Tag: quixotic

Week 2 Optimism L2 Twitter Spaces Recap

Crypto is how you program money. Money is how you program people. 

Listen to the recording:

https://twitter.com/i/spaces/1yoKMWjqrLRJQ?s=20

Why would a developer want to build on Optimism?

The answer is incentives.

“Incentives motivate behavior.”

The ecosystem needs developers to actually BUILD DAPPS on Optimism. 

Why should a developer want to use Optimism as opposed to any other blockchain network?

Incentives to build on Optimism: the “Optimism Governance Fund” donates money to teams and projects that have built useful things for the community. 

These useful projects are known as “public goods”.

The idea here is to reward those that contribute in positive ways.. incentivizing new developers to launch their dapps on Optimism. 

  • Public Goods make people want to join an ecosystem. Science is and example of a public good that is valuable to society.
  • With retroactive public goods, whatever turns out to be the most valuable tends to be retroactively rewarded after proving its product-market fit. This is the opposite of traditional venture capital firms that go out to fund a bunch of different ideas without knowing for sure what will succeed. 

Why Did You Get into into Optimism Ecosystem??

jrocki.eth – Twitter Spaces Co-host. supported Optimism during OptiPunks launch because of Public Goods Funding Infrastructure.

Mark, Co-Founder of Quixotic.io:

Mark was a software engineer at an ad-tech company. Later learned about ETH, Optimism, and the possibility to host projects on IPFS.

  • Participated in ETH global hackathon in 2021… involved with Feudals Ethereum community… worked on some various developments in Ethereum.
  • Looked at other Layer 1’s, saw the high cost of trading NFTs on L2. Saw Layer 2’s as the future. Wanted to build something and make something happen in the space.
  • Build / launch Quixotic.io
  • Currently building CryptoVania / Storyverse on IPFS

On Building + Dapps in the Optimistic Rollup space:

Even though the markets are down it feels like the builders are full-steam ahead. 

On the Space, Mark raised the question: what do users need for adoption to increase?

One specific need was brought up: we need a decentralized app store / decentralized app platform.

  • For example, you don’t see substack app on the App Store. Why not? Because App Stores take too big of a cut due to policies around in app purchases etc. Effectively creates a roughly 30% markup on everything.
  • Browser apps are harder to block and shut down, however, performance and computation are more difficult in browser.
  • Huge opportunity for decentralized apps.

IPFS – communication and naming protocol. Similar to bittorrent, everyone can access files on IPFS thru peer to peer network.

  • With Brave Browser you can visit IPFS, similar to using http.
  • If no one is pinning the file, it might be really slow. So, you can pay someone in Filecoin or Pinata to pay the network to access the file, if no one pins it.

Warp speed bridge – standard protocol level bridge for optimism…Eth in escrow / burns the eth etc. Came out of a project called teleportal.

Storj – startup for decentralized storage. They encrypt your file.. many copies of the data in little chunks. Users of dropbox could move to something like this – around $7 per month for $1 TB.

How does Optimism public goods funding work? Overview, resources, and more

“it’s easier to agree on what was useful than what will be useful.” Vitalik Buterin

What are public goods?

Examples of public goods include libraries, roads, open-source software (like ether.js).

Public goods are paid for by the community – funded thru taxes, for example.

Public goods benefit everyone using the ecosystem.

In the Optimism ecosystem, there is this idea of “retroactive public goods funding”

The goal of this initiative is to reward and incentivize people to build things that help out the rest of the community.

If people did something positive, community can vote to allocate money / rewards for building useful things.

As Bodo said on the recent Twitter space, public goods solve the market inequality of positive externalities.

Ways to Fund Public Goods

Gitcoin

Explore grants that Gitcoin has funded here.

  • VitaDAO has helped raise and contribute to longevity research.
  • Daily Gwei Podcast by Anthony Sassano helps educate people on Ethereum and blockchain, and more.

Optimism

Optimism Governance Fund Phase 0 Proposals: learn more here

Vitalik put together a review of Optimism’s first round of public goods funding here, including over $51,000 towards ethers.js library.

Nominate a project for funding here.

Aave Grants

https://aavegrants.org/what-is-this-program

Voting – a framework to decide which Public Goods to vote for

In the OptiPunks Discord, Bodo and Platocrat discussed a way that voters can use to decide which public goods to vote for:

who needs money * how much of a public good a project was

Based on the framework above, the two factors that individuals should consider when voting are need as well as public value generated by the project.

For example, if a project that has been well-funded via venture capitalis flushed with capital, it doesn’t need to receive funding as much, so users should be less apt to vote for this project.

NFT Projects on Optimism help fund public goods

OptiPunks

Original NFT on optimism. 100% of mint went to public goods funding. 50% of secondary went to public goods. Royalties on secondary is 2.5%

The OptiPunks community voted to decide which project funds would go towards.

Voting for public goods went live on March 25.

Optimistic Apes

Another project available on Quixotic… Sounded like a lot of us on the call minted or purchased some. The artist is still a mystery!

Circular art

Generative art platform designed to fund public goods. The first collection, called “Octavas”, generated 24 ETH to fund public goods.

An overview of the Circular Arts grants, which uses Snapshot to enable the community to vote on which projects should receive funding.

Results of the Octavas project funds were covered on their Twitter, see below.

Join the weekly Twitter Spaces covering Optimism and other Layer 2 rollups!

Thanks all who joined Optimism NFT Twitter Spaces on Monday! Join us next Monday at 4pm PST / 7pm EST for the weekly Space on Twitter!

Listen to the recordings of past episodes here:

Listen on Spotify, The Web3 Experience podcast