Wallet address to wallet address crypto transfers would be orders of magnitude better than fiat payments if a reputation system were built in. Outside of blockchain it is impossible to embed reputation in payments. This blockchain advantage has never been leveraged. Until now. Until Free TON.
This above system can be achieved with a smart contract and telegram bot - lets call it “repbot” - as follows:
- Bob and Alice have joined repbot
- Using repbot Bob sends Alice 10 crystals by sending the bot her telegram handle and then the amount he wishes to send;
- Alice receives a notification from repbot about the payment but she cannot take the payment to her wallet until a rating is provided by Bob. Neither can Bob provide a rating until Alice approves the payment. The notification she received asks her to approve the payment. She approves it. Once approved by Alice, Bob cannot now retrieve his crystals from the smart contract.
- Repbot notifies Bob that Alice has approved the payment but that he must rate the transaction, for example, 1-5. Maybe Alice is a barista and this whole exchange happened in her coffee shop, or perhaps Bob was buying a car (a very small toy one!) and the exchange is happening in person. Distance transactions are less trivial and are discussed below. Bob is satisfied that all is in order and gives Alice a 5 rating.
- Once rated, Alice needs to rate Bob in order to access the 10 crystals. She rates bob 5 in response to the prompt from repbot. The crystals are automatically sent to her wallet.
- The purchase of crypto has been banned. Based on their respective reputation scores Alice and Bob meet and exchange cash for TON crystals.
- An online market place is built by the TON community. Reputation scores and telegram addresses of sellers are displayed. 50% of the purchases are conducted face to face and the reputation scores ensure a level of safety that buyers did not before have. Where the items need to be shipped buyer and seller decide by discussing the transaction on telegram how they want to utilise repbot. Usually, if the buyer has a high reputation, the seller is content to accept the payment and ship in the knowledge that the buyer cannot access the paid funds.
To prevent people gaming the reputation system in order to abuse it, reputation given could be weighted depending on the reputation of the account giving it. For example, a reputation score given by an account with established reputation achieved through multiple transactions would increase the recipient’s reputation score more than that received from a new account. Perhaps a fee could be levied on the transaction - instead of rent seeking platform, a strong reputation system is incentivised.
Task 1: improve the overall design including highlighting new issues and attack vectors. 1000 TON divided across 5 overall prizes
Task 2: develop the specs for smart contracts such that a developer could construct it. 2000 TON divided across 3 overall prizes
Task 3: develop the specs for the telegram bot such that a developer could construct it. 2000 TON divided across 3 overall prizes
If a reputation system was embedded in a blockchain based payment solution, a step change over what e-commerce, banking etc. provides would be achieved. This proposal moves away from centralised transaction systems completely and provides greater hope for decentralisation and an important onramp for TON crystal adoption.
Contest status: this contest has not yet been posted. I am seeking community feedback beforehand. Plus tbh I don’t know what a “proposal key” is. Maybe someone can help with that too.