What’s new? Open Square!

OpenSquare aims to create an open platform for collaborations, where behaviour of each user, while he or she works on a common task, is tracked, recorded and estimated and thus gains an appropriate reputation.

As a first step, OpenSquare will build a blockchain-based crowdsourcing platform, where any individual or entity can place orders and anyone can apply to get these tasks.

PLATFORM ROLES:

Bounty: a placed task Funder: person/entity, who places and reviews a task. Hunter: person/entity who applies to solve the task Council: a managing committee that checks Bounty compliance and resolves disputes between sponsor and Hunter. Validators: Maintain network security, mint blocks and validate transactions.

WHAT PROBLEM WILL SOLVE:

Traditional and blockchain-based # platforms have some problems that Open Square aims to solve.

Problems of traditional platforms:

  • historical data is recording to centralized database
  • all the data, collected by certain platform, is kept on that platform and user’s credit can/t be shared between the different platforms
  • problems with transbroad payments

Problems of blockchain-based platforms:

The problem that the user is ready to solve is usually just a part of a big open-source project but to bring the maximum value the user should understand the general situation (have knowledge) about all the project, that is led to a situation when participation of the user is much bigger than the reward.

Gitcoin is laid on Ethereum smart-contracts, so the first requirement to the participant is to have enough Ether on the balance, that can become a barrier to users.

There are some problems with bounty management. At Gitcoin we can see a lot of bounties that haven’t been handled for a year, that doesn’t help users to do high effective collaborations.

SUGGESTED SOLUTION:

The main idea is a platform with effective joint work. To make searching for a partner (Funder or Hunter) easier, both of them have a credit rating.

Users’ behavior is a basement for their rating. The better behaviour — more credits the user has. It concerns both Funders and Hunters.

As soon as the platform is open, all movements of credits are transparent. Any behavior of platform participants will be stored in historical blocks. Any organization or individual can track, retrieve, and verify historical data. This feature also makes a credit model based on this data more convincing. Collaboration on bounties and reputation score will be calculated from the user’s daily activities.

TOKEN

Ticker: OSN Usage: governance, fees, platform profit distribution certificate.

Distribution:

  • seed round: 10%-15%
  • private sale: 10%
  • Team: 7%
  • OpenSquare Foundation: 15%
  • Marketing & Research: 5%
  • Early bounties collaboration mining before mainnet launch: 3%
  • 45%-50% will be minted after mainnet launch, and please refer to the mining model for detailed ratios

NFT

With the development of the platform NFTs are planned to be launched. These NFT will give their holders some extra rights on a platform or, for example, extra rewards.

EVOLUTION STAGE

Testnet is planned to be launched in 2021 Q2, Mainnet launching in 2021 Q3.

Website Github Telegram Twitter

--

--

--

Polkadot Ecosystem: Weekly Digest and Projects overview. Polkadot Ambassador.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Insane Scope of Quant Network’s Market Reach

How Blockchain is Transforming Social Selling

What is Hashing in Blockchain?

What is Hashing in Blockchain?

Newsletter, 5th of October

Rubic has successfully integrated Instant Swaps on the Harmony network!

An Open Letter to Our Community on the Issuance of USDD, a Decentralized Algorithmic Stablecoin on…

Tech Companies Capitalising on AI and Blockchain

Loopring Bi-Weekly Update — 09/01/2018

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Polkadot News

Polkadot News

Polkadot Ecosystem: Weekly Digest and Projects overview. Polkadot Ambassador.

More from Medium

Polkadex Partners with RMRK on Crowdloan-Exclusive NFT Rewards

Kylin Welcomes New Tech Lead!

Bifrost 2022 April Monthly Report

Anchor Protocol and Acala Integrating to Unite Terra and Polkadot DeFi Ecosystems and Grow…