presented shortly.


Technology

We build upon the blockchain implementation by nxt.org inheriting its basic specifications and are thankful to the developers. A contract is set up on the blockchain to share rays received by thank-u.org with nxt.org, when there are any. No benefits or rights are reserved for development needs, but when the project takes off and is good, it can be financed by the same gratitude based model being proposed.


Challenges

Chicken or the egg problem at start is handled in the following way:



Roadmap



Dear gurus, we need your critics to challenge and tune the parameters. If you have ideas, do join us. thank-u!

thank-u.org

Title: Re: [pre-ANN] thank-u: NXT-based solution to fix ad-blocking
Post by: btc2nxt on February 05, 2017, 01:14:49 pm
Is it in child chain?
Title: Re: [pre-ANN] thank-u: NXT-based solution to fix ad-blocking
Post by: thank-u on February 05, 2017, 02:21:00 pm
Is it in child chain?

We had to go for a separate blockchain as we need lossless microtransfers. In case with child chain, users would need to pay parent blockchain maintenance fees to miners, wouldn't they?
(Miners are transfer recipients in thank-u.)
Title: Re: [pre-ANN] thank-u: NXT-based solution to fix ad-blocking
Post by: lurker10 on February 05, 2017, 03:19:58 pm
Is it in child chain?

We had to go for a separate blockchain as we need lossless microtransfers. In case with child chain, users would need to pay parent blockchain maintenance fees to miners, wouldn't they?
(Miners are transfer recipients in thank-u.)

The power of cryptocurrency in general and NXT/Ardor is in decentralized consensus. Will you have enough independent forgers in your blockchain to support that or will it not matter for the needs of your user base?

A sufficient number of independent forgers isn't easy to define. Common sense tells us the more and more widely distributed they are, the better.
Title: Re: [pre-ANN] thank-u: NXT-based solution to fix ad-blocking
Post by: thank-u on February 05, 2017, 04:24:31 pm
The power of cryptocurrency in general and NXT/Ardor is in decentralized consensus.
You are perfectly right. I would only expand on that: a decentralized consensus among the platform beneficiaries. When forgers are represented by a third-party, wouldn't that introduce a dependency? Which might become critical when it comes to processing costs, feature adoption and forks in a project that is more complex than an asset exchange. I will take a closer look at Ardor anyway. Thanks.

Will you have enough independent forgers in your blockchain to support that or will it not matter for the needs of your user base?

We hope to have enough independent forgers, if the idea is accepted by consumers and the industry. Looking at the internet content distribution statistics we expect to have a distribution not much different from the one at alexa.com. We will tune the parameters (commission value and freezing time) to incentivize the required number of top recipients. Moreover, there maybe other incentives, e.g. thank-u browser extension first tries to connect to the network using recipient's domain which improves security and reduces initial verification times which may be a good feature for publishers offering bonus content or subscriptions. (Sorry for not linking - newbies are not allowed to use hyperlinks.)
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