Guardians Of The Registry

Understanding The TCR Inside Of Meme Factory

As we inch closer to the completion of Meme Factory, it’s the perfect opportunity to take a closer look into how all of the different aspects of Meme Factory will come together. Before we dive in any further, there are a few key components that comprise Meme Factory which we will touch on in this post:

DANK — the ERC20 token which powers the Dank Registry

— the ERC20 token which powers the Dank Registry The DANK Registry — the token incentivized voting game which controls which submissions (and subsequent details) enter the marketplace.

— the token incentivized voting game which controls which submissions (and subsequent details) enter the marketplace. The Meme Marketplace — Where Memes can be bought, sold, and traded amongst users.

What Is The DANK Registry

The DANK Registry is a token incentivized voting game which controls which submissions (and subsequent details) of memes before they can enter the marketplace. The DANK Registry is a our version of a TCR. Using the “Wisdom of the Crowds” principle, users collectively vote (using DANK tokens) to decide which meme submissions are valid (also known as dank) and should be included in the Meme Marketplace, and which submissions are not valid (stank) and should be rejected.

To learn more about token curated registries, we suggest heading over to the Education Portal and watching the animated explainer video.

How Does The DANK Registry Work?

The entire process begins with the meme creators, who are the ones who dream up and create an original memes. We’ll highlight the specifics of the role of the creators in a future post. For now, it’s important to understand that the role of the meme creator is to simply create the meme, decide the total supply of the meme that will be issued, and what the initial starting price will be. Once the creator decides on those details, he or she then submits the meme alongside a deposit in DANK token to the registry for consideration.

Enter The Meme Curators — a.k.a The Guardians Of The Registry

Curators run the DANK Registry and can be split into two subcategories: challengers and voters.

A challenger’s job is to find recent submissions from creators that are disagreeable for some reason (meme isn’t funny, title or tags are inappropriate, meme art is not original, etc.). If the marketplace is filled with duplicate, unoriginal, or frankly not DANK memes then the entire marketplace loses credibility. As a result, the motivation for inclusion into the marketplace would not exist.

Once a meme is submitted into the Dank Registry, the Curator can then initiate a challenge to any submission’s inclusion in the registry by depositing an equivalent fixed amount of DANK as the creator. This places their DANK at risk.

When a challenge is initiated, a voting period begins. This is where the voters come in. Using their DANK tokens, voters can privately signal their DANK balance either in favor of or against the challenge. At the end of the voting period, all votes are made public and voters receive their DANK in return.

If the challenge succeeds — the meme is rejected from the registry, and the creator’s DANK is forfeited as a reward to both the challenger and winning voters.

If the challenge fails — the meme remains in the registry and moves on to the meme marketplace for sale. Additionally, the challenger’s DANK deposit is dispensed as a reward to winning voters.

How It All Comes Together

Using our own model of a Token Curated Registry, challengers are incentivized to make only prudent challenges, else they risk their initial deposit by needlessly challenging an obviously popular meme or spamming challenges across all new submissions. Voters risk nothing and are incentivized to vote as often as possible and only in their best interest — which means voting the way they think will be the most popular with others. These incentive alignments together are what produce the “curation” powers of Meme Factory whereby popular content churns to the top.

Quick Recap:

Curators review meme submissions into the Dank Registry. If unchallenged, submission enters the registry.

If the submission is challenged, the deposit of DANK is matched and the challenge period is initiated.

Curators vote on inclusion into the registry. Depending on the result, DANK deposit (either submitter or challenger) is dispensed as a reward to winning voters.

Here Is An Overview Of The Entire Process:

How Meme Factory Works

To get a closer look — click here

Get Involved!

The survey dApp for the Meme Factory Community Polls is now live. You can find quick instructions and tutorial videos here. We’re looking to our community to signal important aspects to Meme Factory such as Meme Card Format, Website Theme, Dank logo and more.

Learn More

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