Opensourced by Anthony Riley - Earn cryptocurrency for writing opensource code

Project Name: Opensourced

Project Track: Web3

Team Name: Anthony Riley

Team Member(s): Anthony Riley (solo dev)

DevPost URL: Opensourced | Devpost

Project Goal:

Hi everyone! Lots of us spend countless hours writing code and contributing to huge opensource crypto projects. Wouldn’t it be nice if you could earn some actual money from the work that you do? Opensourced it aiming to address just that problem!

Project Info:

How is that possible you ask? Great question! Our ecosystem has two important elements:

  1. Developers who sign up through our website will automatically earn OPEN, a TRC20 token, by contributing code on GitHub.

  2. Contributors who wish to support opensource development can stake their TRX in our smart contract to earn yield that is automatically transferred to SunSwap to place in a liquidity pool that is TRX / OPEN.

What does that mean? Developers who earn OPEN can trade it immediately on SunSwap for TRX then convert that into REAL money! Simple as that.

Project Repo/Website:

Click here to follow along on GitHub

Click here to follow our progress in real time

Project Details: None

Project Milestones:

Milestone 1 - Create the Frontend (Completed)

First, we built out a basic and functional design for our website with the different pages necessary to interact with our smart contracts. Functionality needed to include a way for developers to connect their GitHub account and view their earnings while also providing a platform for contributors to stake their tokens.

Milestone 2 - Write the Basic Smart Contracts (Completed)

Next, we wanted to write the smart contracts that support our TRC20 token which can be minted to developers that are contributing code as well as a smart contract that allows contributors to stake tokens. You can find the code for these smart contracts on GitHub.

Milestone 3 - Connect the Smart Contracts with the Website (In Progress)

Milestone 4 - Allow contributors to vote for certain parameters (In Progress)

Milestone 5 - Deploy Smart Contracts to Nile Testnet (In Progress)

Unfortunately Tron Mainnet does not support Tip 157 which is necessary for the implementation of our smart contracts, so our app will only be available on the testnet to start with.

Milestone 6 - Deploy Smart Contracts to Mainnet (Future plans)

Thanks for reading! Looking forward to everyone’s projects.

16 Likes

I like the concept! Good luck

2 Likes

I really like your idea, but I have some questions as well.

  1. What makes OPEN valuable? Why would people want to buy it? Is there any incentive for developers to hold OPEN instead of selling it?
    I understand that developers will earn OPEN, and its purpose is to sell it for "real" money. I see cryptocurrencies as real money as well and that is no less with OPEN itself.

My project “Carpe Diem Savings” is a decentralized Certificate of Deposit. It might be an idea to investigate if a collaboration fits with both of our projects. Some idea is to automatically stake OPEN for let’s say 1 year by your smart contract. If you would like to discuss anything about the possibilities, you can write me a pm. This is no promise in any way, and we need more certainties before we implement any token.

  1. What are the benefits of users that stake TRX in your smartcontract?
    Being part of a liquidity pool is bound to impermanent loss and if there is more OPEN to be sold, people are basically selling their TRX and getting "wortless" OPEN.
  1. Is there any differentiation for rewards based on a developer’s contribution?
    Some open source code doesn't really contribute to anything nor add something new. Other code might contribute to a popular application or for example fix a critical bug. I can imagine that when OPEN becomes valuable, people might try to exploit the system and write junk code, just to get OPEN rewards. In the light of the TRON/BTTC Hackathon, I think it could be nice to reward those that contribute to the TRON or BTTC networks more.
  1. Is the OPEN supply unlimited? Are there any ideas to cap/limit the inflation of OPEN (or some other ideas involving the OPEN token’s supply)?
    If there are no boundaries, the inflation of OPEN is uncertain, because it is connected to how much code is being written.
  1. Do you have any idea if and when TIP 157 will be supported on mainnet? Are we talking about weeks, months, or years?
2 Likes

Hi thanks for asking such insightful questions, and you have a lot of good ideas.

  1. The value of OPEN for now comes from it being swappable for TRX on Sunswap and potentially other exchanges in the Future. This allows developers that have no exposure to TRX to immediately be able to receive it from just making some opensource contributions. Yes, there are probably other ways to make the OPEN token itself useful in other ways but those ways have not been explored yet due to the limited time scale.

  2. Users that stake TRX are NOT bound to impermanent loss. This is because the TRX that they stake is NOT put into the liquidity pool, only the yield that is generated off their TRX is put into the liquidity pool, thus contributors can always recoup their staked TRX at any time. Also, contributors that stake TRX have the opportunity to vote on certain parameters of the smart contract, such as how much OPEN rewards developers get for certain actions (this is not yet implemented but the plan it to do it before the deadline tonight). It will also be imperative that more incentives are created for contributing as these contributions are make or break for the project.

  3. Yes. Right now there are 4 ways to get rewards. I’m not sure that all of these will stay.

  • Create a new public repository = 1 OPEN
  • Push changes to a repository = (0.05 * GITHUB_STARS * (10 * ADDITIONS + DELETIONS)) / 100
  • Pull request merged into a repository = (GITHUB_STARS * (10 * ADDITIONS + DELETIONS)) / 100
  • Opened a Github Issue = 0.25 OPEN

These numbers were not optimized economically and just serve as an example, plus in the future contributors will be able to vote on some or all of these parameters.

  1. You bring up a good point. Potentially there will be some incentive provided in the future to burn OPEN tokens.

  2. Not sure.

2 Likes

The thing is, developers will get OPEN token for “free” (for their contribution).

So I think his point is that people will sell this token to get some trx and the price will only go down and down and the value of the pool will only go down as well.

The question is: will the open source products generate streaming income that will keep the price of OPEN token up?

Will OPEN have a real usecase to incentivise developers to hold it instead of dumping it?

Good luck for your project :+1:

2 Likes

Thank you, this now makes sense to me.

To rephrase it:

“Users can participate in securing the TRON network by freezing TRX via the OPEN smartcontract. The voting rewards are put in the TRX-OPEN liquidity pool.”

Now I also understand why you need TIP 157 in order for it to work.

Besides voting on certain parameters for OPEN, is it also possible for each individual to choose where the votes from their locked TRX are going to (i.e. choosing your own SR)?

It would also be nice if the user can choose to get Bandwidth or Energy, which will then be credited to their account or any other address if set.

As @fabsltsa greatly explained above, it would be nice to brainstorm about more ideas to bring more value and holding incentive to the OPEN token.

Creating a repository isn’t a lot of effort and could potentially be exploited to gain OPEN. For example, creating repositories, then deleting them, and doing that all over again. Perhaps there could be a limit, lets say: max x number of OPEN-rewarded actions in y amount of time.

1 Like

Yes, contributors can choose their own SR, as for freezing rewards those haven’t been fleshed out yet.

Creating a repository was mainly used as an example in this scenario as it was an easy one to demonstrate in the video. Realistically code being merged into a repository would be the most reliable measure of contributions.

I will also think about adding incentive for holding or burning OPEN tokens, although the deadline is already too soon I think that some progress can be made in that area after the hackathon.

Thanks for the questions!

1 Like

Hey there! being involved in open source I find this project promising, however I don’t think a new token is needed, FOSS needs a way to “thank” those developers that bring so much to everyone but bringing a new token as previously exposed by @fabsltsa might not be the best as the value will just tank without a revenue stream.
As a brainstorm exercise it would be nice to have some kind of front end/forum in which people make feature requests for GitHub/ open source projects and freeze some TRX/BTT/USDD/USDT as a payment promise for the implementation. As soon as the implementation is done and tested the requestor makes the payment. Requestor cannot withdraw the crypto unless developer didn’t fullfil the goal and agreed with dev or clarified with you guys (the intermediary).

Looking forward to your opinion on this :slight_smile:

hey guys! quick question will you implement something to control the amount of code an individual can upload to earn $open

Hi, thanks for the question.

Contributions are heavily weighted by the number of stars the GitHub repository has.

I like this idea! Maybe for the next hackathon.

The demo link now is live. It wasn’t in the authorized domains so now developers can test it.

This idea is great. Will definitely promote more engagement among devs

yes, i think voting will resolve the issue of junk codes