maybe I'm talking out of my ass right now... I'm starting to approach that sleep deprived status so please let me know if I'm sounding like a dumb-shit, but I was thinking about devcoin this morning. It's a great currency with a lot of promise based on a unique idea (rewarding people for creativity) but it's main problem right now is that it lacks infrastructure. it's got distribution down but there needs to be more uses for it, things to buy with it, and ways to get it.
then I thought to myself, how have other coins progressed at solving their infrastructure problems? then I looked at peercoin. peercoin has their own little bounty site, and it actually gets used. they have bounties for everything.
but then I thought "why doesn't that system work for other coins? why doesn't peercoin have every kind of site imaginable (I have yet to see a peercoin oriented auction site, for example) and how come peercoin bounties don't get filled faster? is it because nobody has the cheddar to make good juicy bounties, and nobody wants to add to already established bounties because what if it doesn't get met to their exacting specifications? who decides?"
then I thought... hmm... I wonder if there's a way BitShares could help advance infrastructure for not just devcoin, but cryptocurrencies in general.
how about a DAC that functions as an escrow and public ledger for bounties?
people could create bounties for whatever they wanted, and contribute what they can towards that bounty, which the system would hold in escrow.
then other people could come along and say "hey that sounds like a pretty good idea, i'd like to contribute to that," and increase the bounty until its been there long enough that the reward is enough to actually get somebody capable of doing it, to do it.
but then I thought, "how would a decentralized bounty ledger determine that a bounty has actually gotten met?" cause you know, I could see people making fake bounties, getting other people to contribute, then stealing the bounty if we relied on the bounty creator to determine if the criteria had been met.
"wait a minute... DPOS... democracy..."
the amount that each person who contributes to a given bounty would give them a weighted vote in determining if the criteria for a given bounty has been met, then people could post an address and describe how they met that criteria, and if the bounty creators give it enough approval through a vote, then the escrow automatically releases the bounty, minus a certain small percentage for dividends to be paid back into the system of course.
small bounties would be small bounties. they'd either stagnate like they currently do or eventually get filled. but big badass desirable ideas would snowball into a giant reward with perhaps hundreds of contributions.
are there any holes in this logic? can it be done? after the toolkit is released should I dedicate myself to learning enough code to actually make this happen? would you like to steal this idea and make it into a social consensus honouring DAC in much less time than it would take me to level up my skill enough to make that happen? (please do) thoughts?
people could also set time limits for bounties. if it doesn't get done in a certain amount of time, then the money gets returned back to the people who made the bounty (minus a tiny fee, of course)