As usual, a sudden thought in the middle of the night when you don’t get sleep,
As the concept of our WSB token is evolved from channelizing community decisions, we can extend our voting rights to our most common discussion like which stocks or crypto have more favorites like how we have voted for choosing rights for ETP.
This is definitely not new but if we have some WSB faucet system this will open up more opportunities for people to vote with WSB.
Ideally, we need WSB token to show the strength of your decision and some minimum BNB to cover the gas(I think this can be ignored with off-chain voting). So if we could set up a WSB faucet to get some like 0.1 or 0.01 WSB token which can be used for voting that would be a powerful usecase and I believe below are the benefits,
Great use-case to show ape’s favorite choice if we count 1 vote for each address instead of no. of WSB tokens holding in the address.
Of course with the help of faucet, no one needs to buy WSB to vote their favorites
More use-cases for WSB and very much aligns with the WSB’s vision
Getting more people involved with WSB
More token holders
Only initial cost setting up for the faucet system and some WSB token
Path to more DAO decisions If we can get this simple use case going
Hi @mavee33, thanks for taking the time to make a suggestion.
Just to check I’m grasping what you are suggesting, do you mean that there should be a faucet where anyone on the internet can get free WSB tokens, which will increase the number of voters and get more people involved in voting? Or, am I way off?
You got it! on the whole yes! essentially funneling the community discussion in to proposal and voting with WSB. As a common man I would like to know what most people liking/voting about a particular or group of stock, crypto or anything.
Hi @mavee33 , thanks for clarifying!
Personally, while I think your idea is a noble one, I’m not sure it will work for a project like ours that has a lot of complex financial tools like ETPs on offer.
Offering a faucet would not only dilute the value of the WSB token, which has it’s own set of issues for people that have already invested, but it would allow too many attack vectors for people with malicious intent, if the token is simply available like that.
I think there is a place for faucets, but typically it would be on offer before a project launched.
That’s my two sats
Well I value your concern but like to clarify too. The value of each faucet claim should be minimal like $0.01 equivalent of WSB token as I mentioned above. So even if there are 100k claims the total spend will be $1000. I think these range of expense should be worth for crowd marketing like this.
Also there are lot of standard ways to stop malicious claims like captcha verification. Today most of the blockchain faucet system already working well by keeping the value low and verifying only human claims.
Hi @mavee33 , thanks for clarifying. Have you got any links to projects which are using this system?
I know of faucets, but they are usually on test networks like ropsten and rinkby, and are used for experimentation.
Even if the value of the tokens is low, the issue is that a malicious actor or group could easily hijack community votes, that’s why it’s crucial that everybody voting has a vested interest in the project.
It has been widely acknowledged by a lot of people much smarter than myself, that even the token holder voting method is not ideal, and that perhaps a delegated model works better with even less people voting. It’s been shown that in most DAOs, most of the community doesn’t necessarily want to be voting on every policy change or move, and that it’s better to delegate this responsibility to somebody you trust.
I recommend this piece from Vitalik Buterin on the topic. Moving beyond coin voting governance