January 5, 2022
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The purpose of our project is to create a viable economic model for funding and investing in public goods and digital content (articles, books, research, open-source projects, videos, and so). If Web 1.0 is the base layer of the internet, Web 2.0 the dynamic/social layer, and Web 3.0 the trustless data layer, we view Web 4.0 as the credibility and economics layer for digital content.
Through the Web 4.0 Ecosystems users (Validators) will be able to review the credibility and relative importance (impact) of any online Post (article, book, video, open-source, etc.) using a Proof-of-Value mechanism.
The Proof-of-Value mechanism works as follows: for any Post online, a Validator performs an initial validation to establish the expected Credibility & Importance Scores (CrS & IS) of the Post, other review fields, and a self-review of the Scores of the Review itself (if a Validator is reviewing an online scam, for example, the scam can have a negative Score, but exposing it may have a high value for the ecosystem - thus the self-review will have a high Score). Initial Reviews are then sorted according to their Importance Score and additional Validators are assigned at random (to prevent collusion) to the most important Reviews (Posts with expected high CrS & IS are assigned more Validators since more expertise is required to assess the Post).
For each reviewed Post, Validators rate the credibility and relative importance of sentences within the Post and provide sources to back their rating (reviewed sources with a high CrS further strengthen the rating), review the context of the post, categorize the post into various topics, and cite other Posts that the reviewed Post relies on (once the Post is validated and receives tokens, the cited Posts will receive a portion of the tokens based on how much these influenced the reviewed Post). Each Validator’s review will be weighted by their expertise in the topic(s) related to the reviewed Post (defined by their CrS & IS in the topics). The content creator(s) will receive tokens based on the CrS and IS of their Post from the review of validators (WEB4 Tokens = Credibility Score x Importance Score). These tokens are released over time, to minimize the possibility of users gaming the system (rate of release is faster with higher total expertise score of Validators). See full description of review mechanism in the project’s White Paper (WHITE PAPER – Building Web 4.0).
Users will be able to request funding for their project (from other users in the ecosystem) in exchange for a portion of the expected value of the project - thus creating a sustainable business model for funding any type of digital content (public goods, open-source projects, scientific research and so on).
There are many aspects of the project that had to be resolved to create a functional system, including: creating an incentive structure that promotes accurate review of content; disincentivizing collusion attempts or other efforts to game the system; maintaining all the benefits of a system based on credibility while maximizing user privacy/anonymity (while disincentivizing sybil attacks); system economics, and so on.
Building Web 4 is being built on Polygon (Blockchain Backend) + Arweave (Blockchain “Database”) + React.js (Web Frontend)
Finalizing Project Component Diagram. Detailed outline of the entire project’s architecture, including system components, system logic, and so on. Expected: Feb 1, 2022 <$5,000>
Developing. Coding all the components of the project and deploying a fully functional product on Polygon’s testnet (+ Arweave). Expected: November 2022 <$75,000>
Testing. Onboarding users to test the system on the testnet, fixing any issues and getting the system ready for a Beta version on the Polygon Mainnet. Expected: March 2023 <$40,000>