The achievement blockchain
A few weeks ago I submitted my idea to the Lisk Builder Program for a Proof of Concept on the theme of identity. In this post I will present you the project.
FeatChain
Introduction
This era of our civilization has seen many sources of information popping out, some of them are trustworthy, others are not. It is also an era of competition, people are being challenged in several aspects of their life.
When one achieves great things he may want to advertise those feats. Unfortunately one who didn’t achieve something may want to pretend he did. It is as easy as writing a few lines on your resume or update your profile on social medias. It is time consuming to verify those information and you may heard back from the different authorities weeks later.
FeatChain proposes to be a verifiable single source of truth for people’s achievements.
The need for a blockchain
As we mentioned, it is important for the verification process to be fast. One way to achieve this velocity is by having an authority service that gathers all records. The trust you put into this authority immediately becomes an issue as it can forge records and sell them for its own benefits.
A blockchain has become the natural answer to create a trustless authority.
Marketing
Issuers perceived with very high value are prone to higher rate of fraud. Institutions like top-ranking higher education establishments want to protect their image and therefore will likely be interested in such blockchain. This will drive the first token purchases and will dry the supply quickly. As notorious establishments register it will become a sign of prestige to be registered, it will add perceived value to the feats your institution delivers. This will increase the interest in the coins and therefore its value.
Economy
The integrity of a blockchain is preserved by giving participants in the network the incentive to behave appropriately. A good blockchain economic is therefore a guaranty to a safe blockchain.
The token name is proposed to be FeatCoin – FC.
It is proposed to create a hard deflationist economy with a very low initial supply, low rewards and burned fees.
It is proposed the following actions require a payment to the network :
- Register as an Issuer – 5000 FC
- Register a Type of Feat – 50 FC
- Award someone a Feat – 10 FC
The high cost of registering an issuer will discourage the creation of fraudulent issuers.
Fees are burned, not distributed to the delegates. The delegates are rewarded 1 FeatCoin per forged block to participate in the network.
The velocity required being very low, a block time of 10 minutes is enough.
52560 blocks will be forged every year therefore only a few institutions can register and award feats. As the registrations goes on, a fork may be done to increase block rewards and therefore unleash some economical potential.
Technology
FeatChain blockchain will use the Lisk blockchain technology.
Every issuer will be a multisig account to ensure access is not lost.
Each Type of Feat will be an asset within the issuer account.
Every person who wants to be able to receive an award will be invited to create an account with his personal information. This account will hold every award as an asset.
A web frontend will be made available using React.JS and the domain featchain.com.
An URL will be dedicated to visualize records to enable fast verification from a social media link or a QR code put on a resume for example (never give up).
A later release could see the use of a signed message to verify your are the owner of the awarded account. I.E : you are interviewing a candidate, you ask him to sign a message of 7 random letters, he emails or text you the signed message so you can verify directly on the page the signature is ok.