Please describe your proposed solution.
The concept of refer to earn is a referral system which is used by big and small corporations such as amazon, to leverage to power of marketers to grow sales and increase leads.
We want to implement this great marketing tool to the cardano ecosystem, starting with the stake pools.
As any other business, stake pools need customers (delegators in this case), to survive and be profitable. Our system will be designed to favor a win win solution for both stake pools and marketers. Here we need two parties that need each other but don't have an easy way to interact with each other:
1 - The marketers
The marketers have something that any business need which is the audience. The marketers are be youtubers, blogger or social media influencers. They have the audience and need to monetize their audience.
2- The stake pool operator
The cardano blockchain runs on a proof of stake mechanism, which means that we need stake pools operators to validate transactions and maintain the the security and decentralization of the network.
However, stake pools need to attract delegators to survive, which require marketing skills. Unfortunately, most stake pool operators have only technical skills and need help to attract delegators.
Our solution to this problem
We aim to use smart contrat to facilitate the interaction between the marketers and the stake pools operators. A marketer will be able to send his audience to a stake pool in exchange for a cut on the stake pool revenues. We decided to call this system: Refer to earn.
This system will benefits:
- the stake pool
- the marketers
- the cardano ecosystem
- the whole cardano community.
How our protocol will benefit the cardano ecosystem :
The cardano network is in its scaling phase. It means that more dapps will be deployed which, should bring more users and hence more transactions.
However, for the network to remain decentralized, we will need more stake pool that will validate transactions and secure the network.
Our goal is to help the stake pool operators remain in business by providing a proven and effective marketing system.
Our key metrics:
- help stake pools get more delegators
- bring more users to the cardano network
- increase decentralization and security
- facilitate adoption
How do we plan to scale:
We do not plan to use catalyst for future fund as this project should be able to sustain itself once it's up an running. We plan to take a service fee which be enough to run the business.
In the future, we will consider applying our protocol to other cardano businesses such as marketplaces.
This is the exact same method used by amazon and major fortune 500 companies, to attract new costumers at scale. Now we have found the opportunity, thanks to cardano smart contract, to implement this system.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Our dapp is an interesting add to the cardano ecosystem. There are many marketers out there looking for opportunities to monetize their audiences. Our dapp will help them come to cardano and earn $ada thanks to their audience.
We also plan to develop marketing courses to help new members learn how to build an audience online.
On the other hand, stake pools will benefit from this system by gaining more delegators and minting more blocks. This will help the cardano network to more decentralized and more secure at the same time.
We plan to start with the stake pools but, our system will be applied to other business verticals such as NFT marketplaces and other cardano protocol.
Altogether, we address this challenge by creating a dapp that will add massive value to the cardano network. The dapp will help stake pool operators, marketers and will increase the security of the cardano network.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
At the moment, the only risk that we have considered, is not having enough funds to develop our protocol.
In order to mitigate that risk, we have plan to sell NFTs to fund the project.