nCent is a decentralized protocol for incentive markets that rewards people for solving hard problems together. We are launching a novel base layer protocol that is optimized to create and run incentive programs efficiently at scale. Our network tokens, called NCNT, efficiently track the provenance (or referral) chain of a user and provide the exchange mechanism for correct payouts.
We all know valuable information about each other -- our skills, interests, and capabilities. The internet has connected us but has only scratched the surface of unlocking our common potential. The "trusted" actors, who have the eyeballs, deep pockets and data to help us coordinate, have missed the mark. Their incentives diverge from our best interests, while our trust in them rapidly fades. What is missing is a protocol that fairly tracks and recognizes our contributions in a secure and trustless way. While this seems like mundane accounting, value attribution at scale is the key missing link for incentivizing people, which we believe is the best way to organize human work at scale. Once incentives are created, market forces can then enter into broken sectors of the economy and ossified firms, efficiently unleashing our common potential.
nCent is a new blockchain that tracks the value users contribute to an incentive program. Inspired by the MIT solution to DARPA's red balloon challenge, nCent further offers: Anyone can audit transactions in the ledger and verify that the protocol properly allocates rewards. The ledger reveals useful incentive market behaviors while preserving user pseudonymity. Our blockchain is secured at scale by a web of trust derived from Federated Byzantine Agreement. Anyone can run a validator node, and incentive market sponsors in particualar have a protocol-level vested interest in doing so. Users don't need to trust each other or a third party, permitting incentive markets to exist at a larger scale than previously possible under a centralized system, much like the internet. Furthermore, a user can derive value from different parties that are not themselves in a trust relationship through a distributed incentive marketplace.
Run a promotional campaign by creating tokens and seeding them to potential customers. Participants receive a discount when making purchases with redeemed tokens, and their referrals can also be rewarded. Viral communities, like professional sports, events and celebrities, and loved consumer brands are the initial focus.
Hiring managers and firms with limited recruiting bandwidth but high need, like startups, can spirit a community to help them hire in-demand employees.
Incentivize communities of developers to find bugs in open source code. Bug bounties are an untapped use case for smart rewards programs.
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