Impact Wallet is an open source project with a mission to make ‘gold standard’ currency for the Internet Economy to ensure every contributor with fair rewards based on impact they made, not Ads
Visit impactwallet.xyz to learn more
Follow @SerjKorj and @ImpactWallet on Twitter and Farcaster for important announcements.
Why did we start thinking about a new model of distribution of the Internet wealth?
We heard about the problem of "Original sin of the Internet" from a fireside chat between Katie Haun and Marc Andreessen (co-founder of a16z)
Just listent to this 2min problem explenation:
Marc.Andreessen.-.Original.Sin.of.The.Internet.mov
In short: Marc Andreessen has inventented a browser (Netscape) and didn't manage to build payments natively into the browser. He tried to do that but back in that days there weren't much trust to the Internet from the payment systems and banks.
So the Advertising became as a primary business model in the Internet and this led to:
- Privacy nightmare
- Tracknig users
- Selling users data
- Awful user experience
- Growing surface content vs meaningful content
- Enrichment of platforms and undermonetizing developers and content creators
Watch 1min video bellow to get our vision on that problem
Vision.mp4
People made and still making the Internet an interesting place and they deserve to be properly rewarded. The Internet Economy is growing. But the wealth of the Internet has not yet been distributed fairly.
This is the qoute from "Les Miserables", Victor Hugo (1862)
All the problems that the socialists proposed to themselves, cosmogonic visions, revery and mysticism being cast aside, can be reduced to two principal problems.
First problem: To produce wealth. Second problem: To share it.
The first problem contains the question of work. The second contains the question of salary.
In the first problem the employment of forces is in question. In the second, the distribution of enjoyment.
From the proper employment of forces results public power.
From a good distribution of enjoyments results individual happiness.
By a good distribution, not an equal but an equitable distribution must be understood. From these two things combined, the public power without, individual happiness within, results social prosperity.
Social prosperity means the man happy, the citizen free, the nation great.
England solves the first of these two problems. She creates wealth admirably, she divides it badly.
This solution which is complete on one side only leads her fatally to two extremes: monstrous opulence, monstrous wretchedness.
in two words, learn how to produce wealth and how to distribute it, and you will have at once moral and material greatness;
Now we have the Internet Economy working like England centuries ago.
But now we have everything to build a new model relevant the one that great minds already formulated in the Age of Enlightement.
We just need to add the second part to this formula of having moral and material greatness in the Internet.
To solve all the issues above we came up with idea of crypto currency that’s mined by creators and builders by doing their work — content, code, design. We call it - Impact Tokens.
Impact Tokens are issued based on impact each contribution made.
This crypto currency is backed by the real Internet assets and shows a share each contributor’s impact to the entire “Internet GDP”.
Impact Tokens are issued when a creator made a piece of content and a user interacted with it.
To measure impact of each contribution we’re taking into account time you spent to create something and multiply on time end-users spent with it.
We want to replace advertising model with a time-based model where everything measured and distributed based on time.
Time is added to creator’s creation time so the owner of taken asset will take a part in the future tokens distribution
To clarify the picture above look at this example:
Creator spent 1 hour to create their content. They used a tool for 1 hour to create their content and used someone else's illustration.
Tool’s price - 7 min for 1 hour of usage.
Illustration's price - 5 min.
So total Creation time would be 1 hour 12 min.
All of them (creator, developers of the tool, illustrator) made their contribution to tthe content creation and all of them will take a part in Impact Tokens Distribution.
The same would be if someone take your piece of code for developing their product.
Impact Tokens are automatically distributed between platform and everyone who took a part in content creation (pro-rata time)
Every contibutor in the fork will have a fair share of issued tokens based on impact their contribution made
