Genie is a reward platform based on interest rate. That is, the rewards are generated by the accrued interest of users's locked value. It can be used for games, competitions, or any other kind of shared goal encouragement. Games and competitions can reward the winning players, and local communities can incetivize favourable behaviour, like staying home during COVID-19.
Genie levarages the Ethereum Network, it uses DAI, a dollar-pegged stablecoin, as a token of value, and it generates interest by lending the DAI using the Compound Protocol. Other tokens and interest rate protocols might be added in the future.
- The initiator starts a new project and creates a project fund.
- He or his users lock value (DAI) in the fund for an opportunity to win the reward and support the project. The DAI is invested in Compound's lending protocol.
- The winner, or the group of high achievers are winning the reward.
- The reward starts to generate again based on the locked value.
- New users are joining and increase the reward while the leavers are taking it's stake and decrease it.
Genie's alpha version is up and running, connected to the Kovan network. Try it on https://api.thegenie.xyz/. Or play the first game built with genie.
A ping pong game where you win by beating the highest score, and winning the interest from the last high score. Each game costs 1$.
A chess tournament where to participate you lock 100$. When the tournament is done the winner will get the interest, and all the participants can unlock their money.