PoolTogether for People
Dai in, Dai out for the people
UPDATE: It has already been built by Zefram Lou here
TLDR: A dapp that allows anyone to spin up a pool that anyone can contribute too and auto-magically pays its yields out to a set Ethereum address.
Idea:
A general use crowdfunding mechanism using PoolTogether’s “prize pools”.
The purpose of the site/Dapp would be to allow an individual or groups of individuals to deposit Dai into a pool that is registered to a known wallet address. The pool would generate yields and pay out to the wallet address at a set interval of time.
This would be a permission-less, no-loss crowdfunding model that could be utilized by anyone, anywhere in the world.
PoolTogether’s prize pools use a RNG to pick a winner but this step will be skipped as the “winner” will always be a known wallet address.
Example use:
A musician spins up a pool in a few clicks in the app after logging in with their Web3 wallet. They post a link to their pool page on their site. A patron can visit their pool page and deposit Dai into the pool. The pool would be generating yield from Compound or another site/app as PoolTogether already does. After a set time period(every week, every month) the pool would pay the yield out to the musicians wallet in Dai etc. The patrons could withdraw their pool funds at any time as the PoolTogether contracts allow.
Etc ideas:
Families could use something like this to handle inheritance. Parent X creates a pool for Child A and Child B. The pool can drip funds to the children at set intervals etc and/or the pool and yields can be released at time of death.
A neighborhood organization could create a pool and use the yields to pay for community improvements.
This could be used to create a new type of co-op wherein a business pools excess funds that it gives back as bonuses to employees etc.
Friends that are doing well financially could pool their funds and give the yields to a friend not doing well financially.
Users could spin up their pool with a Web3 wallet like Metamask and have the pool yield sent to a different wallet address like a Coinbase wallet making it easier for them to “cash out”
A “patron” could spin up a pool to attract someone they want to pay to do something and hand the pool over to the third party. Like a reverse Kickstarter. The “crowd” could tell the artist what to make by putting their money up front to entice the artist to create requested work.
Reward pool contributors with NFT’s/tokens created by the recipient so they could also “win” something using the RNG
Leverage other yield sources like Curve to make things more censorship resistant
I hope someone can build something like this. Can you put the PoolTogether pieces together and make this Dapp?
*Random possibly related note- our founder “M dot Strange” was featured in the book “Crowdsourcing: Why the Power of the Crowd Is Driving the Future of Business” by Jeff Howe in 2008. It didn’t really work back then but it can work now 😀