Introducing SEED Token: A Personal Finance Network On The Blockchain
For the past 2 years, we’ve been creating a Personal finance platform which includes our budgeting app, reviews, blog and community in one. Our core mission has been helping people make smarter financial decisions, which is core to success in your personal life.
Personal finance knowledge sharing should be decentralised
SEED Network: An incentivised, blockchain-based, open content creation & sharing platform
SEED is a blockchain-based network that supports community building and social engagement with cryptocurrency rewards in the personal finance domain. Building on what we have learnt in nurturing strong meaningful communities contributing relevant data and knowledge in a open eco-system. SEED combines concepts from social media (namely: Facebook, Instagram, Reddit, Quora and Wikipedia) with lessons learned from building cryptocurrencies and their reward structures.
Imagine a community where you get to be rewarded based on clear and transparent accounting of upvotes and downvotes of your contribution to the central brain, a Wiki of personal finance knowledge.
The SEED Network is the first cryptocurrency which caters for an important and inspiring new way to relate engagement to open metrics which aligns stakeholder contributions from “Creators” and “Consumers” in one platform.
Problem: Complicated and messy sources of information
Too often, important aspects and content of personal finance such as insurance, debt (lending), and investments has been controlled by the top few institutions in the world – Financial institution (banks and insurers), Financial product aggregators and Financial news outlets, which may be incentivised in a negative way to provide half-truths or untruths to pad their margins.
If we look closer, the knowledge and access to the starting point has been purposely kept complicated and confusing to the masses, so inefficient middle layers (and agents) could be built to facilitate the sharing of such knowledge.
Shared knowledge is power.
Solution: Giving the power back to the masses
By combining elements which we learnt from us running a personal finance community in Singapore, with elements on social media which has proven to worked on large decentralised platforms/forums online, we have come up with the SEED network.
Here is a table of features which we will be adopting for our network with key inspirations from relevant online platforms.
|News Feed||Organising relevant content in members feed|
|Up vote and Down vote with moderation||Displaying the top 5 topics of the day in a organised fashion|
|Expert sharings||Quora||Getting the best questions answered by knowledgeable folks|
|Product listings and discovery||Product Hunt||Surfacing the best financial products reviews out by communities|
|Consensus rewards||Cryptocurrency (Bitcoin, Ethereum)||Incentivising the best behavior in the community|
A ‘live’ exchange will accurately determine the pricing of every engagement, in the form of comments, upvotes, downvotes, likes and reactions. The price will be based in SEED Tokens pegged to USD.
Consensus Rewards x Community platform
Conceptually, the consensus rewards system adopted by SEED is similar to the same idea of voting by board members at a Board of Directors meeting at a AGM. This has been compressed into an algorithm which innately rewards and incentivises the NETT effect of engagement where the community would be able to filter through noise and surface the signals.
Individuals and sub-communities with a vested interest in the future value of SEED and the platform currency will be able to vote and decide vote to select individuals (moderators and experts) who will be responsible for including testimony in the public domain.
An example: Complicated Insurance Documents (BI, Death)
There are common discussions on financial products, for example, a newly launched insurance linked plan from one of the insurers. By putting it out in public domain, the SEED members will be immediately able to surface the key points identified in the documents, policy wordings and Benefit Illustration (BI) to get to the quickly determine if such a policy will be useful for a specified individual.
Voting is weighted proportional to each individual’s vested interest. In the cryptocurrencies world, the public record and ledger is basically also known as the blockchain. Subsequently, a block is a group of “signed transactions” from the individuals that have pooled together.
Summary: The SEED keeps growing
We will diligently continue to run Seedly to continually educate in the personal finance community in Singapore. Needless to say, we will continue to stay unbiased and collaborate with anyone who is genuine to help others in the community.
Download our Seed Token whitepaper-EN
To making smarter financial decisions together. Happy April Fools’ Day! 🙂