Social media is a gold mine for scammers. Since 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams and crypto makes it attractive to scammers.
There are many Twitter accounts claiming the “vitalik.eth” on Twitter, but Twitter Blue still cannot fix it. Behind the scene of “Not giving away ETH”, there are victims of the social media scam.
What we do?
We move a step forward the open Internet. We will not say “Don’t be evil”, keep detecting and blocking these kinds of scams. Instead, we move to “Can’t be evil”, trusting “good users” is replaced by cryptographic ownership of digital assets and mathematical proofs of security, secured by ENS.
The water3 team is building a crypto twitter based on ENS - name ThePlaza. This will bring three advantages to ENS:
- Reduce Scam: ThePlaza is secured by ENS account and verified on-chain: This will also eliminate fake accounts and reduce spam.
- ENS profile verification: we connect web3 identities in social networks, the real ENS identities. A lot of ENS users are looking for verification ENS on Twitter. CryptoPlaza will help connect real ENS holders. ENS is not just a display name, it will be verified in more DAPPs.
- Account ownership: The user logs in with ENS. The account belongs to the user, and no one can tamper or ban it. Recently, many ENS related Twitter accounts were suspended, e.g. Furyan.eth. Therefore, account Ownership is Crucial.
Scope of work
The crypto twitter includes the following core functions:
- ENS login (verified on Ethereum Mainnet)
- Plaza: explore content of ENS user
- tweet (off-chain for v1.0)
- social function: follow, like, comment
- user profile: (next step support NFTs)
Our team started development in September. We’ve done most of the work in the past 11 weeks.
The project will go live on December 15th.
Water3 is a project team of volunteer developers, and our members are ENS users. We are committed to developing Web3 applications that meet the needs.
Freedom means we are free to choose. And we will develop decentralized applications to give users more options.
We’re looking for a 8 ETH grant from the Public Goods WG to optimize this effort and #shipit. 50% upfront, 50% on completion. Any means of checking work progress are welcomed. We seek a small funding amount to make sure the working group find it worthwhile and to have a small budget to cover infra costs, etc.
Although we have done most of the development work, we welcome anyone from ENS DAO to join us, especially marketing and operations, and distribute compensation based on contribution.
Thanks for reading! Looking forward to any questions or comments. @AvsA @theanthonyware @ceresstation
FAQs (Updated on Nov 18th based on community feedbacks)
1. Open source
We are open-sourced with BSD 2-clause license.
Github: Water3 Dao · GitHub
2. Business model
Donations by users. The business model will be similar to Wikipedia.
Advertisement is the business models on web2, and it’s not suitable for our platform (web3). In other words, if I do not follow Tesla’s account, the promoted Tesla ad will not be shown on my timeline. There will be no advertisers here. Selling users’ attention to advertisers is not our business model.
3. Account Bans and Moderation Policy
(a) account ownership (account bans): There will be no account bans on CryptoPlaza. In Version 2.0 (blockchain backed), any ENS name owner can send message on chain directly, even without our web UI. On the backend, we follow the same rules as Ethereum and ENS accounts. If the ENS account can still send message on Ethereum, the message will on be saved on blockchain and database.
(b) moderation policy(censorship): Instead of moderation by a centralized company or team, we propose a customized UI and users decide who to follow and what they want. The Web UI of CryptoPlaza will be open sourced. The client UI (apps or webs) could have its own moderation policy.
It’s meaningful to take more effective measures on the front end (UIs). But the ban rules should not be made by the Water3 team. We will implement the separation of powers:
- DAO: Criteria and methods for determining ban or moderation policy
- Developers: Enforce the decision by DAO; implementation by code auditing
- Everyone: Monitor and report cheating that does not follow the policy
4.Go to market
For the first 10K users, we will target three audiences for early adopters:
ENS accounts is about 600k accounts(unique address) with 2.7M names. Most of the users are familiar with twitter, and ens. We assume we reach out to 10% of those users, and 10% of them are willing to try on our platforms, this will get to another 6K users. (v1.0)
Twitter suspended account is more than 70 million in two months. We will target those suspended who are banned by mistakes. Assuming 1% of those are real accounts and still active, and 1% will be converted to our platforms. This will get to around 7K early adopters. (next step)
Based on the social network, 15% of whom will invite their friends and family to join the social network, so we will have 7K * 15% = 1 K new users to the ENS domains. They will register ENS names, giving revenues 1 K x 3 Years x ($5 / domains / Years) = $15 K back to ENS! (next step)
Thank you @Illiad for the feedback. Thats’ a good point! We will remove the buzz word and rename to “ThePlaza” for now. And yes, we are secured by SIWE.