Nem & DAO Maker Explainer

Nem & Dao Maker explainer

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NEM & DAO Maker

We are aware that a recent tweet relating to the partnership between NEM and DAO Maker has caused some questions in the Community. This post is a clarification of the relationship, planned activity and opportunity to ask further questions.
Q: Are you building a Nem DAO?
We are not creating a DAO but a community engagement and communications platform.

Q: Isn’t DAO Maker an Ethereum project?
The solution does not run on Ethereum for our implementation, it is an off-chain solution that only connects to NIS1 and, ultimately, Symbol. Ethereum will not be involved in the NEM implementation.

Q: The DAO Maker white paper table of contents makes it look like a Steem project?
The platform is not based on Steem, the use of that project in the white paper was to facilitate discussion around Community engagement and governance. Steem will not be involved in the NEM implementation

General Overview

Social Mining is a blockchain-agnostic community engagement SaaS that allows the token holders of a particular project to collaborate on work, ranging from development tasks, business development, marketing, sales, and virtually anything else that helps improve the project ecosystem.

Participants in social mining are token holders that:

  • Stake their tokens in a non-custodial wallet
  • Prove ownership of the wallet
  • Maintain their stake till the conclusion of monthly reward intervals

After staking their tokens and doing work that helps grow the associated project’s ecosystem, holders are rewarded in the project’s native token on a monthly basis. All token holders have the right to close their staked position at any point but would consequently forego their monthly reward.

The community hub created through Social Mining offers an organized platform for project information created by the community and presented through a social media-like news feed. The soft staking requirement ensures the system is open to only community members, while creating opportunities for small holders to earn rewards for efforts that create value for all holders. The community hub also makes it possible for:

  • Interested potential holders to gain community generated insights in the the project

  • Even small token holders to benefit from staking rewards

  • Give the community an opportunity to help the project

  • The community to witness each other’s efforts, thereby enhancing social bonds

Social Mining Integration in NEM

The community hub built for NEM will be dedicated to the NEM blockchain and accessed via the nem.io website.

The goal of the community hub is to foster community engagement, offer a resource-rich funnel for newly interested users, and offer the small holders an opportunity to earn staking interest, paid by the NEM treasury.

The hub’s reward design will associate an opportunity cost to small token holders that retain tokens in exchange wallets, driving them to withdraw and claim their interest while simultaneously adding value to the ecosystem.

This is expected to increase friction in sell-offs, grow non-custodial wallet base and hence reduce the friction to getting more users to engage with NEM-based DApps, and enable even small holders to be rewarded, especially for contributions of outstanding work.

We are pleased to be working with DAO Maker, a marketing and engagement partner that will help us to re-energize our Community.

10 Likes

I think it’s a great initiative.

What exactly do you mean by “contribution”?
Who appreciates someone’s contribution?
How much of a contribution will be rewarded and how much will it be?

I’ll wait for a few more specific plans.

5 Likes

:cn: Chinese Word:
http://www.itechly.com/articles/2392.html

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I think it will lead to the development of the community.

  • Does “the token holders of a particular project” mean to issue the token “for a specific project” and buy that token?
  • Who, when and how do community hubs value their contributions?
  • How does the community hub handle the balance between token holdings and contributions?
  • Are “projects” only made by NEM Group? Is it possible to create the project from the community side?

I look forward to more details.

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Can people in NGL receive rewards from the NEM HUB like other community members?

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No - people in NGL will not receive rewards from NEM HUB. If a task is best performed by someone in NGL, then the reward will be move into a prize fund.

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What exactly do you mean by “contribution”?

This will become clearer when the platform is stood up and begins to onboard people, it refers to most kinds of contributions though - tweets, informational articles, development work. It can work very flexibly depending how the community thinks it would work best and this will be worked through over the next few weeks. For now, conceptually it is “contribution” in a wide sense - most things that are positive for the project, as judged by the community members.

Who appreciates someone’s contribution?

Community members directly, its not quite the same, but similar to Reddit up and down vote, with more intelligence. Again it is easier to see visually than explain in text fully, this will come very soon.

How much of a contribution will be rewarded and how much will it be?

This varies by contribution size, how important the community thinks it is relative to other contributions etc. The idea is to make many small payments for good contributions, rather than 1 big payment for 1 contribution - to build steady awareness, content, engagement etc

4 Likes

Does “the token holders of a particular project” mean to issue the token “for a specific project” and buy that token?

Project means NEM (or probably more accurately NIS1 and Symbol)

Who, when and how do community hubs value their contributions?

Over time the community hubs (groups of individual members) value the contribution by voting (up and down) contributions and the algorithm’s take care of analysing this. It also encompasses things like the number of retweets, retweets with comments, replies (not just on twitter but its easy to explain in twitter terms). Community value the contribution in both real time and over the space of several days, contributions are assessed at the end of the payment period. Current assumption is that this is 1 week.

How does the community hub handle the balance between token holdings and contributions?

It has algorithms that allow it to calculate something similar to importance, which can be tweaked to allow larger accounts (either in token holding or reputation) to have more importance in voting, or to use the importance as multiplier for payment amounts. To begin with the payments will all be equal regardless of importance and algorithms will keep an eye on how things evolve and can be a discussion with the community hubs (and if needed a vote on the platform that also includes PoI as a feed in)

Are “projects” only made by NEM Group? Is it possible to create the project from the community side?

It is probably easier to think of the contributions as tasks (project is used to describe NEM/Symbol/NIS1 in the platform). The tasks can be created by anyone, and the importance of any task can be upvoted/downvoted for reward, the same as the contributions to it can be.

4 Likes

Thank you so much for your answer.

  • How much is the total budget for the reward of this HUB?
  • Will this system continue after the Symbol launch?
  • If so, can participants choose XYM as a reward as well as XEM?
  • Please share if you have an image of how much recognition for contribution we get and how much we get paid.
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Here is their pitch deck:

Pretty interesting to say the least, but not sure how popular the KYC/AML aspect is going to be.

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Is this the cornerstone of the community reinvigoration plan?

I’m sceptical. In my experience, incentivizing a community for being a community never works.

Steemit is one example of how this doesn’t work. The system thought out with the best intentions turned out to incentivize low quality content in such high quantities that it eclipses good content.

A good product attracts passionate people that create and share quality content because it’s good for their investment when their enthusiasm or help brings in more people. Things move when the whole community benefits. Even if you don’t contribute, but share a good article with a couple of friends, you benefit when the value increases.

This project sounds big and convoluted. Start smaller. Aim lower. I reckon the biggest problem with NEM is that the group still thinks we can jump 8 meters when standing still because once we could jump 8 meters when sprinting.

I will watch this and hope to be proven wrong in my assumptions and understandings.

4 Likes

How much is the total budget for the reward of this hub?
For the first month it will be $2.5K staking rewards plus $2.5K for contributions which will go into workgroups. Of this $1,250 has been allocated to Japan.
Will this system continue after the Symbol launch?
Yes, we will continue post Symbol launch if the Community sees the value in it.
Can participants choose between XEM and XYM?
Integration will be possible and both rewards can be carried
How much recognition for contribution we get and how much we get paid?
Contributions are individually assigned and paid for or can be paid as part of a weekly workdrop (for example). If contributors wait longer and accumulate more before payout, they can improve the benefit.

2 Likes

In the first month there will be no KYC so we can test the system. Then we can see if KYC is needed.

It is too low. It should be reconsidered.
A focus group of three to ten people will be working with their valuable time. As for Japan, there is also a language issue, which requires a different effort to understand the platform. It’s not as easy as you might think.

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What amount would you recommend?

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Many of the group members are not full time, but I think 10 members for a total of $1250/month is too little. I would like to see them present at least three times as much.

Since no one knows yet how the HUB will work, the budget for staking rewards is fine initially at $2.5K, and I’d like to see the budget increase based on what the HUB does, the volume, and the results.

Skeptical opinion is also valuable. “Relationship” is important, and I also advocate “valuing the experience” to develop the relationship.
I hope to be able to tokenize the experience value of NEM experience and community experience, etc. with an NPO corporation by the NEM community that will be established in Japan from now on. I would like to consider if this can be combined with this NEM HUB.

i am very confused

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What kind of tasks does NGL plan to give the NEM HUB? Please list all the specific things.

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I tried the NEM HUB test and It seems to be a specification only for the world, not categorized by country. Countries need to be clearly separated for smooth use in the local community. Without it, it would be a very difficult platform to use to promote NEM and revitalize the community.

  • Localizing into Japanese
  • Separation by country
  • Must be able to create tasks from the community

We would like to make a budget and request improvements.
We think that it is good to launch this platform after improving them and thoroughly testing them.

2 Likes