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Review of community proposals for Decentraland's art and applications
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Cross-chain Functionality: Queries, Interactions, Swaps, and Transfers #63

Open ExistentialPrime opened 6 years ago

ExistentialPrime commented 6 years ago

Cross-chain Functionality: Queries, Interactions, Swaps, and Transfers

Purpose:

To allow holders of other Ethereum Tokens to be able to use said tokens in the Decentraland virtual world.

Description:

While MANA will be king in Decentraland, plenty of use-cases exist for allowing users to exert influence via other types of Ethereum tokens. I propose a system that allows a user to utilize other tokens stored in the address that holds their MANA. Four basic functions come to mind for the first iteration:

These four functions cover the lions share of uses that would enable some amazingly cool content not based around MANA. While Ethereum tokens are the low hanging fruit, there is no reason such a system couldn't be extended to include other entire cryptocurrencies such as Bitcoin if desired.

Use-Case: The Musiconomi Music Lounge

This entire proposal was drafted around my concept of a perfect use-case for the Decentraland platform: a virtual Music Lounge built and run by the Musiconomi team. Consider the following scenario:

A user walking through the Music District spots a particularly stylish building emblazoned with the words 'Musiconomi Music Lounge'. Due to implementing sound ambiance from one of the previous proposals, they hear a catchy tune drifting out of the entrance. Curiosity piqued, they walk up to the front only to be stopped by an attractive virtual hostess asking to see proof of ownership of a required number of MCI tokens before she allows access. Not having heard of Musiconomi or MCI tokens before, the user is allowed to swap some of his MANA for the requisite number of MCI tokens, at which point the query is fired again and returns successfully, granting him access to the members-only lounge.

After hanging out for a while listening to the current featured artist (who happens to be another live Decentraland user and MCI artist/band currently renting the lounge to showcase their music), the user decides they want to purchase the album. They have the option to pay with MANA as per normal, but they can also use some of his leftover MCI if they want to (albeit with a slight price markup). After buying the album with MANA (which they can now listen to anytime in Decentraland thanks to yet another implemented proposal), they tip the band a few MCI on the way out for their effort and continue on their way.

Cross chain functionality might be a great use for some of those incentive tokens allocated for outreach. Incentivizing teams with free grants of land and some MANA to bootstrap their storefronts or lounges? Hell ya! (Full Disclosure: I'm a Musiconomi dev and would love to be able to do something like this in Decentraland.)

ekelmenson commented 6 years ago

Great proposal! I think you're right on the ball. I'd like to get some additional info from you. Please get in touch via Decentraland's Slack (ekelmenson) or include your Slack username in your proposal. Cheers!

ExistentialPrime commented 6 years ago

Thanks! Followed-up via slack. I'd be interested to hear if anyone else has thoughts on the topic as well. Please post your replies on this issue and lets get the discussion going!

EmmaMakhno commented 6 years ago

🎻🎺🎹🎶🎵🎼🎤👍

Swaps: Allowing users to swap tokens (ex. MANA for GNT) would effectively let users 'buy' MANA from each other in-game in a completely decentralized manner. This can be enabled via atomic token swaps, possibly in conjunction with implementing a state channel framework such as Raiden.

Please this!