This project aims to explore an incentive structure with curved token bonding, using blockchain oracles to verify impact. Individuals can submit a claim to their work, which will be reviewed by the organization and assigned a score. If the goal is met (as verified by the oracle), individuals will be rewarded with a token proportional to their accumulated score. The steps work as below:
- Government funds the Reserve Contract (owned by NGO) expecting them to achieve a milestone such as lowering the AQI value to let’s say 100. The Reserve Contract will calculate the amount of tokens that will be minted as reward for the milestone.
Individuals will help in the cause daily by doing activities that helps in reducing air pollution. They will upload their picture on the dapp. When uploading, the file is store on IPFS and its hash on the blockchain. Their claim to help the cause will go to pending state and then NGO owners/organisers can verify the picture and reward a point to the individual.
- The NGO contract periodically calls on the oracle to get AQI (air quality index) and check if the target is met or not. Besides this periodic call any individual would also be able to call the method of checking the AQI value given that they pay 1 LINK for the call.
- When AQI value is below the target, the NGO contract will automatically call the Reserve Contract to distribute/mint tokens to individuals who helped achieving that goal. The amount each individual get will be proportional to their score.
Individuals will be able to convert their tokens anytime to ETH(real money).
- Now after achieving the target the government can fund the contract again for Round Two with new target value and then more tokens will be minted for next set of contributors.
- The reason for using continuous token here is because early contributors will earn more profit as the project gets more funding. This creates an incentive to help early. Other than government, any individual can donate ETH to the project but he will not be able to set the target AQI value.