The focus of this exercise is brainstorming application tools that are fun, by incorporating game theory, to better help spur the growth of DeFi active users. Building DeFi user density through the creation of application tools that help enhance enjoyment by supporting existing events and activities that users enjoy doing.
To date we have seen many applications come to life that help assist online user activities within online user interactive realms. I want to assist focus towards developing tools that merge existing physical interactivity with DeFi technology interactivity. By incorporating DeFi technologies into assisting activities that users already enjoy doing.
Users engaged with each other in competitive eventful activities are activities that are largely responsible towards helping grow user density among engagements that people find competitively attractive. The electronic gaming market is a wonderful example of this. For this reason the idea of Time Swap has come about. Time Swap is a swap tool idea designed to use an escrow smart contract which holds cryptocurrency, tokens, and or NFT’s for a duration of time until an agreed upon future probable outcome event transpires among participating parties which renders the escrow smart contract to disperse the locked after staking escrow contract value to the appropriate corresponding user(s) wallet.
Participating users connect their wallet to the Time Swap application layer. Time Swap uses a GUI which guides users to build an escrow smart contract that securely holds their agreed upon crypto, tokens, and NFT’s until their desired outcome within a future moment in time transpires which triggers the release of the locked after staking escrow smart contract value to specific corresponding wallet(s). The escrow smart contract holds the allotment of staked value until a future probable event is proven to be true. Event validation can be handled in a variety of ways that can improve in sophistication in time with the right attention.
How Time Swap can be applied?
Example #1: Two potential users are playing an intense game of billiards. The last game was won by very tight margins and one of the users makes a confident remark that they have the next game won! User B is confident that they have the next game won also and decides to create a wager on the outcome of their next game. The two users make the stakes very interesting and decide to put their prized BAYC NFT’s up against one anothers! Unbelievably the two users decide that these stakes are just right but don’t trust that the other will actually send their BAYC NFT to the rightful victor. They decide to access Time Swap and author an Escrow “Task” Smart Contract that will hold their two BAYC NFT’s in escrow until their billiards game has concluded.
The two users access Time Swap to build their “Outcome” Escrow Smart Contract which will hold their two BAYC NFT’s until one of two desired outcomes are found to be true. Once the desired outcome is identified, the “Outcome’ Escrow Smart Contract disburses the locked after staking NFT’s to the rightful wallet associated with the triggering outcome.
“Outcome” Escrow Smart Contract assigned probable outcomes
User A wins the billiards match
User B wins the billiards match
How does the “Outcome” Escrow Smart Contract identify the winner?
Both users are required to access the Time Swap “Outcome” Escrow Smart Contract and sign for the corresponding outcome variable that has transpired. The “Outcome” Escrow Smart Contract will not unlock and release the staked value until both users sign for the same probable outcome. Each corresponding probable outcome is assigned to a particular wallet which the locked value within the “Outcome” Smart Contract is routed to upon a probable outcome becoming verified and proven to be true.
There is just another possible problem. They still don’t trust that the other will sign for the correct probable outcome once the game is played and decided despite that the NFT’s would be locked within the escrow contract potentially forever! This is when they gaze over to their third wheel counter party eagerly looking on. They both then decided that user C was going to be the “witness” to sign for the correct outcome of their BAYC NFT staked billiards game!
This type of “Outcome” Escrow Smart Contract is inclusive towards many types of interactive competitive activities which also scales toward team based competitive activities. With further interest we can discuss how an escrow smart contract can be scaled to help organize tasks among users and create global action calls towards philanthropic activities. The initial focus for the tool to support interactive competition has been chosen for building base user depth with fun. The dangling carrot, loot theory, is a powerful additional game theory concept that is applicable with the escrow smart contract and the applications primer towards scaling features.
Looking forward to feedback and interest from developers to begin work on such a nifty tool. Hopefully good criticism surfaces.