OST Alpha 2 Proof of Concept Halfway Point
My halfway video for OST’s Proof of Concept program
I was recently accepted (along with 141 other entries) into OST’s second alpha program. My submission involved creating a token economy (using OST’s platform) that enables some form of mutually beneficial cross-selling.
The idea was to mirror how social media works as far as audiences and attention. By selling other peoples’ products, people with large audiences can boost the following of those they include in their shop.
I wasn’t sure how to achieve this fully, but I felt like tokens were the key. Since then, I’ve fleshed it out, and I’m really excited to prove this idea and share everything.
I think I’ve found a way to align incentives for all parties and create a fair and valuable economy. The only way to know for sure is to build it and see what happens.
#OSTa2 Halfway Video Submission
What I’ll Show as a Proof of Concept
To start, Store A will have some RSS tokens in her wallet. She’ll also have a few products listed for sale.
She’ll then “offer” tokens to anyone else sells her product in their own store. To offer her product for sale in the marketplace, she decides how many RSS tokens she’s willing to pay the seller.
Once she offers RSS tokens, she actually sends her tokens to a central pool of tokens. When someone else sells her product, they receive their tokens from that pool. Or, if she revokes her offer and removes her product from the marketplace, she gets those tokens back from the pool.
If the product sells out, it’s marked as sold (or automatically removed) anywhere it’s listed, so there won’t be double payout of tokens. This also means Store A’s offering is per unit of inventory.
Store B will then add Store A’s product to his store.
This will ultimately be done by pasting the product link or browsing a marketplace. For the demo, I’ll probably skip the actual marketplace, but that’s obviously an important component for this idea to work in the real world.
Store B sells Store A’s product alongside his own products, but checkout only happens once for the customer.
Next, a customer will buy Store A’s product from Store B, and the tokens will be transferred from the main pool to Store B while Store A gets paid just as if she sold the product from her own site.
Now, Store B has tokens, and he can offer his own products to the marketplace. If the market believes they’re good products, and if he offers a fair amount of RSS tokens to sellers, then he can earn real income and sell more of his products without focusing directly on sales.
My hope is that this will help makers and other “side project-ers” earn more money doing what they love.
Look out for more updates as things progress.
100 Developer Slots Available: Earn 50,000 OST Per Project!medium.com
(Avatars in the proof of concept images are Designed by Freepik)