Platforms with Tokens: Reflection on the Launch of $ESSAY

January 29th, 2021

Today we deployed a program on Ethereum that crowdfunded $10,000 for an essay in 30 minutes.

Dozens of contributors each sent small amounts into the contract as soon as it became live. In exchange, the program minted 10 $ESSAY tokens for ever 0.01 ETH contributed. 10 ETH was our limit, and so we closed funding at that point. The technical aspects all worked flawlessly, and it was a great display of collaboration from our small team. But let's talk about the meaning of this...

Because we're getting into a novel concept: platforms where creators can mint tokens.

The homeowners on Airbnb, the drivers on Uber, the Redditors and the YouTubers -- none of these content creators can have their own token.

The question we're exploring is this: happens when you give a network of influencers crowdfunding and revenue distribution tools?

How could it change the life of a writer? What kind of new bonds will they form with their readers? How will it shape the streams of discovery via social networks?

These are a radical idea that will foster more collaboration in across new, nested networks, to fund creativity. Today we saw proof of the power of what we can build, relatively quickly. We have a lot to reflect on!

Arweave TX
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