Key points discussed
This session provides an in-depth understanding of Hypercerts and Impact Funding Systems, presented by Sophia, a contributor for Hypercerts. Hypercerts is introduced as an open data layer designed to track and reward positive impact, tackling the challenges associated with traditional public goods funding processes. It aims to address the misalignment between value creation and profitability, while also countering fragmentation in the funding of impactful initiatives.
The session covers the concept of Hypercerts as ERC 1155 tokens representing unique claims about impactful events or actions. These tokens store information about the date of impact, related tags, and the scope of work involved, establishing a transparent data layer across the blockchain. Furthermore, it addresses the challenges and examples of value creation vs. profitability, emphasizing the need for alternative funding mechanisms.
The fragmented funding ecosystem and its impact on funding initiatives are discussed, highlighting the lack of standardization and the resulting difficulties in validating impact claims. Additionally, the concept of a fragmentized layer for tracking and rewarding impact, built on top of Hypercerts, is introduced. It details Hypercert's attributes as a data layer, structured schema for organization, and the potential addition of Ethereum Attestation Services for evaluations and attestations.
Sophia explains how funding mechanisms can be based on evaluations recorded in Hypercerts, with funding decisions made by holders or designated decision-makers. The session then delves into technical details about Hypercert, including its ERC 1155 semi-fungible token nature and the benefits of fractional ownership.
AI Summary provided by the tool Videohighlight w/ timestamps
00:09 Introduction to Hypers Certs and Impact Funding Systems
In this section, Sophia introduces herself as a contributor for Hypers Certs and discusses the role of Hypers Certs in revolutionizing impact funding systems.
Hypers Certs and Public Goods Funding
Hypers Certs is an open data layer for tracking and rewarding positive impact.It provides a new protocol that enables funding systems for public goods, which are not typically funded by traditional markets or business models.Public goods create significant value and impact but may not be profitable.The current methods of funding public goods include grants, bounties, and sponsorships, which can be inefficient and fragmented.
01:59 Understanding Hypers Certs
In this section, Sophia explains what Hypers Certs are and how they function as a protocol for tracking and rewarding positive impact.
What is a Hypers Cert?
A Hypers Cert is an ERC 1155 token that represents a unique claim about an impactful event or action.It contains information such as the date of the impact, tags related to the impact, and the scope of work involved.Storing this data creates a data layer about impact across the blockchain.
04:29 Challenges in Funding Impact
This section highlights the difficulties in funding impactful initiatives due to misalignment between value creation and profitability.
Misalignment Between Value Creation and Profitability
Current funding methods do not always align with what is valuable or impactful.Profitable ventures like AI capabilities or energy from oil receive more funding compared to valuable initiatives like CO2 reduction or community building.Funding mechanisms such as grants, bounties, and sponsorships are often inefficient, risk-averse, and fragmented.Lack of a streamlined funding process makes it challenging to ensure that funds lead to actual impact.
05:00 Examples of Value vs Profitability
This section provides examples of initiatives that create value but are not profitable, highlighting the need for alternative funding mechanisms.
Examples of Value Creation
Initiatives like AI safety, biodiversity preservation, open-source software, and community building create significant value.However, these initiatives struggle to attract funding as they are not inherently profitable.Current funding methods rely on grants and non-profit organizations, which can be unreliable and inefficient.
07:09 Fragmentation in Funding Impact
This section discusses the issue of fragmentation in funding impactful initiatives and its impact on the ecosystem.
Fragmentation in Funding
The current ecosystem for funding impactful initiatives is highly fragmented.Lack of standardization makes it difficult to validate impact claims or ensure consistency across different regions or sectors.For example, carbon credits issued by different entities may not be universally recognized or accepted.Fragmentation hinders the efficient flow of funds towards important causes like reducing CO2 emissions.
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08:28 Fragmentized Layer for Tracking and Rewarding Impact
The speaker introduces the concept of a fragmentized layer for tracking and rewarding impact. This layer is built on top of Hypers Cert, which serves as a single open shared decentralized database.
Hypers Cert as a Data Layer (t=529s)
Hypers Cert stores information and data about specific impact claims.It can serve as a single open shared decentralized database.This data layer enables impact funding mechanisms to be built on top of Hypers Cert.Having one transparent blockchain-based data layer eliminates the need for multiple fragmented storage systems.
Schema and Indexing (t=569s)
Hypers Cert has a structured schema that defines how its data is organized.The schema includes fields such as name, description, work scope, and impact scope.Indexing the schema makes it easier to search and access the data compared to searching through fragmented NFTs.
Additional Layers and Evaluations (t=611s)
Additional layers like Ethereum Attestation Services (EAS) can be added to Hypers Cert.These layers provide evaluations and attestations for impacts claimed in Hypers Cert.Evaluations, measurements, and attestations add value to Hypers Cert by providing additional data layers.
10:59 Funding Mechanisms Based on Evaluations
The speaker explains how funding mechanisms can be based on evaluations of impacts recorded in Hypers Cert.
Decision-making Process (t=681s)
Funding decisions are made by holders or designated decision-makers.Evaluations, measurements, and attestations in Hypers Cert are considered when allocating funds.
Impact Investing Opportunities (t=700s)
Funding mechanisms like optimism's retroactive funding or Gitcoin grants can support impactful projects.Owners of impactful Hyper Certs can receive retroactive rewards based on evaluations and measurements.This creates a new system where supporting impact also offers the potential for financial returns.
12:04 Technical Details of Hypers Cert
The speaker provides technical details about Hypers Cert, including its token type and fractionalization capabilities.
ERC 1155 Semi-Fungible Token (t=753s)
Hypers Cert is an ERC 1155 semi-fungible token.It combines features of both NFTs and fungible tokens.Fractionalization of ownership is possible with Hypers Cert.
Fractional Ownership Benefits (t=774s)
Fractional ownership enables a web of owners for a Hyper Cert.Retroactive funding or impact investing can distribute funds to all owners based on evaluations and measurements.
14:37 Feedback Loops for Funding Public Goods
The speaker discusses the concept of feedback loops in funding public goods using Hyper Cert.
Impact Signal Flow Loop (t=905s)
A Hyper Cert closes the impact signal flow loop in funding public goods.Funding leads to impact, which generates more funding through the Hyper Cert ecosystem.This creates a continuous loop that benefits impact investors and supports ongoing impactful activities.
15:34 Exciting Developments with Hyper Cert
The speaker highlights exciting developments related to Hyper Cert, particularly its collaboration with Gitcoin Grants.
Collaboration with Gitcoin Grants (t=953s)
Gitcoin Grants is a platform for applying and receiving grants.A pilot program allows participants to mint Hyper Certs for their impactful projects on Gitcoin Grants.
16:34 Overview of Hypers Search Ecosystem
The hypers search ecosystem is described as a data layer protocol represented by an ERC 1155 token. It allows for fractionalized ownership and enables tracking and rewarding positive impact. Various tools and applications can be added to interact with hypers search, such as hyperboard and integrations with platforms like Gitcoin. The goal is to create an impact funding system that can be customized for different use cases.
Hypers Search Protocol
The hypers search protocol is a data layer represented by an ERC 1155 token.It allows for fractionalized ownership and tracks and rewards positive impact.Tools and applications can be added to interact with hypers search, such as hyperboard.Integrations with platforms like Gitcoin are possible.
Impact Funding Systems
The goal of hypers search is to create an impact funding system that can be tailored to different use cases.Users can build tools, applications, and integrations using the hypers search protocol.This enables the creation of fast-moving interconnected funding networks.
Challenges in Traditional Funding Systems
Traditional public goods funding processes are slow, inefficient, and top-down bureaucracies.Blockchain technology offers the potential to create more efficient funding networks.Trust in governments and systems for allocating funds correctly has been a challenge.
Programming Rules for Money Allocation
Blockchain technology allows for programming rules on how money gets allocated.Solidity is used to program rules about contract addresses and money allocation strategies.Technology enables the ability for people to come together and decide how funds should be allocated.
Encouraging Exploration of New Funding Mechanisms
There is a call to explore new funding mechanisms through experimentation.Sponsors are encouraged to allocate some funds towards testing novel funding ideas.Venture capitalists are also urged to invest in these experimental projects.
21:55 Conclusion and Open Discussion
The presentation concludes with contact information for further inquiries. The floor is then opened for questions, thoughts, feedback, and discussions about hypers search and its potential impact.
Hypers search is a project spun out of Protocol Labs with support from Funding the Commons Network and other organizations.Contact information is provided for those interested in reaching out.
Participants are invited to ask questions, share thoughts, provide feedback, and discuss their interests in hypers search.Excitement about hypers search and its potential impact is expressed by participants.Specific questions related to regenerative projects and CO2 reduction are mentioned.
24:31 The Challenge of Getting Attention and Support
In this section, the speaker discusses the difficulty of getting attention and support for their project. They share their experience of approaching a local green bank for sponsorship but not receiving a reply. They also highlight the barrier to entry problem of using crypto for participation.
Challenges in Gaining Support
The speaker approached a local green bank for sponsorship but did not receive a reply. (0:24:31)The barrier to entry problem arises when participants are required to use crypto for participation, which often leads to disinterest from non-crypto individuals. (0:25:18)
26:12 Overcoming Technical Problems and Adoption Barriers
In this section, the speaker discusses the technical problems and adoption barriers they face when trying to implement their project. They mention the need for custodial wallet infrastructure and how it can be challenging to convince organizations to adopt such solutions.
Technical Problems and Adoption Barriers
Setting up custodial wallet infrastructure for all customers of an organization is a significant technical challenge. (0:26:12)Convincing organizations that their customers need to own a crypto key for participation often leads to resistance or disinterest. (0:26:59)
27:23 Decentralized Applications and Trade-offs
In this section, the speaker discusses decentralized applications (dApps) and trade-offs involved in their development. They emphasize the value of dApps in addressing trust issues related to money allocation but acknowledge the current challenges in creating user-friendly experiences.
Decentralized Applications and Trade-offs
Decentralized applications solve coordination problems when trust among participants is limited, particularly in areas like money allocation. (0:28:08)The speaker acknowledges the current limitations of dApps, including poor user experiences and high costs on certain blockchain networks like Ethereum. (0:28:31)
30:02 Progress in Solving Issues with Decentralized Products
In this section, the speaker discusses the progress being made in solving issues related to decentralized products. They mention the development of Layer Two solutions and collaborations among different projects to improve usability and accessibility.
Progress in Solving Issues
Efforts are being made to address problems with decentralized products, such as high transaction costs and poor user experiences. Layer Two solutions like Optimism are being explored. (0:30:22)Collaborations between different projects aim to find ways for users to access networks using their existing wallets, such as Coinbase Wallet. (0:31:02)
Note: The transcript provided does not cover the entire video, so these summaries only reflect the content included in the given transcript.
[t=0:32:00s] Understanding the Centralized System of Banks
In this section, the speaker discusses the importance of understanding what banks care about and their centralized systems.
Focusing on Bank People's Concerns
The speaker suggests starting with understanding what bank people care about.Banks trust that all their customers will pay back their money, creating a centralized system.It is recommended to build on existing systems that banks trust rather than creating a separate blockchain protocol.
[t=0:32:16s] Building DApps for Mass Adoption
This section highlights the need to design decentralized applications (DApps) in a way that appeals to a broader audience for mass adoption.
Designing DApps for Accessibility
Many DApps are built with complex technology that only tech-savvy individuals can understand and use.To achieve widespread adoption, DApps should be designed with simplicity and accessibility in mind.The American Cancer Society's involvement in Gitcoin is seen as a significant step towards mainstream acceptance of blockchain technology.
[t=0:33:01s] Leveraging Respected Entities for Credibility
This section emphasizes the importance of leveraging respected entities to gain credibility and promote blockchain technology adoption.
Using Respected Entities as Examples
The American Cancer Society's participation in Gitcoin serves as evidence of blockchain's potential value.Highlighting such examples helps bridge the gap between traditional organizations and the crypto community.Collaboration between crypto enthusiasts and respected entities can drive innovation and adoption.
[t=0:33:20s] Openness in Carbon Markets
This section discusses the benefits of openness in carbon markets and how it relates to blockchain technology.
Embracing Openness in Carbon Markets
Voluntary carbon markets rely on reputation, where certificates from respected registries hold value.Hypers aims to create a more open system where anyone can make certificates and claims, accepting the possibility of false claims initially.The crypto scene's willingness to embrace openness sets it apart from traditional markets.
[t=0:34:36s] Reputation and Identity in Hypers Certs
This section explores the importance of reputation and identity verification in hypers certs.
Connecting Reputation and Identity
Hypers certs' value depends on the reputation of the issuer or vouching entity.Many dApps ultimately require an identity layer for verification purposes.Decentralized identifiers (DIDs) and verifiable credentials offer standardized solutions for identity verification.
[t=0:35:47s] Technological Considerations for Hypers Certs
This section delves into the technological aspects of hypers certs and their relation to blockchain technology.
Hypers certs utilize NFTs (ERC-1155) to enable tradability and fractional ownership.While decentralized identifiers (DIDs) could also be used, NFTs provide built-in features for buying, selling, and price fluctuations.The decision to use ERC-1155 was driven by the goal of creating a marketplace for impact claims.
[t=0:38:12s] Value Determination in Hypers Certs
This section discusses how issuers contribute to the value determination of hypers certs.
Issuer's Influence on Value
The issuer's reputation significantly impacts the value of a hypers cert.Data layers above hypers certs can connect them with valuable entities like Greenpeace or individuals like Vitalik Buterin.Additional data layers can establish connections between real identities and achievements through verifiable credentials or ZK proofs.
[t=0:39:13s] Benefits of NFT Structure for Hypers Certs
This section explains the advantages of using NFTs (ERC-1155) for hypers certs.
Advantages of NFT Structure
Using ERC-1155 as an NFT structure allows for tradability and transferability.Verifiable credentials require additional layers to achieve similar functionality.The built-in features of ERC-1155 make it a suitable choice for hypers certs' goals.
Note: The summary has been provided in English, as per your request.
40:03 Challenges and Excitement in Blockchain Impact Funding
In this section, the speaker discusses their excitement about the potential of blockchain-based impact funding systems but also highlights the challenges that hinder adoption.
Challenges in Adoption
40:40 Building blockchain-based funding systems comes with barriers to entry such as the need for users to create wallets and trust their keys.40:57 The speaker experiences constant fluctuations between excitement about the future and frustration with the hurdles that need to be overcome.41:38 Fragmentation within the space hinders progress, and there is a need for alignment on important issues to make these tools accessible to people.
Importance of Feedback and Streamlining
42:01 Taking action by sharing personal experiences and pain points adds value to the ecosystem.42:34 Publicly sharing feedback on use cases, such as running transactions or bridging, helps identify areas that require focus.42:51 Streamlining how people interact with blockchain technology can greatly benefit the ecosystem.
43:57 Active Impact Evaluators and Interlinking Hypers Certificates
This section explores active impact evaluators in hypers certificates and discusses interlinking different hypers certificates for a more comprehensive assessment of impact.
Active Impact Evaluators
44:17 Different evaluators are needed based on specific fields like tree planting or open-source software.46:01 The collection creator decides who becomes an evaluator using mechanisms like decentralized governance voting or centralized selection based on expertise.46:36 Evaluators' reputations are tied to their wallet addresses, allowing credibility assessment through on-chain data.
Interlinking Hypers Certificates
44:39 The speaker mentions a decentralized view system called dy that connects attestations to hypers certificates.45:00 Interlinking different hypers certificates can provide a more holistic assessment of impact, considering dependencies between actions.
Note: The transcript provided does not include timestamps for all sections.
47:21 Hyper Boards and Hypers Certs
In this section, the speaker discusses hyper boards and hypers certs, which are collections of different impact pieces that create a large-scale impact. The hyper board is a collection of hypers certs, serving as a user interface (UI) collection. It is mentioned that hyper boards may not be minted on-chain yet, but there were discussions about turning them into wallets. The goal is to merge and combine hypers certs rather than having them as standalone entities.
Hyper boards are collections of hypers certs.Soil and tree planting can be considered as separate hypers certs.Hyper boards serve as UI collections.There were discussions about turning hyper boards into wallets.The hope is to merge and combine hypers certs rather than keeping them standalone.
48:05 Allocating Funds with Hyper Boards
This section focuses on allocating funds using hyper boards. The speaker explains that funds can be allocated to the big wallet, which represents the entire collection of hypers certs within a hyper board. This allocation process is similar to any other wallet allocation.
Funds can be allocated to the big wallet representing the collection of hypers certs in a hyper board.Allocation process is similar to any other wallet allocation.
48:27 Building Hyper Search Boards
Here, it is mentioned that currently, hyper search boards are only a UI concept. However, it is possible to build them in such a way that they are not standalone entities but merged and combined with other hypers certs. This point will be added to the slide deck for further clarification.
Hyper search boards are currently only a UI concept.They can be built by merging and combining with other hypers certs.
49:21 Contact Information and Discussion Invitation
The speaker shares her contact information and invites further discussion on the topic. She encourages people to reach out to her via Twitter or Telegram for any questions, feedback, or discussions related to hypers certs and impact funding systems.
Speaker's Twitter handle is @Sophia_do_.Speaker's Telegram username is sDOI.Encourages people to reach out for discussions and feedback.Supports building in public and sharing learnings.
49:59 Voice Recordings and Feedback
The speaker mentions her willingness to engage in voice recordings for discussing thoughts or bouncing ideas off each other. She emphasizes the importance of sharing feedback publicly, as it helps the ecosystem grow.
Speaker welcomes voice recordings for discussions.Sharing feedback publicly helps the ecosystem grow.
50:49 Gratitude and Conclusion
The speaker expresses gratitude for the opportunity to share knowledge about hypers certs and impact funding systems. She thanks the host and audience, mentioning that she enjoys speaking about these topics. The section concludes with well wishes for happy holidays.
Speaker expresses gratitude for the opportunity.Thanks the host and audience.Enjoys speaking about hypers certs and impact funding systems.Wishes everyone happy
About the session
It’s a protocol aimed at facilitating funding and rewarding positive impact.
Hypercerts represent public claims on specific work and its impact, allowing projects to issue them to contributors and funders to own fractions of these certificates.
This system fosters recurring income for impactful projects through retrospective funding, rewarding projects based on the impact they create, and offers a scalable, interoperable, and transparent environment for funding public goods. It addresses the need for effective impact funding models, emphasizing the creation of sustainable financing for public goods.
For more detailed information, you can visit Hypercerts website.
A Hypercert for the Unconference
A Hypercert will be minted for the Unconference, with the impact timeframe left open, representing the open possibilities intended for regen alliances. The Hypercert will be minted allocated to participants and organizers
☎️ We gather here: meet.google.com/tjh-ztrv-wcg