26 Questions You’ve Always Wanted to Ask WOM
We are often asked to take part in AMAs on Telegram. These are great because we get to hear candid questions from the crypto community and see different perspectives that challenge our way of thinking.
In our latest AMA with @crypto_thai and @bill_grimes in the Gem Collectors Telegram community, WOM’s CEO, Melanie Mohr, CPO, Chris Hardaker, and CTO, Francis West, were asked a treasure trove of great questions from the hosts and group members. We’ve compiled a handful of these into the following roundup of the 26 questions you’ve always wanted to ask WOM.
These are a snapshot of the considerations on people’s minds about our project at this moment in time, but are in no way a definitive list of questions about WOM. We will continue this series with more AMA roundups and responses to community questions as we go.
On The Project…
#1 Let’s start with the use-case. What is the WOM Protocol?
The WOM Protocol is scaling an entire ecosystem enabling monetization of word-of-mouth recommendations for brands, creators, and publishers. It is live and being tested with more than 900 brands — including adidas — and platforms with a network of hundreds of thousands of creators and authenticators.
#2 Why should someone buy WOM and use the platform?
We’re in the market now, building, developing, revising and teaming up with incredible projects and communities. These days actually being a live, working and usable project counts for a lot. It’s so different to engage with real communities, rather than have everything on a white board!
#3 How did it start and who is behind ‘’The future of marketing is Ad-Free’’ project?
Toward the end of 2017, we were implementing a points-based rewards and loyalty program in social commerce platform, YEAY. As we spoke with our young user base, we learned that cryptocurrencies and tokens were much more appealing to them than a traditional points system.
We then explored the true potential of a rewards system that incentivized authenticity in content and realized that we were creating something much bigger that could be used by many more platforms than purely the YEAY app.
The WOM Protocol (which stands for the Word-of-Mouth Protocol) was born and we’ve spent until now developing the economics, incentives, apps, a crypto bridge and all other parts necessary for creating a blockchain-based ecosystem.
#4 Isn’t the whole crypto scene usually more under the radar in the mainstream world?
Thankfully we’re seeing that change, as some projects (ours included) are breaking into the mainstream vox. We’re seeing interest from people who we’d traditionally not hear from and things are changing.
#5 To start a project like this it’s quite hard to begin without any funds. What makes it possible to gain traction over time especially in the beginning days for WOM?
I think we would not have survived the crypto winter without backers that have known us as a team for a long time. This is where trusted relationships built over a decade were key. We have amazing “investors” — I like to call them early supporters — and we decided against launching an ICO/IEO. We have very strong institutional partners, angel investors, VCs and family offices and these all have their own amazing networks of portfolio companies. A lot of them come from the traditional space and some are highly crypto / blockchain savvy.
#6 Looking at your vision of an ad-free future for marketing, how can WOM generate revenue to successfully drive business plans, marketing, exchange listings and so on?
WOM has no business model. Ethereum and Bitcoin also have no business model. It is infrastructure tech made for a very specific use case — a new ecosystem for marketing products. This infrastructure helps social networks and ecommerce platforms and creators and content authenticators monetize in new ways through authenticated word-of-mouth content.
#7 Where is WOM currently listed?
The WOM Token is currently listed on four top-tier exchanges, including Bithumb and Bithumb Global, KuCoin and Liquid Cryptocurrency Exchange.
The WOM Token is also now listed on cryptocurrency exchange, Gate.io, following successful participation in a Premier Single Listing Vote.
On Technology…
#8 So WOM Protocol users who create word-of-mouth content get rewarded with WOM Tokens, for example, through the YEAY app?
WOM is the core of the authentication process in that it creates an independent authority. YEAY is a participating app that facilitates content creation and the creators are rewarded with WOM Tokens. Content is created without the demand or without prepayment meaning the recommendations are only made by people who believe in the product.
Brands can then use these recommendations outside of the YEAY app. We have tools that they can use to display the content in their own websites, and we are even working on a solution where these recommendations can be promoted on partner websites and even in-store displays.
#9 Are the WOM Protocol and the YEAY app bridged together in terms of development?
The two systems are integrated, however, they are connected via a method where any company can integrate as well. The system is designed to support YEAY as well as YEAY competitors and there are also many ways for YEAY to cooperate with these companies as well.
The WOM Authenticator app allows users to rate content — word-of-mouth recommendations. Everyone can earn WOM by rating content, while consensus mechanisms filter out the good, trustworthy content which can then earn WOM based on engagement across all sorts of platforms.
So far the WOM Authenticator only pulls this content from YEAY. In the future we expect more and more platforms like YEAY to integrate the WOM Protocol to monetize and help their creators get fairly rewarded. These additional integrations will enable content from their platforms to also pop up in the WOM Authenticator app.
#10 Is there a dashboard for using the WOM app?
Yes, we are working on providing full integration, curation and documentation via web administration tools. The WOM Campaign Manager is already being tested and if you sign up on our website you can get a live demo: https://womprotocol.io/campaign-manager/
#11 It is stated there will be a DAO system set up for WOM, how will this DAO work in detail? What can be voted on by users? And how can you vote?
As the protocol matures to the point that creating a DAO becomes viable, we’ll likely assess which network to build upon (there’s more than just Ethereum these days) and basically create a contract that implements it. The whole thing is designed to be a contract anyway.
The users can currently vote on video content — mainly mobile — however it could be used to vote on any form of digital media. In the case of a DAO you would likely pass your vote to the contract, with your stake, and it would be recorded on the blockchain.
We’re really trying to create a stable product / infrastructure / experience and then test, test, test in the real world, and then begin part-by-part to create decentralized equivalents. The entire industry is only ten years old, so there’s much to be done in terms of the technology needed to build these kinds of complex projects. Rather than wait we can get going, with full decentralization in mind, using simple ERC20 tokens, knowing that we’ll be able to migrate to decentralized tech as it becomes available.
On Design…
#12 Could you explain to us what the Tokenomics for WOM look like and how it works?
This is complex as there are many facets regarding the authentication process and the payment processes. A lot of research went into this and we were very lucky to work with super smart token designers, such as Blockchain Economics Designer, Daniel Wingen, and Token Engineer, Stefanie Von Jan, and many great minds came together to bring this project to life. The best resources for a deeper dive into the WOM Token economics are the white paper and economy paper.
#13 No one really likes annoying ads on websites and the WOM Protocol provides an ad-free ecosystem. But for content creators their primary revenue source is via ads, so how does WOM Protocol solve this major problem?
Recommendations are not ads. The people who make these are not paid for them. We also use them where you would expect ads to be placed. The end result is that these are people like you talking about products they love. They are genuinely entertaining.
Instead of an ad a creator makes an authentic product recommendation and can immediately earn from the recommendation once the content has passed the WOM authentication process. Until that point, no brand pays in. However, brands can access the content and can put additional marketing budget behind it. Therefore the content creator and the platform have an opportunity to earn more. Part of the marketing budget goes back into the community fund to reward other honest and non-brand sponsored content.
#14 How do you incorporate feedback and demands from the community into the development of the WOM ecosystem?
We get a lot of feedback from users and from our community on Telegram. We also get feedback from brands that are currently testing the WOM Campaign Manager, as well as from influencers. The current YEAY House influencers have provided a full document on ways they would like the platform to improve and a lot of their wishes are already in execution. All feedback is taken seriously and we continually listen to, and act on it. Usually we see patterns in that feedback, certain things people are saying that need to be addressed first. The key is to simply pay attention. Every suggestion goes into our list of ideas. We are still doing a lot of core work, but great ideas make their way through quickly. We never throw away an idea. :-)
#15 The payment for the content creator and validator is determined by the WOM algorithm, so what is the role of brands in this algorithm? Do they put an amount of WOM Tokens in a pool, or how is the final price defined?
Brands can add additional inputs into the algorithm that chooses videos to show users. They pay a fee for every time this video is influenced. Typically, this is a multiplier that means instead of something like “I like videos about [insert brand]” adding a point to the sort value, they can pay to have this mean 5 points and therefore jump up the playlist.
There are ways they can pay to use the content in different ways, so each has a different tool. You can see the possibilities by signing up and taking a live demo of the WOM Campaign Manager.
However, everything brands do requires payment. This payment is distributed to the creator and the people and organizations that are involved in delivering that video.
#16 There are some people who, due to their fame or previous reviews, would be more likely to be listened to by the community — do you have any type of meter that lets others know the reputation of the people who are making the reviews?
As a user, you can see all the work a creator has put in and their view counts and so forth. Our algorithm follows your tastes, so if you like one influencer’s video, then you will see more of their videos. You can follow the influencer and their latest video will come up first. There is also a system where you can join their team and gain more access to them and even be mentored by them to become a creator yourself.
#17 I understand the function of a collective authenticator, but what is it as an entity, a group of people, an algorithm?
Authenticators are the group of people who determine if content is worthy or not. The algorithm makes sure that the incentives are properly positioned, and that the process is difficult to subvert.
#18 How many authenticators need to see a piece of content before it is released? How is this determined?
Currently three WOM Authenticators need to see and rate a piece of content before it can pass WOM approval. Limiting the number to three allowed us to get the project off the ground, but that number will now increase. It will be determined on volume, with a low-end cut off.
#19 The WOM whitepaper says that creators need to stake WOM Tokens to be audited by the authenticators and, if this goes well, the creator may be rewarded. Does that mean that it is not 100% certain that a good content creator will be rewarded?
This is a way to make sure that everyone is behaving positively. For example, if a creator spams the system with useless content they will be punished by losing the stake. They can get the stake back and earn WOM when they create a trustworthy, quality word-of-mouth product recommendation.
On Security…
#20 Security is on everyone’s mind, especially after we witnessed one of the largest hacks in history with Pickle. How does WOM provide a secure platform when so many vulnerabilities have been exploited in similar projects?
Much like any other project that takes security seriously, we test, we expect a perfect-knowledge attack, we monitor and we act quickly when we discover any potential vulnerability. It’s a 24/7 365 day a year process, it never stops. You can’t have perfect security, but you can have a higher probability of it.
#21 Is there any guarantee that any content I make and upload to WOM’s platform won’t be misused for illegal purposes?
Anyone gaining access to your video must sign an agreement to gain that access. Where possible, we stream from our servers only. However, the biggest thing we do to stop other use is by making (almost) everything possible to use the content the right way rather than using it the wrong way.
#22 Does the WOM Protocol have a “strike system” like YouTube? How do you manage users who upload inappropriate content? Do you delete this or do you just demonetize the content?
All content is viewed by a person before it makes it onto the platform. When it is submitted to WOM for authentication, it is screened again. In addition, any user can report content as inappropriate. A single complaint will cause the video to become invisible. We review the content again and can delete it permanently.
We also have a strike system for those who misuse their complaints. If they are consistently wrong, or use this power maliciously, we can remove this person from the system.
On Foul Play…
#23 Are you afraid that people will rate/recommend products to others because of the monetary reward?💰
The system encourages valid opinions. We use statistical methods to find a true consensus and detect any collusion. It is actually also financially beneficial for reviewers to be honest as trying to game the system has the potential for massive negative outcomes for them.
People will always try things like that and we build these protocols assuming that kind of continual ‘attack’. We have made sure the incentives are positioned correctly and the protocol is aware of these kinds of vectors. It’s a constantly evolving process.
#24 You talk about influential people who make money by advertising products. How will WOM prevent this from happening on your platform? I mean… if influencers enter the platform, could they still make a lot of money through advertising?
No one can see who the authenticators are. It can be anyone. It could be someone from an influencer or creator’s community (one of their followers) but it could also be other people. An authenticator can lose a stake if he/she is not in consensus with the majority, so purely doing someone a favor — or intentionally trying to boost an influencer’s content — can lead to losing WOM stakes. That’s the ‘incentives’ thing, you can’t completely stop bad behaviour, but you can de-incentivize it.
On Reflection…
#25 What has been the biggest lesson learned (i.e. greatest ‘mistake’) in the process?
YEAY and WOM needed to be built simultaneously. The solution is very complex. YEAY alone has 11 discrete products / services, whereas WOM is currently at 4. It was crazy hard to keep everything connected and integrated and progressing.
We learned that a strong team beats strong skills. We also learned something about making assumptions over user behaviors. Don’t :)
#26 What has been the biggest milestone?
Launching our crypto bridge and connection to the ERC20 WOM Token was a huge milestone for us.
As was the moment when our video creators were paid the first WOM Token for videos created and viewed on the YEAY platform, fully under the control of the WOM Protocol. This was huge as people, regardless of who or where they were, were getting a fair payment for their work. It was VERY satisfying… one or two beverages were consumed that day.
Last month a YEAY user purchased a coffee with WOM Tokens — that’s another milestone moment.
Thank you for all the brilliant questions we’ve received so far. Melanie, Chris, Francis and the team are always happy to answer more questions and you can share them directly in your local Telegram group or in the comments below.
