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Probably is a DeFi + NFT + Public Good project that aims to onboard new users to the web3 ecosystem in a gamified manner. The project involves a lottery-winning game in which users buy NFT tickets using fiat currency instead of cryptocurrency.
Every 24 hours, a winning ticket is generated and if a user enters the contest and wins, they will receive the prize in cryptocurrency. If they lose, they will have the chance to enter the next game without losing their money.
The chances of winning are also adjusted based on the amount invested by the user for a particular ticket, and the total deposit funds in the pool using an algorithm that modifies the probability of winning.
Funds deposited by users during the 24-hour interval are invested in DeFi platforms such as Uniswap or Compound to earn interest, which is then used for the further development of the application.
The core features of Probably include:
- Onboarding users into the web3 space in a gamified manner, by providing a seamless and entertaining experience to users, who will engage in a lottery-winning game, where they can buy NFT tickets using fiat currency, creating a bridge between the traditional economy and web3.
- Educating users about the use of blockchain technology, by providing an educational platform that users can access to understand the mechanics of the game and the basics of web3.
- Providing a great user experience for first-time users without the need for creating a wallet, by leveraging the use of Onmeta.in, a tool that enables the conversion of fiat to cryptocurrency and vice versa, eliminating the need for a wallet for first-time users.
- Supporting both fiat-to-crypto and crypto-to-fiat functionality, by enabling the buying and selling of NFT tickets using fiat currency, reducing the barrier of entry for new users who are not familiar with web3.
- Allowing application development through earnings of interest on the deposit funds through different DeFi platforms, by investing the deposit funds in DeFi platforms, and using the interest generated to sustain and scale the application.
- Making all transactions gasless, by using Biconomy, a service that allows gasless transactions, by attaching transaction metadata to the transactions, significantly improving the user experience and reducing the cost of transactions.
- Being open-source, by making the code available to the public, the application can be audited, and contributions can be made by the community.
- Onboarding new users to the web3 space is a big challenge, which is currently only addressed from a developer perspective. It probably addresses this by making the onboarding process accessible and engaging for both tech and non-tech users, by providing a seamless, entertaining, and educational experience for new users.
- Education is still a barrier to entry for many users looking to enter the web3 space. Probably addresses this by partnering with different education communities, such as Developer DAOs and Learn Web3, to provide education about different aspects of the game and blockchain technology, and providing a dedicated education platform that users can access.
- Onboarding first-time users to web3 can be a difficult process, as it requires the creation of a wallet, which can be a hurdle for many. Probably addresses this by allowing users to play the game using fiat currency, without the need to create a wallet, by leveraging the use of Onmeta.in
I have not yet started building Probably, but I plan to do so using the following technologies and algorithms:
- Hardhat for compiling and testing smart contracts to make them attack-proof
- Filecoin/Arweave for storing the metadata of the NFTs and random numbers generated every 24 hours, providing a tamper-proof and decentralized storage solution for the sensitive information of the application.
- Chainlink VRFs for providing random numbers to the smart contract will be generated using a special algorithm that modifies the probability of winning for each user depending on the amount they invested and the amount available in the deposit pool.
- Biconomy for making transactions gasless by using their transaction metadata, improving the user experience, and reducing the cost of transactions.
- Next.js for both API and frontend. The front end will use libraries such as ethers.js and rainbow kit for interacting with the smart contract, providing an easy-to-use and interactive user interface.
- Onmeta.in as the main tool for converting fiat to cryptocurrency and vice-versa, providing a bridge between the traditional economy and web3, and eliminating the need for a wallet for first-time users.
This project aims to address the challenges faced by new users while onboarding to the web3 ecosystem and make it more accessible and engaging. The gamified approach of this project can be an effective way to educate users about the use of blockchain technology, providing them with a hands-on experience that is easy to understand. Additionally, supporting fiat-to-crypto and crypto-to-fiat transactions will make it more convenient for users to enter and exit the web3 ecosystem without creating a wallet, and reduce the barrier to entry for the many individuals who are not yet familiar with web3.
The use of DeFi platforms for earning interest to fund the application development can provide a sustainable funding model for the long term, allowing the application to be self-sufficient and not rely on external funding. The use of gasless transactions and the open-source nature of the project make it more accessible and secure for users, by allowing them to verify and contribute to the code and by eliminating the need to pay for gas.
My motivation for building this project is to contribute to the web3 ecosystem and make it more inclusive for the masses. With the growing interest in the web3 space and the potential for mass adoption shortly, this project aims to bridge the gap between traditional finance and the decentralized economy, having the potential to have a significant impact in the crypto space.