Proof of Value - Delivered (PoVD)
Proof of Value-Delivered can be useful to -
- Product marketplaces
- Freelancing marketplaces
- Corporate remuneration and bonus incentive schemes
- Corporate training
- Hiring Interns
- Crowd-Freelancing
- Escrow
Proof Of Value-Delivered is a smart contract that deals with the actual transfer of value in exchange for money. It’s a smart contract that says, “you do this, and then you get the reward (e.g. money) for completing the task.” This smart contract works purely on the condition that a predefined value is delivered with proof of delivery.
An example of a company using a smart contract to incentivize workforce upskilling: An employer wants their employees to complete an annual LinkedIn Learning training program, completed on a monthly cycle. The employer can incentivize (add rewards) the course to encourage completion. For context, the employer may tell their employees, “Your bonus this year is dependent on you completing and passing this course that will upskill you for your job position. Complete the course, improve your skills, and you get the reward (the bonus).” The rewards can be unlocked on a linear vesting schedule spread over the year as monthly training is completed.
The accumulated rewards are held in escrow until bonuses are paid at the end of the year and then released to the employee according to their training completion rates. Hence, an employee that completed 80% of their training will receive 80% of their bonus.
The statistics show that most people never complete the courses they start. An organization that spends a lot of money on training staff should also be able to measure the value transferred. This extra layer of oversight and incentive acts as motivation for the employee to complete their monthly training. As a result, the organization benefits from better-trained staff and self-motivated employees.
An example of the escrow model: The freelancer-client relationship. Applicants will apply for the job, indicate their terms, and submit bids and qualifications. As a part of the terms defined by the application's smart contract, the applicant can define a cashback to the employer upon job completion and full payment on the project and leave a review/feedback.
The employer will validate the qualifications of the applicants registered on the blockchain and choose the most suitable candidate for the position. Payment (in the form of $FUSD) will automatically be transferred from the employer's wallet into an escrow wallet and the selected contractor will begin their work. Upon job completion, the contractor will notify the employer and deliver any necessary submissions.
Once the employer confirms that the deliverables are up to specification, the payment will be transferred to the contractor's wallet, minus commission fees that will be transferred to the deploying platform’s wallet, from where Forward Protocol's fees reach Forward’s wallet.
Part of Forward’s commissions will then be distributed within the community if the Distributed Reward & Revenue Sharing (DRRS) smart contract is enabled. The smart contract will automatically transfer $FORWARD to the employer’s wallet upon the completion of the freelancer’s set metrics.
These checks and balances will reduce uncompleted projects where clients become unresponsive.
The PoVD smart contract will create open terms through which someone can verify:
- The amount to be paid to the escrow and terms of service.
- The amount to be returned/rewarded on successful job completion.
This interaction will be defined by the smart contract that any of the above parties can customize (to the extent allowed by the deploying platform) before initiating the smart contract.
An example from the Decentralized Education (DeEd) sector: An expert adds a new training course to the Marketplace. A student buys the course and gets access to valuable information. The expert can incentivize (add rewards to) the course to increase the completion rate, making them eligible for further rewards from the learner's success. Experts or platforms deploying Forward Protocol can customize the criteria and the settings of the escrow contract to deliver the reward/incentive outcome they need for their use case.
If a learner pays $1,000 for a course, and we can validate that the expert covered the curriculum and the learner completed the material, the expert receives the agreed fee ($1,000).
The expert can recommend a value (say 20%) to go back to the learner from the original fee ($1000) if they complete the course.
This reward wallet is a public wallet that users can share on social media or with friends and family when they enroll in the syllabus. Supporters can top-up the reward wallet with donations/incentives to be shared with the learner upon reaching preset milestones instead of directly giving the money to the user, motivating them to complete the course.
Examples for community support: Tech products like Cloudflare/AWS don’t offer tech support for free-tier users. However, they have a large user base in the free-tier level who still need support platforms that are very active, and integrating Forward Protocol with the support desk will act as a bridge between active platform users, free-tier users and their queries. Users with queries can offer a $5 or $10 reward for resolving their queries. Integrating Forward Protocol will reduce the burden on the in-house support team and provide a better service to users, with quicker response times incentivized with a reward or tip.
Busy exchanges like Binance have to deal with hundreds of queries every hour. Integrating Forward Protocol with an exchange of its size, where a $5 or $10 reward is offered for an active user that correctly replies to a query (most of which are repetitive and basic), will reduce the responsibilities of the in-house support team.
Products/Projects listed on Product Hunt can post specific challenges/gaps and ask the community to help them out. Upon getting the solution, the product owner rewards the user who helped resolve them.
Last modified 3mo ago