Project title: Trybal.Network - Promoting Stellar Ecosystem Adoption
Summary: Social experiment to provide a zero-barrier entry to the Stellar Network, building a crypto community and promoting Stellar based projects.
Category: Applications, tools, infrastructure
Goals: Raising awareness for the Stellar Network through fair global distribution of a new cryptocurrency-token created by activity of the users. Specifically targeting emerging markets and developing nations. Dedicated to be the marketing platform for promotion of the Stellar ecosystem.
Description: trybal.network is the Stellar based answer to projects like minepi, initiativeQ or more recently “ecoinofficial”.
- Minepi wants to fork Stellar to add an unnecessary feature which is the only reason for their “PI currency”. At the time of writing, minepi is just numbers in a database. The ‘node’ they are testing can only be run on high end desktop computers, a complete counter to their initial arguments.
- InitiativeQ dubbed the “New Global Currency”, will not be based on blockchain, but on unspecified “new payment technologies”. At the time of writing and the foreseeable future it’s also just numbers in a DB.
- Ecoinofficial’s website raises a lot of red flags. They advertise(d) with potentially being worth $100 per coin and now with a future value of $1 per coin while trading at $0.001
While we would never endorse any of these projects, they have one thing in common which is unprecedented growth:
inititiveQ: 3.5 million users in 2 years
minepi: 3.5 million users in less than a year
ecoinofficial: claims 2,000,000+ users in 28 days
Our thought was: when they can do this without an actual token and without blockchain, we should be able to at least resemble their success with a token on Stellar livenet and without the misleading marketing.
What does your project enable users to do?
Users register an account, confirm their email-address and start claiming free TRY on Stellar livenet every 24 hours. Every user will be provided with a Wallet account to track and show balance of the assets he owns (currently limited to TRY and XLM). Given enough funding is available, the account will be created by us. Optional the user can create the account himself by sending 1.51 XLM.
On account creation the home-domain option on Stellar is set to trybal.network/u/username to link to the upcoming profile page where proof can be looked up to verify a user.
Users can improve their daily claim by being active and adding more social proof. Currently we are supporting Keybase as the first verification option with a similar process as stellarcommunity.fund. The user has to enter their Keybase username on trybal.network and receives a confirmation link from our bot.
Why is your project valuable for Stellar?
We are specifically targeting emerging markets and developing nations. Almost everyone agrees that this is the most potential market for wide adoption of cryptocurrencies.
With a project positioned to promote the Stellar ecosystem, marketing expenses of SDF, SDF partners and new independent projects can be cut by a big margin. We will be able to run a general campaign, by interests, target certain countries (for example Argentina and Brazil for Vibrant), Twitter, Instagram, Facebook campaigns and more at a fraction of what individual campaigns would cost.
As shown with examples of other projects, trybal.network has the potential to bring millions of new users to Stellar. For our MVP, we have validated minepi's model for social engagement. With limited marketing, we've been able to signup 40,000 users for Trybal in less than three weeks, many of whom have never used Stellar before.
In the near future, we want to introduce our users to the #stellarfamily of projects building on Stellar, encouraging them with incentives in TRY or XLM and are already in talks with several Stellar based projects for future cooperation.
How does your project use Stellar?
Stellar accounts we use (for reference):
- Issuer of TRY token:
The account that creates TRY by sending it to the Distributor account.
- Distributor of TRY token:
This account distributes all the TRY claimed by members.
- Funding new Accounts:
This account is used to create/fund accounts of newly registered users with XLM.
If the user hasn't activated their account, TRY of unfunded accounts will be sent here and automatically sent to the users account as soon as it has been created.
We generate a new Stellar Keypair for every new registered user that also confirmed their email-address.
To create/fund the account on Stellar, we require 1.51 XLM (1 XLM minimum balance, 0.5 XLM for the trustline and 0.01 XLM as a reserve for transactions).
At first, we funded every confirmed account but soon realized that a percentage of users only claimed their Welcome Bonus or only came back to claim every few days.
To save XLM for funding accounts, the process was changed to have the user initiate the creation/funding of their account with a simple click on the Wallet tab. This click triggers the operation to send 1.51 XLM from FUND to the users public key, establish the trustline to TRY, set their home domain to a possible profile page and send any TRY that was claimed previously from the intermediate account. All operations in one transaction.
Example of an account funded by us before first claim:
Example of an account funded by us after claiming:
Due to the high rate of registrations, our FUNDing pool for the beta test was exhausted pretty fast but we had prepared for this szenario. If the FUND account has less than 5 XLM balance, the user will see this message on his Wallet tab:
As you can see in this example, the user was still able to claim TRY. Users with unfunded accounts on Stellar will see their claims being transferred to our intermediate account.
The user can create/fund their on-chain account with 1.51 XLM. This is of course 100% optional. We check the balance of accounts on every log in. After successful funding, the user has to initiate the same one-click process as users funded by us (establish the trustline to TRY, set their home domain to a possible profile page and send any TRY that was claimed previously from the intermediate account).
More than 1,000 users created/funded their accounts this way.
Example of a user creating/funding the Stellar account after several claims that went to INT:
The reason for the Intermediate account is to be fully transparent about the TRY issued, even for unfunded accounts. In case of minepi, initiativeQ and ecoinofficial, nobody knows the actual supply since everything is hidden in a database.
To be able to fund more accounts of active users, we observe the time since a users last claim. One possibility is to transfer TRY of inactive accounts to the INT-account while keeping a record of the TRY balance and merge these accounts back into the FUND-account to fund more active users. This process is already functional and has been done after our internal tests to reclaim TRY and XLM from test-accounts. As soon as the user becomes active again, given there is XLM in the FUND-account, the user can receive his TRY back in his own account or keep claiming TRY with the unfunded option.
A better solution for this would be the SDF User Acquisition Fund that was created for these type of cases similar to Vibrant that receives 5.5 XLM to fund and create trustlines for new accounts. Further, we will be able to promote anchors and create trustlines to assets of interest to the user if the issuer provides the XLM needed for the trustline without the risk of fakeaccounts withdrawing the provided 0.5 XLM and reclaiming after a set time if the user never actively engaged with the asset.
What platforms does the project support?
We are starting with a web based application to be accessible from any device. Mobile specific apps for iOS and Android will be developed as the project grows.
Transaction Spam prevention
Considering the potential growth of Trybal, we are already set from the start to prevent transaction spam. We first collect all claims, rewards, bonuses and referral earnings of a user since his last claim to send it in one operation. Then we are batching up to 100 operations/claims of different users into one transaction, similar to how the Lumenaut pool did this when still operating. Operations like account creation, trustline setup and transfer of previously existing funds are also batched into one transaction.
We hope that our approach serves as an inspiration for existing and future projects to reduce single operation transaction spam where possible.
What are the funds used for if you win in the SCF?
Funds will be used to finance development, infrastructure and marketing.
Growth in numbers:
After initial marketing for the beta test, we stopped any marketing efforts almost immediately because of the overwhelming registration feedback.
We are tracking multi-account and bot-registrations that started on day 3 and were able to track most of the bot registrations back to only two accounts which made up 20,000 in total. We do have the solution to prevent or at least drastically limit fake-account registrations. This is under development right now and will be deployed with other major changes at the end of the beta test.
Genuine registrations: 40,000+
TRY operations: 60,000+
Tags: social, experiment, trybal, application, marketing, ecosystem