Web3 NGMI if it is not safe for creators and investors. A simple research of web3 on the internet will tell you it's more associated with scams than its potential. NFT scams, fake projects, rug pulling, bots. The list is adding up more quickly than the growth of the ecosystem.
Unlike the traditional internet, it's easier for scammers to execute their scams and be successful because of the underlying flaw in the design of web3. Privacy, trustlessness, freedom. All of these fantastic features of web3 have come with their adverse effect.
Founders build platforms with zero consideration of their users' identities. It's normal for users to ape into projects without knowing who the founders are. If the world is Utopia, there will be no need to conceive the idea of writing this paper. But the world is filled with dubious people who would rather spend 24 hours of their day trying to rid you of your hard-earned money than spend an hour getting theirs.
Scammers are ravaging web3 platforms, and nobody seems to have the courage to tackle the issues before now. Privacy, trustlessness, and freedom are ingrained in web3. Nobody has been able to provide a solution that encompasses these three fundamentals.
How do we rid scammers of web3 platforms? Web3 platforms need to adopt the mentality of making their platforms safe for their users. We believe it starts by identifying the legit identities of users on web3. All the previous attempts to address the identity menace in web3 like form, Twitter, and association verification have proven futile, leaving web3 platforms that care enough about their users with the notorious KYC.
To put it simply, web3 users hate KYC. No serious web3 founder that understands the fundamentals of web3 will dare to use it. PTSD from the data exploitation of KYC platforms, hidden data, and manipulation from scammers, no serious web3 founder would want to add this level of friction and flaw to their platform. The other options like form, Twitter, and association verification are either not scalable, easily gamed, or both.
VerifiedCreators is a native, public, and Non-KYC identity verification designed to rid scammers on web3. It leverages the power of the blockchain (on-chain identity) and social media (social identity). Instead of introducing an unfamiliar type of verification that could lead to even more friction, VerifiedCreators leverages the platforms that web3 users use daily. Blockchain and social media. You can't be a web3 user without having an on-chain identity (public key/wallet address), and you most likely have a social media account. The beauty of the blockchain is that its transparency allows VerifiedCreators to take its verification to more than just user verification. VerifiedCreators can pull the social graphs of web3 users and confirm the ownership of their NFTs, DAOs, social tokens, or any activity on the blockchain and showcase them on their unique profiles.
Anyone from anywhere in the world can access the same data used in verification if they like to do their due diligence. It's the default web3 way. Nobody should rely on any organization or expert to make an informed decision. With a single click, investors can see the same data VerifiedCreators used in user verification to ascertain a user's legitimacy before investing in their project or NFT.
The state of user identity verification on web3 platforms is a mess. Creators beg to become verified on most web3 platforms. Some web3 platforms require that their users are verified on web2 platforms like Twitter before they become verified. Some platforms even ask users to own a significant token in their account or have a massive following for verification consideration. Mega web3 platforms like OpenSea and Rarible still use form verification to verify their users.
While scammers continue to take advantage of the identity loophole in the ecosystem, the people suffering the most from the consequences of their actions are growing creators. When a popular creator creates an NFT or project, nobody would have to ask if the work is legit, but growing creators won't get the same treatment. There's inherent trust friction growing creators overcome every time before someone buys their NFT or considers their project worthy.
Verification should be available to anyone irrespective of their social class. Web3 platforms should prioritize user verification and make it easy for users to become verified. Web3 should be safe and favorable for everyone, not just a few people with more influence or information. The safer it is, the more successful web3 creators and investors we will see.
Creators: web3 creators who want to eradicate the trust verification and attract web3 investors. They can apply for verification either as an individual or a project. Every verified creator has a verified profile that interpolates with their on-chain and social identities. Every verified profile contains NFTs owned and created by the creator. Every project links back to a verified owner. As a verified creator, your NFTs automatically are listed on the first exclusive NFT marketplace for verified creators.
Developers/founders: existing and upcoming web3 platforms that need to verify the identity of their users without the enormous friction of KYC or scalability issues with Twitter and form verification. Other web3 platforms can tap into the VerifiedCreator's verification process (API widget) with just a few lines of code.
Investors: web3 investors looking to avoid scammers can use our verification tool to ascertain the legitimacy of web3 creators before they invest in their NFTs or projects or buy NFTs on VerifiedCreators exclusive marketplace for verified creators.
We started VerifiedCreators for the people, and being a DAO is the best way to achieve its mission of creating a safe ecosystem to enable web3 creators and investors to flourish. The DAO will center around making VerifiedCreators the flagship verification platform for web3 and the success of its verified web3 creators.
In the initial stage, lasting from token launch to the product stage in the roadmap, the core team will be in charge of governance while collaborating with the community for suggestions and proposals. The core team will access and consider the feasibility of every proposal voted for by 10% or more of token holders. There will be 100% transparency regarding the core team's final decision on the proposal.
In the future, anyone can create a proposal, and we will adopt one person, one vote, which will be limited to token holders.
After the early supporters ICO, we will set up the VerifiedCreators foundation. The foundation will be the employer of the core team, control the VerifiedCreators fund, and provide the structure for the platform's operations. The foundation will be ownerless. There will be further information on the foundation before the conclusion of the general ICO.
20% Founder and employees token pool
15% Round A - early supporters ICO
45% Round B - general ICO
10% VerifiedCreators Fund
3% Referral rewards
2% Community airdrop
4% DAO treasury
1% Coin holders
The VerifiedCreators token will be deflationary. 10% of internal revenue will be set aside to purchase and burn the VerifiedCreators token yearly.
40% revenue from our verification NFT and API widget will be distributed to all token holders pro-rata.
VerifiedCreators token will be available immediately for trading directly on DAODAO using DAOSwap on-chain order book exchange.
A safe ecosystem for web3 creators and investors is possible, and together as a community, we can achieve our mission. Investor? See our pitch deck.