CheckerChain Whitepaper
CheckerChain: A Trustless Review-to-Earn Platform.
ABSTRACT. Existing online review platforms are not able to solve the problem of manipulated and fake reviews. Traditional centralized review platforms do not even incentivize users for their contributions. We believe these problems are due to the lack of a consensus mechanism in review architecture. Utilizing blockchain technology will partially solve the need of transparent and tamper-proof reviews.
In this paper, we propose a trustless review consensus mechanism (tRCM) on top of MultiversX blockchain. This tRCM architecture enables reviewers to meet a consensus on an opinion without the need of knowing each other's opinions and completely removes the chance of fake or manipulated reviews to receive any incentives.
- 1.PREFACE
This protocol is experimental; can suffer from parameter changes and logical upgrades. Improved methodologies can be integrated upon rigorous revisions from both the core team and the community. This paper outlines the most up-to-date version of this protocol which is intended to be completely open-source to develop the desired review aggregator platform.
2. INTRODUCTION
There are hundreds of thousands of products, companies, books, movies, and events happening every day. It is a real hassle to find the best product when we have to trust feedbacks and reviews from unknown or known parties without any consensus mechanism. The existing review system is completely broken and unfair as there is no trustless check system to avoid paid, promoted, or faked reviews.
Company name | Per year revenue | Monthly user | Market Share |
|---|---|---|---|
TripAdvisor | 604m USD | 160m | 3% |
TrustPilot | 102m USD | 57.3m | 1.5% |
ProductHunt | 3.3m USD | 6.23m | - |
Better Business Bureau | 215m USD | 13.83m | - |
Yelp | 872.9m USD | 142.5m | 6% |
Google | 282b USD | 88.33b | 73% |
Facebook | 85.96b USD | 18.13b | 3% |
We introduce a decentralized and trustless review protocol built on MultiversX Network where opinion-checkings are incentivized for meeting a consensus. Millions of these users can get revenue shared with CheckerChain. Posters, Checkers and Influencers are rewarded based on the quality of their work with CHECKR token.
CheckerChain is a decentralized review aggregator platform to check products for their validity and authentic feedbacks. The smart contracts of CheckerChain protocol are powered by MultiversX blockchain and integrated with IPFS to maintain censorship-resistant applications with a plan to extend further into multi-chain. Existing businesses can also leverage our smart contract protocol into their platform. Anyone can submit the post and anyone can participate as "Checker" and "Influencer". Submitted posts can be scaled into crypto & blockchain, apps, brands/products, books, movies/videos, events, and more. This can be changed or updated by the CheckerChain community with governance voting.
3. INTERACTION ON CHECKERCHAIN
CheckerChain is an evolution of the existing review industry into web3. Hence, our protocol is interacted by 3 similar users types of traditional review platforms:
(a) users who want to check reviews
(b) users who want to write reviews
(c) users/brands/businesses who want to find feedback
CheckerChain platform also supports "Sponsored Post" or "Advertisement" similar to existing review platforms. This revenue is shared 100% with our users.
All users are termed as "Checkers" while we have defined terminology for our user types as:
(a) Posters: Users who submit posts for reviews are called Posters.
(b) Reviewers: Users who are assigned review tasks are called Reviewers.
(c) Influencers: Users who are involved in the interaction of posts and reviews are called Influencers.
(d) CHECKR Governor: Users who are holding CHECKR tokens are called CHECKR Governor
(e) Partners: Any third-party business or organization that utilizes or endorses our protocol are called Partners
CheckerChain dApp is focused on only 1 category: Crypto & Blockchain while 16 other categories are under R & D:
(a) Laptops
(b) Apps [ Web2 ]
(c) Companies & Services
(d) Vacations [ Countries, Cities, Sites ]
(e) Crypto & Blockchain [Bitcoin Ecosystem, Ethereum Ecosystem, AI/ML, dApps, DeFi, Gaming, Web3, NFTs, Metaverse, DAO, Sports, Gambling, Altcoins, Stablecoins, Memecoins, Exchanges, Tools, Wallets ]
(f) Vehicles [ Car, Bike ]
(g) Education [ Schools, Colleges ]
(h) Medical [ Hospital, Doctor, Medicine ]
(i) Sports [ Games, Players, Equipment ]
(j) Fashion & Beauty [ Clothes, Makeup, Wearables, Jewelry ]
(k) Restaurants
(l) Hotels
(m) Books
(n) Movies [ Genre, Actors, Directors ]
(o) Events
(p) Legal [ Law Firms, Lawyers, Politicians ]
(q) Mobile Phones
New categories can be proposed and implemented by governance voting. Some other categories under research are restaurants, businesses, hotels, and travel places.
4. tRCM ARCHITECTURE
tRCM is an acronym for trustless Review Consensus Mechanism which defines the following scores in CheckerChain protocol:
- Trust Score (TS) of Product
- Profile Score (RS) of Reviewer
- Influence Score (IS)
- Feedback Score (FS)
These scores are vital parameters to derive incentives for each contribution.
Anyone can submit a post by connecting a wallet that supports CHECKR tokens. When a post is submitted, it goes to Reviewer randomly for the validation process.
To qualify for Reviewer, users need to set up a “Checker” profile.
Each validation task expires within 24 hours. The reviewer can not request to receive validation tasks and there is no guarantee a reviewer to receive any particular validation tasks. After 24 hours, all “Checks” of a post are mined to reach a consensus and “Post” gets assigned a “Trust Score” out of 100 while “Reviewers” are assigned a “Profile Score” out of 100.
Re-checks can be requested after a certain number of days. Rewards are distributed through a smart contract based on score factors epoch-wise.
5. PROTOCOL INCENTIVES
CheckerChain protocol incentivizes all contributions made by anyone within the ecosystem. When the majority of participants are honest, the trustless review consensus mechanism (tRCM) becomes secure and realistic. This protocol is designed to distribute incentives based on the level of tRCM achieved.
Initially, incentives are maintained by allocated new tokens for a period of 8 years on top of revenue from ads and service fees. When 250,000,000 $CHECKR tokens are distributed by the end of 8 years, the inflation rate drops to 0%, and incentives are maintained by revenues.
Protocol incentives are distributed on weekly basis counted as epochs. The contributions of checkers, posters, and influencers are collectively accounted per epoch into scores. Based on the weekly scores, rewards are emitted by the Distributor Smart Contract. All scores are reset every epoch.
5.1 Incentives Calculation
Allocation = 250,000,000 $CHECKR
Revenue = 50% of Submission fee (post, review, ads) + Sponsorships (ads)
Reviewers: Posters: Influencers = 150m: 50m: 50m = 6:2:2
Distribution is vested over 8 years period = 8 * 52 Epochs = 416 Epochs
Distribution in 1st Epoch of 1st year period = 18% of 250m / 52 = 865,384.615
Incentives = (Finalized Score of Epoch)/(Total Cumulative Eligible Score) * Epoch Allocation
Epoch wise distribution for Reviewers = 519,230.77 $CHECKR [after 8 years, 50% of Revenue * (6/10)]
Epoch wise distribution for Posters = 173,076.92 $CHECKR [after 8 years, 50% of Revenue * (2/10)]
Epoch wise distribution for Influencers = 173,076.92 $CHECKR [after 8 years, 50% of Revenue * (2/10)]
5.2 Revenue distribution
During the first 8 years period, 20% of revenue goes to Foundation Reserve, 20% of revenue goes to Leaderboard and 60% of revenue goes to Ambassador for monthly distribution. When inflation drops to 0 in 8 years, 20% of revenue goes to Foundation Reserve, 20% of revenue to Ambassador, 20% of revenue to Reviewers, Posters, and Influencers, while 20% of revenue to Single Asset Staking, and the remaining 20% to Leaderboard.
Inflation rate is roughly 0.3% per week at the start of protocol incentives. Considering linear growth rate and uptrend market development, early users will receive larger incentives than users who participate later.
6. UTILITIES & ECOSYSTEM OF PROTOCOL
- Trustless Review Platform
- Review-to-Earn Platform
- tRCM as a Service (TaaS) for third-parties
- Revenue Sharing (advertisement & service fees)
- Single Asset Staking
- Leaderboard
- Governance
7. TOKENOMICS
CHECKR is an ESDT compliant fungible token that acts as a governance and utility token of CheckerChain protocol. The maximum total supply of CHECKR token is 2,100,000,000 and has 5 decimals.
Distribution | Amount ($CHECKR) | Allocation % |
|---|---|---|
Early Investors | 58,000,000 | 2.76% |
Reviewers Incentives | 150,000,000 | 7.14% |
Posters Incentives | 50,000,000 | 2.38% |
Influencers Incentives | 50,000,000 | 2.38% |
Staking Incentives | 75,000,000 | 3.57% |
LP Incentives | 175,000,000 | 8.33% |
Market Making DEX/CEX | 146,00,000 | 6.95% |
Bridges to DEX/CEX | 150,000,000 | 7.14% |
Business Development | 250,000,000 | 11.90% |
Market Development | 346,000,000 | 16.48% |
Investors/VCs | 200,000,000 | 9.52% |
Team Development | 100,000,000 | 4.76% |
Advisors Incentives | 100,000,000 | 4.76% |
Foundation Reserve | 250,000,000 | 11.90% |
TOTAL | 2,100,000,000 | 100% |
Distributions that are vested with 8 years period are Reviewers Incentives, Posters Incentives, Influencers Incentives, Advisors Incentives, Team Development, Maiar LP Incentives, and Staking Incentives.
Time Period | 8-year Distribution | Checker Incentives |
|---|---|---|
1st year period | 18% | 18,000,000 |
2nd year period | 17% | 17,000,000 |
3rd year period | 16% | 16,000,000 |
4th year period | 14% | 14,000,000 |
5th year period | 12% | 12,000,000 |
6th year period | 10% | 10,000,000 |
7th year period | 8% | 8,000,000 |
8th year period | 5% | 5,000,000 |
8. CONCLUSION
We have outlined a decentralized review aggregator platform that can self-sustain in a trustless fashion. Using tRCM architecture, users can join or leave the protocol at their will without compromising the validity of reviews as long as the majority of reviewers are honest. This protocol incentivizes to motivate honest reviewers. Hence, there is no benefit of attacking the protocol with dishonest reviews. In this paper, we discussed our architecture, nature of participants, economic incentives, and some limitations. We are confident to baseline this whitepaper to launch the initial version of the decentralized review platform.
8.1. Acknowledgement
We would like to thank all of the advisors and proofreaders who improved this whitepaper with new ideas and error fixings.
APPENDIX
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