Starting next month, 1000.0000000000 KOI will be generated each day, and given to whoever’s content received the most attention in the past 24 hours.
As more and more people earn KOI for contributing, we will also expand the ability to request verifiable tasks related to enriching this archive, thereby creating an interwoven incentive mechanism to support longterm growth of public data.
The KOI Profit Sharing Community can be expanded to incentivise content creation anywhere where data can be stored immutably, and is beginning as an incentive mechanism to reward contributions to the Arweave Permaweb.
The First Three
The first three ways that KOI tokens can be spent for services will be provided as a core part of the protocol, allowing immediate utility of the token, and providing an example for future development.
A crucial part of modern democracy is polling and census data. The KOI protocol allows anyone to verify their identity and begin answering polling questions. The result will be written on the permaweb for all to see, and can serve not only as an anthropoligical tool, but simultaneously a voting mechanism for a wide range of subjects, ideas, or debates.
GET, Store, Catalogue
The existing internet already contains a wide range of subject-matter, reference material, and historical records. The process of retrieving this information, uploading it to the permaweb, and then cataloguing and tagging it’s contents will immediately provide value, and any party seeking to gather existing web data can utilize this decentralized commons to economically and efficiently gather data. (See getstorecat.com for an early prototype)
Indexing And Staking
The value of taste in good information cannot be understated. As personal and decentralized search agents gain popularity (i.e. The Graph, Fetch.ai, or PUBLC) it is becoming clear that there will soon be a market for a reliable map of the web, and that it will likely be a public good. KOI tasks can be set to incentivize community members to crawl a domain and record metadata, or even map the structure of an API for future tasks to consume.
All data gathered by the KOI Network will be stored permanently for a minimum of 200 years, ensuring that future generations have an accurate rearview mirror.
The KOI Profit-Sharing Community
Arweave’s native contract system (“Smartweave”) is executed asynchronously by the user, and the results are then stored at a very small “storage” cost relative to other public blockchains. Because of this, the throughput of the network is limited by the number of users, rather than the number of mining nodes, or their individual capacity.
With the current infrastructure, KOI will be able to support tens of billions of unique content-creation events per year, and this number can increase substantially as the core architecture is expanded
The KOI token marketplace will exist as a single contract within this ecosystem, and will enable the interactions of human and machine agents completing KOI Archival tasks.
The first and most important element of the KOI network is the ability for anyone to set up a wallet, at no cost to themselves, and begin earning KOI tokens. Human feedback is the most valuable commodity in the world, and KOI will provide straightforward platforms for participants to engage and be fairly rewarded, without the up front transaction costs imposed by other decentralized networks.
Some tasks are either too tedious or too complex to be done manually. In these cases, we allow KOI holders to stake their tokens and run an automated strategy. The machine agent is held to the same standard as a human agent would be, but may require a larger stake to operate.
Identifying Malicious Behaviour
Because the Arweave is permenantly visible to all parties, the result of a given survey or data gathering excercise can be calculated and cached by each party independantly. As a result, if bad actors are identified, even many years later, the record can be corrected almost immediately to remove their misdirection.
This cannot, of course, remove the second order effects such as the momentum of an election, or other more complex systems, so some activities may choose to require participants to stake for a longer period, or verify some kind of personal credential or offline verification process.
Trading and Delegation
Since the Profit Sharing Tokens (“PSTs”) are owned for the 200 year endowment of the data, and can produce dividends for the duration if they receive large amounts of attention consistently, they have the potential to be quite valuable, and the owner may desire to sell them, lend them, or otherwise liquidate them in the short term. In the event that this occurs, they have all the properties of traditional non-fungible tokens, and the Verto PST exchange already supports trading for this format of digital asset. This has the potential to create a futures market for attention, which could potentially result in very interesting insights and predictive models, since it effectively brings market forces to bear on the process of content value appraisal.
The KOI Protocol
The core protocol of the KOI network brings these parts together to form a decentralized marketplace where task completion can be directly verified by the existence of data on the permanent record.
Participants add data to the Arweave Permaweb, and receive in return for their contribution a profit-sharing token. This non-fungible ownership share entitles them to a “ticket” each time that the content it represents is read by a user of the permaweb, even if in aggregate.
Every 24 hours, one participant can trigger a function to release the daily 1000 KOI tokens as ‘Attention Rewards’ to each participant based on the number of tickets they have earned during that period.
Note: While 1000 KOI per day may seem like a substantial available supply (or highly inflationary), this is less than half of the number of Bitcoin per day (~1800) or the number of Ethereum per day (~14000), and requires useful proof of work, in the form of consumed energy to retrieve the data from the internet, as well as the cost of adding it to the permaweb.
As well as the core function of rewarding attention within the Arweave network, KOI will also serve as an added incentive since it can be used as a bounty to request certain type of content be added to the chain. When a bounty is set, the payer can also provide rules of the game, which can detail complex engagements that result in adding content to the permaweb, such as “The First Three” listed above.
We, together with the Arweave network, are building the library of the future, and it is completely open to anyone who wants to help. No longer will power or censorship dominate the pages of history, but it’s up to each of us to help in this process. We are also working on building tools to make it easier to browse this permanent archive, and would love to have your help, if you’re up to the challenge.