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nekomeowww
Call for founders: Disrupt the music industry with the permaweb and profit sharing tokens
What is the permaweb?
The permaweb is the new, decentralised, and permanent web built on top of the Arweave network. The permaweb enables builders to launch new forms of web services, backed by fairer and more equitable organisations. You can check out some of the amazing profit sharing community apps already live on the permaweb here.
How does this work (for founders)?
This contest is for you to build your first permaweb app and community, inspired by the idea outlined below.
There will be three winners of this contest. Rather than receiving a traditional flat reward, winners of the competition will sell a portion of the tokens in their new profit sharing community to the Arweave core team and potentially others. We are excited to become your first external backers!
During the contest, any other members of the permaweb community that are excited by the idea and your build can also signal their interest in purchasing profit sharing tokens from the apps. Once the contest is over, valuations will be calculated based on the entire pool of interested capital purchasing a 20% stake.
As a founder, this mechanism ensures that you receive a minimum valuation for your app if you come first, second, or third, in the contest, but also allows you to gain a higher valuation if there is additional community interest in your project.
After the competition and token purchases are complete, you will still own 80% of the profit sharing tokens in the community backing your service. This will allow you to further build and expand on your permaweb app, bring in new community contributors, builders, and stakeholders. The core Arweave team may also offer to purchase additional profit sharing tokens as your application gains traction post-launch!
How does this work (for token purchasers)?
As a community token purchaser, this new mechanism allows you to support high quality permaweb apps alongside the core Arweave team at a fair market valuation, as they are being built.
If you would like to signal your interest in purchasing PSTs from apps in the contest, simply reply to this Github issue! Alternatively, you can contact a member of the core Arweave team via team@arweave.org. Remember to specify how your desired purchase size (in USDC terms).
The Permaweb App
The following is simply a guideline for the type of application we would like to see. Feel free to iterate on it and explore different approaches with us on the Arweave developer Discord server!
Elevator Pitch
An ownerless BandCamp-like platform on the permaweb, where revenue sharing is effortless and participants are incentivised to find and share great music with others.
Ok, so what is it?
A web application where musicians can publish their music, which can then be streamed by listeners. If listeners would like to download the high quality audio locally, they must pay a tip. Unlike Bandcamp, however, tips are distributed to a profit sharing token (PST) generated and initially owned by the artist.
After an album has launched, the artist can sell parts of this profit sharing token (via normal PST exchanges like Verto) to others. This allows the artist to monetise the future profits from their work at any time.
Tipping dynamics
When an artist initially uploads an album to the streaming platform, a small tip (=<3% of the AR storage cost) should be sent to the profit sharing community that built the platform to remunerate them for their work. Further, a small portion (=<2%) of the tips given by listeners should be sent to the community's profit sharing token. Finally, ~1% of the tips given by listeners should be sent to the gateway that has served the traffic, in order to remunerate them for hosting and providing bandwidth.
Core benefits over existing solutions
Feature ideas
While the core judging criteria for this contest is focused around which permaweb app we think will receive most usage in the future, here are some ideas for useful features you may consider adding:
Additional Rules
If no published apps (or fewer than three) meet the rules outlined above, there will be fewer (or zero) winners.
We are here to help you build your idea for the bounty, Join us on our developer Discord if you have any questions!
Resources
Don't forget to join us on our developer Discord server to chat and get feedback/assistance from the Arweave core team and community!
Submission Process
Submission Deadline
11:59pm EST on October 2nd, 2020.
Judging Criteria
The token purchases will be made in the applications that the Arweave core team believes are most likely to generate the highest volume of usage and tips over the long-term. Factors of this decsion include...
Product Proofs
Team Proofs
Technical Proofs
Purchase Announcement Date
October 9th, 2020.
HAPPY HACKING!!