This is an anonymous post from an Elpha member.

Things Like Photofeeler? (Comparable to Bitcoin Mining?)https://www.photofeeler.com/

Asia169·Aug 24, 2023

I'm trying to think of examples of real companies where users are "compensated" with a non-monetary currency for doing work. The user can then use that currency to buy the "product" which in turn compensates other users with the currency in order to deliver the product to the "paying" user.

A real example of this is Photofeeler. You can login anonymously and rate other people's professional headshots or dating app photos, and you earn credits for every rating you submit for a stranger's photo. Once you earn enough credits, you can "spend" the credits and get 80 people to vote on the quality of your own photos.

(This is the freemium version of Photofeeler. There's also an option for users to pay to get rated if they don't want to "work".)

Another somewhat related version of this would be mining Bitcoin. A user "works" to mine the Bitcoin, and then owns the Bitcoin which we all know can be used as a currency (sort of).

Is anyone aware of other businesses that operate like this? I'm looking at an application of this in a totally different industry and trying to understand the monetization.

Iynna·Aug 28, 2023

wow this is fascinating, and I have to be honest I had never heard or seen anything like this.

Asia169·Aug 28, 2023

Just thought of one! Glassdoor. You have to do the "work" of providing one of your past salaries in order to gain access. Admittedly though in this example the "work" isn't very hard or time-consuming.Can you think of anything else a bit like Glassdoor?

Iynna·Aug 29, 2023

Ohh thank you for this analogy, I am able to visualise a bit more! One could argue any platform-based business has this model though. e.g social media, I need to get my info on in order to see other people and interact with them? in this case data is the currency and more data is the reward. Though I have a feeling this is not exactly what you might be looking for.