Weekend Concept #1:
Influence Coin: a decentralized, distributed social ad network.
The concept behind Influence Coin is a decentralized, distributed cryptocurrency acting as an advertisement network. It uses a blockchain (or block tree) to validate ad spends, social influence & engagement velocity across the p2p network.
The idea is to allow anyone to monetize their social influence.
There are 3 types of users in the Influence Coin ecosystem:
Spenders purchase influence coin and spend them on advertisement campaigns.
Influencers earn coins by promoting content on their social media profiles & receiving engagements.
Miners validate ad spends & influencer engagement velocity. In exchange, they receive influence coin in the form of a transaction fee.
Buying – Purchase Influence Coin with BTC based on current market rate.
Sending – Works like a typical bitcoin transaction and is validated through the block chain.
Spending – Includes advertisement details such as image, title, category, cost per engagement, etc. which is stored in the block chain.
Earning – Influencers can pick up ads listed in the block chain by spenders to earn influence coin. The higher the engagement velocity of the promotion, the more coins an influencer earns.
Mining is required to validate both the sending of influence coin & spending of influence coin. Validation makes sure that influencers are getting paid for the work they do.
Once a bid is placed by a spender, it cannot be retracted, and will exist until the bid is fully spent.
Miners will receive a portion of the influence coin in the block(s) they validated.
How It Works:
Julian has a product that he wants get more exposure for. He decides to try Influence Coin.
He goes to the website and downloads the Influence Coin QT client.
After installing, he decides he wants to purchase 20 influence coin at the market rate, so he sends his BTC into the exchange and makes the trade.
He then navigates to the “spend” tab, and begins to create his advertisement.
He decides for his first advertisement he wants to promote via Instagram (one platform per ad).
He uploads an image and enters a caption (this information will be stored publicly in the block chain)
He then decides how many influence coins he wants to spend on his ad, and the rate at which he is willing to spend it.
He enters .00001 influence coin per engagement (like), which will theoretically generate him 100,000 likes per 1 influence coin.
After submitting the ad, it will exist in the block chain forever and run until the budget has been fully exhausted – there is no way to cancel an ad once it’s submitted to the block chain.
Now to take a look at the influencer side:
Kevin is an influencer who has 50,000 followers on his ‘surfing’ based instagram account.
Kevin sees Julians advertisement on the “earn” section of the Influence Coin QT, and decides that there is a relevance between Julian’s advertisement and the followers he has on his own surfing account.
Kevin grabs the picture, comment and the unique ad #hashtag (#1f9X91jL29A) and moves as quickly as he can to post on instagram.
Anyone can bid on an advertisement in the block chain, so its first come first serve, which creates competition among influencers.
As Kevins post on instagram starts gaining traction, the miners are constantly searching social networks via their API for the unique hashtag generated in the block chain.
The mining algorithm works similar to sonar – it sends out pull request every few seconds and then based on the difference in likes / comments will calculate engagement velocity.
The unique #hashtag is what’s used to track engagement velocity and also credit Influence Coins accounts with the correct portion of the spend.
After an ad spend is complete, Spenders will receive URL’s to all the pages that promoted their unique hashtag (collected by the miners, as required in part of their transaction bounty).
Miners receive a “transaction fee” for validating the promotion, tracking engagement velocity and pushing promotion URLS back to transactions in the block chain.
* There should be an optional way for spenders to “approve” promoters before they start promoting (preventing spam). This means there are two types of spends: a “free for all” bounty & a private bounty where influencers have to request approval from the spender before getting the unique hashtag to begin promotion
– Influence Coin –
A distributed, decentralized crypto currency advertisement network based on social influence & engagement velocity.
Influence Coin is looking for developers. If you want to build this – I will fund it. Contact Me.
This is the first post in what I hope becomes something I do regularly – it’s an exercise designed to continually help push myself to get better & faster at bringing a product from idea to reality. This includes ideation, research, copywriting, logos, branding, etc. The goal is to decrease the time it takes to get from concept to prototype and to fully understand all the nuances in the lifecycle of a product.
Previous Weekend Concepts: