As Bitcoin is money without banks, Ideamarket is credibility without institutions.
Ideamarket enables the public to decide what information is worth paying attention to, believing, and prioritizing, without trusting third parties like media corporations and governments to tell everyone what to believe.
To achieve this, we've built an on-chain social network:
Users make short text posts, and rate each other’s posts on a scale of 1-100 to express their agreement or disagreement. On-chain ratings establish a public track record of personal opinion, so that as new information emerges, everyone can see whose opinions were useful and whose were misleading. (Optional: Users can "cite" other posts to explain the reasons for each rating. Citations link posts together in a knowledge graph — like Roam Research or Kialo — but public, on-chain, and monetized.)
A public database of personal opinion emerges. Ideamarket uses your on-chain ratings to introduce you to other users who share your beliefs. (Check the "Similar Users" tab on your profile after rating a few posts.) As a separate benefit, new crypto projects often use wallet-filtering tools to qualify audiences for airdrop campaigns based on their on-chain activity. Ideamarket will enable airdrop campaign filtering by personal beliefs, or combinations of beliefs. Not even Facebook and Twitter have this level of precision in their ad targeting.
Revenue & Benefits
For Ideamarket: Users pay Ideamarket 0.001 ETH to create a new post. Ideamarket also receives a 5% royalty on every sale or trade of an Ideamarket Post NFT.
For post authors: You earn 0.001 ETH every time someone rates a post you created. You can also sell your Post NFT, and the new owner receives your post’s rating fees from then on.
For raters: The more posts you rate, the more you'll be recommended to other users who share your beliefs. This is an easy way to get discovered on Twitter and other social platforms, and effortlessly build your tribe. After rating a few posts, check the Similar Users tab of your profile to see your recommendations:
Staking $IMO on a user gives them curation power, for both post quality and importance. You can unstake at any time, and there’s no risk of loss.
The more $IMO staked on your profile…
the more a post’s visibility increases after you rate it (the posts on the homepage are sorted by “amount of $IMO staked on all users who rated this post”)
the more your ratings affect the Confidence Rating of each post (the colorful % number in the corner of each post). [UPDATE 8/31/22: We are currently displaying Average Rating. Once Sybil attacks become an issue, we'll switch to Confidence Rating to make Sybil attacks expensive.]
We might not always do things this way, but it’s how things are starting out.
IMPORTANT: You can spend ETH to stake, and we’ll convert it to $IMO in our smart contracts. You can also stake $IMO directly. Buy $IMO on SushiSwap (Arbitrum).
$IMO will also be used to pay for upcoming features such as bounties, which will put $IMO in the hands of people whose opinions the public genuinely values.
I’m Mike Elias — a musician and psychology writer, and Ideamarket’s founder.
Alexander Schlindwein built the initial smart contracts, and they passed Quantstamp audits extremely smoothly. (Alex would go on to win 3 of the largest bug bounties in the history of Ethereum — ArmorFi, FEI, and BELT)
Kelton Madden took over as Lead Smart Contract Developer in 2021. Kelton previously wrote the smart contracts for other famous NFT projects, and holds a Master's Degree in Quantum Computing from UPenn.
Ideamarket launched V1 in February 2021, attracting over $1 million in deposits and earning coverage in NASDAQ and Vice, among others. But high gas fees stunted growth, so we migrated to Arbitrum and became one of its first live dapps.
Our community has grown to include thousands of Propheteers across Twitter and Discord. We're constantly launching primitives and experiments to change the way the world creates shared truths.
"Facts” always require trust in a third party. Therefore, solve for "trustworthy."
The word fact is shorthand for certain enough to believe without question. But judging such certainty is a matter of opinion! Establishing “facts” always requires deciding whose opinions to trust — or trustinga third party to make those decisions on your behalf.
Read our founder's essay on the illusion of facts:
Trusted opinions about us
To see the FAQs, smart contract audit reports, philosophy details and more, open the table of contents in the left panel.
The Docs table of contents looks like this on mobile: