02 Aug Symbol blockchain news update – 02/08/21
It’s Monday again, hope that your week is off to a good start! Apologies for typos in this Symbol Blog news update I needed to get it done quickly and then get some work done! 😆
QUEST – rewards for streaming challenges
So there is a lot of buzz on Japanese Twitter about QUEST today.
I will try to give you some more background and hopefully I will be able to convince you that this is a really cool concept and that you should support it!
The concept
It seems that this is a new platform that is developed on Symbol and will allow users to stream themselves e.g. paying video games (or any other activities really) and receive tips, known as “boosts”, from viewers. Unlike other similar platforms there is a real monetary incentive to take part (you get paid in XYM!). It also requires the performer to successfully complete the challenge that they set themselves before receiving any boosts from their viewers.
I think this is a really cool idea! They also provide a nice visual representation – this (and the main website) are in English as well as Japanese!
How it works
To explain the concept in a little more detail.. The streamer is the performer of the quest and the viewer watches the performance. The viewer has the option to tip the performer and the tips from each viewer are stored in the “quest vault”. This is where it gets interesting..
The performer has to complete their “quest” before the funds are released to them. E.g. the performer might set themselves a task of finishing a game level within a specified time limit or to beat a game in a single playthrough or show off their sporting prowess by making a difficult shot or performing a skill a certain number of times in a row. Really the possibilities are endless here.
There is then a decision on whether the conditions have been met before the quest vault is distributed to the performer. If the conditions are not met then the viewers would receive a refund for their “boost” rather than the funds going to the performer.
There are three quest validation options available:
- That they trust the performer to do the right thing and decide themselves whether the conditions of the quest have been fulfilled. This requires a lot of trust in the performer and presumably there will be some kind of reputation system to give some degree of confidence to the viewers that this performer can be trusted. Alternatively this might be used for friends watching friends where they know the performer and trust them.
- All viewers can vote on whether the performer completed their quest successfully. If the majority vote says that they did then the funds are dispersed to the performer. If not then the boosts are returned to the viewers.
- The viewers vote (as in option 2) but then an additional verification is required by the viewer to confirm that the quest was successfully completed. I am not 100% clear how this works, presumably there is one lead viewer who makes this decision. They have 24 hours to make a decision and if none is made then the funds are returned to the viewer.
- Here again I think that a reputation system would be needed. Also perhaps rather than defaulting to a refund after 24 hours, if no decision is made by the viewer it would be better if the funds are returned to whoever had the majority vote (be that the viewer or performer)
Release
I am pretty excited about this platform and it is due to go live on mainnet on 16th of August! Not long to wait! It is already available on testnet so please go check it out and support the project! If this takes off then it will add some real value to the Symbol network so spread the word and if you have a talent to show off then monetise it on QUEST!
Congratulations NEMedia!
Just wanted to say congratulations to @AI27982784 and to NEMedia! They are a relatively new blog, I think we started at around the same time and apparently they attracted 3,487 readers and 8,211 page views last month! That’s pretty impressive for a brand new site. We are still a little way behind but we will try our best to catch up! 😊
The Wolf Farm
We have talked about the Shin-Kuma node before on the blog (most recently here) and this seems to be a similar concept set up by @TrendStream. The details are outlined here in Japanese but in short, node harvesting rewards are distributed to worthy causes with funds going to projects that are supporting and spreading awareness of Symbol and also to animal charities. July’s funds were split between the Shin-Kuma node, Symbol Node List and a cat charity in Japan.
I have always been a great believer in delegating to nodes that are doing something for Symbol (rather than just the node owners pockets). A shameless plug here – if you would like to support us you can do by delegating to our node too.
School of NEM
Two lessons today sent in by @alediemmee and @SamiurR76186237 describing PoS+. Here we learn that harvesters that are (recent) active users of the network receive a boost in their importance score. This is an important improvement on traditional PoS where “whales” are rewarded for holding vast sums of funds. To be honest I think that the “+” of PoS+ does not have a huge impact on harvesting rewards but it does boost importance of smaller holders more (relative to their stake) than the larger accounts.
Thanks
Thanks again for reading! As usual please send in news either via Twitter or email and I will try to feature it on the blog.
I’m a Symbol and NEM enthusiast and run this blog to try to grow awareness of the platform in the English-speaking world. If you have any Symbol news you would like me to report on or you have an article that you would like to publish then please let me know!
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