Seers is preparing to launch its SNS DAO and will soon initiate the decentralization sale. This post presents an opportunity for the IC community to discuss the Seers SNS, ask questions, and provide feedback.
Seers is a Web3 social network similar to Twitter. Currently, it supports prediction markets and aims to develop more crypto primitives, as detailed in our whitepaper. The platform operates fully on-chain, leveraging the capabilities of the Internet Computer. The code will be open-sourced soon before the sale.
Before you ask any questions, we kindly request that you review our whitepaper, as it may already contain the answers you seek. We will continuously update the whitepaper with new questions and feedback. Join us on this revolutionary journey as we redefine social networking with Seers. Stay tuned for updates!
Great that you’re making this step to become decentralized!
You mention that the platform operates fully on-chain, but it would be still be good to provide an architecture overview in the Whitepaper. For reference, see the SNS Launch Checklist: Internet Computer Loading
Drawing inspiration from Twitter’s intuitive design, Seers improves user interaction with exclusive crypto features like prediction markets. This platform allows you to voice your thoughts and use cryptocurrencies to predict future events. But this is merely the beginning. We envision Seers evolving into a vibrant platform akin to Elon Musk’s ‘X’, with the potential to redefine global interactions and transactions. The project is presented in this whitepaper.
Seers’ Accomplishments and Decentralised Future
Over the past year, Seers conducted extensive product-market fit experiments, featuring 300 prediction markets and engaging 3,000 users. Additionally, our community has created over 10,000 posts, reflecting active participation.
These efforts have resulted in a remarkable Total Value Locked (TVL) of $20,000 in ICP and an estimated yearly revenue of $25,000.
Importantly, we have recently distributed part of the revenue to our users according to their contributions over the previous month, with some members earning up to $100 per week.
While we consider these figures modest, we firmly believe that we will experience exponential growth as we continue to develop our roadmap and tap into the full potential of the Internet Computer’s capabilities. Decentralization is crucial to ramp up liquidity and deploy more powerful features…
Hey Seers Team,
congrats on the first step towards becoming a SNS
I’ve been reading the whitepaper and was missing the tokenomics spreadsheet that was used to design your proposed distributions. Can you please share that?
Thank you for your kind words and interest in our project! We’re thrilled to hear that you’ve been reading our whitepaper and appreciate your support. Here’s the link to the tokenomics spreadsheet: Tokenomics Spreadsheet.
We have designed our tokenomics to be similar to OpenChat’s tokenomics. Notably, the 8% allocation for seed funders will be split between hodlers of the crowdfund NFT and early users. We firmly believe that this distribution mechanism will foster community participation and encourage long-term engagement.
EDIT: nvm, I see that this cell is being calculated from the SNS configuration sheet and automatically rounded
Hey, thank you for sharing, that’s really helpful.
I have a question regarding this section, shouldn’t the CF allocation be (1/3)*25=8,33 assuming the max price? If Seers hits the maximum funding target, then 333,333 ICP come from the CF and 666,667 ICP from non CF contributors, that means 1/3 of the 25mn tokens (8,33mn) should be allocated to the CF, right?
If we deposit ICP to Seers for markets are they still under Seers’ control? Meaning you could do whatever you please with the coins, and they aren’t in our own wallet on Seers?
Thanks for the question! We are decentralizing precisely to address the trust issues that arise with any centralized app.
I’m not sure what you mean by ‘manually paid out,’ but in the past, we sometimes had hundreds of daily market transactions for weeks, which would have been impossible to handle manually.
We’re extremely excited to begin using a sports oracle in the near future, built using HTTPS outcalls, with our target being September/October. In general, we aim to minimize reliance on governance and automate as much as possible for the prediction market feature or any other crypto primitive we implement in the future.
Well, as it stands right now, we don’t have access to user funds. Furthermore, the code has never allowed us to take user funds from their ICP addresses. Some time ago, we paused prediction markets and asked people to withdraw their ICP until we decentralized.
We have already answered these questions many times to you on Twitter and Seers, and I feel that the point you are trying to make is already clear from the title of this topic. So, I apologize if we don’t address another rephrased version of the question, out of respect for the rest of the forum. Thanks.
Thanks for the reply. Not everyone uses Twitter and Seers so it’s important to ask here as well.
On Seers there is a message that says:
You need to have 1 ICP deposited in your account to be able to post content. Any misbehaviour (e.g. spamming) will be punished by slashing the ICP deposited.
If you have never had control of funds how does this slashing work, and were any of the spammers slashed after this was implemented?
You are saying that you distribute more than 1000 ICP as rewards to contributors. Its really amazing if it is true.
Would be great if you could provide relevant data to back this past 1000+ ICP reward distribution.
For instance, during the last week, with open prediction markets, we distributed around ~100 ICP to users from the revenue generated in the preceding week, based on their contributions such as posts and market participation. These markets have been operational for over a year. In general, we allocate all the generated revenue to our users, abstaining from charging fees and avoiding slashing due to the centralized nature of the app.
Once we decentralize, we anticipate being able to enhance liquidity and the number of markets by at least two orders of magnitude, which should result in higher revenue. Additionally, we intend to introduce an analytics page after decentralization so the numbers will actually hold meaning.
The concept centers on rewarding users who contribute liquidity by leveraging that liquidity to generate revenue. Initially, our strategy will involve generalizing our current implementation of prediction markets, with the APY derived from their fees. While we aim for a 10% target, this figure will inevitably vary based on supply and demand dynamics.
We plan to create several sources of revenue for providers of liquidity and other actors on the platform.
Thank you for the questions. I will address a few of them now:
When can we expect the code to be open source?
The code has been open-sourced and can be found at this link: SeersSocial (Seers ) · GitHub. Additionally, we are in the process of migrating several repositories from Ethereum, such as Moloch DAO and stablecoins. However, these repositories are not yet ready and will be open-sourced at a later time.
Have you conducted a security audit?
Our approach involves decentralizing with only the social network functionality initially enabled. Subsequently, we plan to reintroduce features like prediction markets in a step-by-step manner, conducting audits before and gradually increasing liquidity. The audits are likely to be carried out by Code and State. Also, we plan to have some sort of SAFU Fund.
Are the Seers team members doxxed? If so, who exactly is part of the team?
Our founder, Marcio Diaz, who is a former Polkadot core developer, is doxxed, and his information is with DFINITY. As for the rest of the team, they are likely to be doxxed soon. They come from diverse backgrounds, including PhDs, Google/Meta, Web3, Mathematics, and AI.
, but we’ve already given thousands of ICP to our users from our revenue for their contributions. Have a great weekend!