Twitter has been the go-to place for crypto experiments lately, and one of the most recent is a popularity contest of sorts. The experiment sought to test how effective token-curated registries are and was developed by Gregory Rocco.
Rocco, who works at ConsenSys, spoke with CoinDesk, saying the concept of this experiment came to him several weeks ago in the shower. Presently run on a “spoke” of ConsenSys called Alpine, the self-proclaimed TCR Party is primarily made up of the former design team that worked on Token Foundry.
Yesterday’s numbers show that there are over 250 people involved in the registry, which is trying to draw a line between the top influencers in Crypto Twitter and the people who simply want to be them. To participate, users tweet the message “Hey @TCRPartyVIP let’s party!” Then, a direct message is sent to them with instructions on what to do.
Alpine’s head of strategy, Rocco, is a helpful opportunity for audiences to discover the technology that offers list-making protocols as the incentive, using the audience as the authority on the subject. Steve Gattuso of Alpine described the interactions between the crypto wallets and the automated bot interactions, saying,
“Behind the scenes, any time a user registers to participate we actually generate a multisig wallet for them … you basically use the bot as the wallet.”
Other Projects With Similar Registries
Even though the TCR Party is using Twitter to bring others to experiment with the technology, other projects are working on TCRs as well, like FOAM and MetaX.
Right now, both Rocco and Gattuso are surprisingly skeptical about TCRs, voicing concerns that they’ll ultimately just become popularity contests that the audience abuses to get more tokens in their wallets.
Gattuso said, “My hunch was that TCRs will end up being plutocracies, where the rich get richer and control the lists.”
Rocco added onto that thought as well, saying, “We’re already starting to see the benevolent cartels form.”
No Plans To Monetize
Despite growing in members, Gattuso says that the Alpine project will not be actually monetizing the TCR Party. Staked testnet tokens are awarded for minimal participation, even if the individual just interacts with the program.
There’s no value for abstracted tokens, which is why the Alpine researchers stated that this isn’t perfectly matched with the other projects that enterprise clients take on. A software engineer for MetaX, Edwin Cheung, pointed out,
“Without token economics on the Rinkeby Testnet, it is difficult to predict how people will behave on the Ethereum Mainnet.” Still, the information that Alpine has learned is still providing its own value.
When the first testnet was implemented, it failed when a major miner stopped participating. This led the TCR Party onto another blockchain instead, though Twitter ended up blocking Alpine’s API access. Clearly, the only way to maintain the reliability of a TCR is with the right infrastructure.
The whole point, after all, isn’t to “jockey tokens,” as Rocco states. Instead, the goal is to determine what blockchain solutions can optimally offer real value. While there could be other experiments apart from the use of Ethereum, Rocco stated,
“Token modeling is just one small component of what the entire team is working on.”
Continuing The Research
Messari CEO Ryan Selkis is keeping an eye out, saying that they are working on “our own TCR for Messari’s disclosure registry.” He added,
”Most of the cool tech that’s been built in crypto wins initial awareness from the games that are built on top. Satoshi’s Place with Lightning, CryptoKitties with NFTs, even Satoshi Dice with bitcoin back in the day.”
Gattuso commented that this is just an experiment, so consumers should avoid assuming anything about the course it has taken thus far. He said,
“We’ll learn a lot more over the next couple of weeks. Maybe this will turn out to be a well curated registry.”
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