Gitcoin: Credible Commitment Mechanism

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Credible Commitment Mechanism

average score over 1 application evaluations

Create a platform for commitment enforcement via conditional staking, with stakes forfeited upon failure to act, verified through GPS for initial MVP.

I want to create a credible commitment mechanism.

The idea is the following: lots of coordination failures happen because there are no credible commitment mechanism that adequately shape incentives. I want to solve that through conditional staking promises: you can stake X money on doing Y by time T if N other people stake on the same promise. Once N is reached the commitment is locked. By time T if you didn’t do Y you lose your money, if you did do it you get your money back plus all the money staked by people who didn’t follow through, based on what percentage your X money staked was of the total money staked.

This suffers from the Oracle Problem so the MVP will be entirely about location-based commitments which can be checked through one's phone's GPS signal.

Credible Commitment Mechanism History

accepted into Metacrisis 1 year ago.

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