Relevance Coin

1 billion free coins to improve relevance on the web

#3 Product of the DayOctober 10, 2017

We're creating a new category—relevance—to let you discover, save, and read what's worth your attention. To make it happen, we're giving away 1 billion coins to early users for free and we'll buy them back later with our profits.

Product Hunters who join until October 13 start with 20 coins.

Reviews

  • Arin Basudoctor, professor environmental health
    Pros: 

    By connecting "monetisation" possibilities with "content" relevance, this is an unprecedented mix: nothing like this exists at the moment.

    Cons: 

    Yes, I think if they can allow coins for "minting" new & relevant information, rather than "give away", that would be great.

    I guess we will have to watch this space. The possibilities are endless and this is the first time a web service is linking the "linking" with "minting".

    Arin Basu has used this product for one day.
  • Pros: 

    Good stories based on my interests so far!

    Cons: 

    Could be improved by removing the bright red error bar that directs me to "Join the Discussion". At least allow it to be dismissed.

    Brings stories for me right to the new tab page in chrome. Options for each story are "Save (Public)", "Read Soon (Private)", or "Share". There's also a feature to have the article read to you, which is nice.

    Emmett Armstrong has used this product for one day.

Discussion

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Chris Messina
Hunter
@chrismessina · 🏆 PH Community Member of the Year!
Super excited about what my friend @dominikg is attempting here... You'd be forgiven for imagining that Refind is just the second coming of delicious united with the save-it-later goodness of Pocket and Instapaper... instead, he wants to start with those services and then build a platform to reward those contributors who find, curate, and share the best content on the web. It's a bold new inventive take on the coin offering model... and one that I think is extremely well timed (especially considering Twitter's possible addition of a "Save for Later" feature!). If you still need an invite to Refind, you can have one of mine!
Nils Hitze@gentlemannerd
@chrismessina very excited too! Rock it @dominikg
Adithya Shreshti@adithya · Founder of Startuposphere
@chrismessina @dominikg Quick question: What was the inspiration behind this idea of Relevance coins/Virtual currency/credit system. Were you inspired by Quora Credits? What happens after the 1 Billion coin limit is crossed? Does this basically work as a quality control system after a period of time? Or is that the case from the beginning? Nevertheless, a great idea and implementation.
Dominik Grolimund
Maker
@dominikg · Founder Refind
@chrismessina @adithya Thanks for the questions. I haven't heard of Quora Credits, but I'm planning to write the back story of this announcement at some point.
Adithya Shreshti@adithya · Founder of Startuposphere
@chrismessina @dominikg Great, looking forward to read it. Also there's one more - Steemit (https://steemit.com) that incentivizes content. I am not sure how Product Hunt misses featuring few 'wonderful' products: https://www.producthunt.com/post... but that was months ago. Please do share your perspective/thoughts on 'Blockchain for Content' 😀
Ross Currie@rossdcurrie · Founder, CrowdLoot
@chrismessina @dominikg @adithya I really liked the idea behind Steemit, which seems to operate on similar principles, but found it fell down in two key areas: 1) Almost all of the popularised content posted to Steemit is about blockchain, or about Steemit itself 2) Because of the monetary incentive, we're seeing the sort of lame comments that bots write on Instagram posts - a whole bunch of "Great post!" comment spam in the hope that someone with steem power upvotes your comment and you earn some Steem. From a quick glance, it looks like you might have solved the first issue (reminds me a bit of Nuzzel in the way content is recommended), and have a wider breadth of content, but I'm curious as to how you are tackling the second issue... or if it's even an issue, given the way your platform works.
Chris Messina
Hunter
@chrismessina · 🏆 PH Community Member of the Year!
@adithya @rossdcurrie great questions and observations. I watched Steemit with interest too, but like many platforms that are predicated on novelty or a gimmick or unnatural economic participation, I think that Refind is a great product on its own, which I've been using since its inception, and derive great value from, while also naturally contributing to. For me Refind is to web links and information what Product Hunt is to products and the future. Given that foundation, the addition of an eventual monetary or pecuniary incentive is less likely to be perverted since it aligns with existing self-satisfying and community-benefitting behaviors. In contrast, Steemit starts with perverse incentives (share content to make money) and then tries to promote productive or healthy behaviors as a second priority. Not that it couldn't, but I've never seen that model reach the necessary scale or healthy ecosystem in order to thrive and survive. I've also seen many decentralized social platforms attempt to provide more privacy-preserving or anti-establishment options against Twitter and Facebook only to find that — lacking their own locus of intrinsically motivated and diverse forms of participation — there simply wasn't enough cohesion to spin the generative flywheel of social cohesion. Thus, whether the Relevance Coin ultimately succeeds or not should not necessarily impact the ability for Refind to continue to thrive and provide value. The community is still relatively small, but the behavior of saving, sharing, and curating content is only becoming more essential in the digital media landscape, and if there is an ultimate internal currency within the ecosystem that rewards positive, productive, and reinforcing behaviors, there's a good chance that it could amplify and motivate lasting success.
Adithya Shreshti@adithya · Founder of Startuposphere
@rossdcurrie @chrismessina Interesting points based on your observations, Chris. Thanks, that helps. Yes, I totally vouch for Refind, a wonderful product to discover content and folks with similar interests. However, don't you think 'incentivizing' in monetary terms or something that looks monetary will decrease the interest shown by users after a period of time? Just curious to know what could have been 'another' way to build the 'relavance', if there is one you or the maker thinks of now. May be, @dominikg can share his perspective or add it to the article he is planning to write about the launch of Relevance Community 🙂
Chris Messina
Hunter
@chrismessina · 🏆 PH Community Member of the Year!
@rossdcurrie @adithya it's a worthy question, but incomplete. Relevance Coins have no value today, and only have value if the entire thing works. So — there's very little reason to try to game the system today and engage in negative self-promotional activities. IOW, the arbitrage value is exceedingly low relative to a conventional ICO. I do share your concern that 'incentivizing in monetary terms' may diminish lasting intrinsic motivation to helpfully or healthily participate, but the value of a Relevance Coin (RN), today, and even tomorrow, is so specious, as to be practically negligible. To prove this statement: there is very little likelihood of liquidity for RNs any time soon, and so people who find value in Refind will continue to patronize the service as they have been, paying little heed to RNs. Those who come to Refind to earn RNs may be initially motivated, and so that might help them generate the initial "activation energy" required to give the service a go (since cold starts on any service are incredibly hard to motivate), in which case that may seduce those users into becoming proactive or healthy contributors (that's really up to @dominikg's growth funnel). Suffice it to say — the monetary value of RNs is so minimal today as to largely be a statement of intent about the future and how @dominikg intends to reward early adopters of his platform, and share any potential future success he may achieve. That's why I like this idea — there's very little risk for anyone, and upside for everyone (with a slight impact to the aggregation of wealth that @dominikg might *someday* earn if he sells or builds a self-sustaining ad business). Obviously this kind of thing won't work in a vacuum, and so I assume if there are abuses that @dominikg will necessarily crack down on them. There have been virtually currencies established in the past prior to the blockchain and they've worked... okay. But this is a different moment in time with different pressures at work in the broader ecosystem, and I'm all for this kind of experimentation, especially on a service that I've come to love so much.
Dominik Grolimund
Maker
@dominikg · Founder Refind
Two years ago we started our journey here on Product Hunt. We've reached product-market fit, Refind is used by thousands of engaged users and it's growing. But now we want to accelerate growth, so we're making a big announcement today: we're giving away 1 billion coins to early users for free. At a later point, we'll buy them back with our profits. It's the world's first token-based referral and buyback program. We think it's a better alternative to ICOs for startups who are not looking for funding but who want to grow the network instead—millions of users instead of millions of dollars. Product Hunters are invited to join for the next three days and will get 20 coins to start (like if they were invited by another user). This also applies to Product Hunters who joined previously. After three days, we'll go back to invite-only. You can get more coins by inviting your friends (20 coins per signup). 1. Read the announcement: http://relevance.community?ref=p... 2. Sign up and get 20 coins: https://refind.com?ref=producthunt Thanks for your interest! I'll be around here and on Twitter (https://twitter.com/dominikg) for questions all day.
Michael Musgrove@mbmusgrove · Marketing guy.
@dominikg This is a really imaginative idea. I've been using Refind and enjoying it for a while, and it just keeps getting better with the more people that get on board. Godspeed.
Michael Musgrove@mbmusgrove · Marketing guy.
@dominikg I'm getting a 404 on the https://refind.com/i/wallet page, fyi.
Dominik Grolimund
Maker
@dominikg · Founder Refind
@mbmusgrove Releasing just now. Please try again in 2 minutes.
Dominik Grolimund
Maker
@dominikg · Founder Refind
@mbmusgrove That's great to hear, thanks!
Dominik Grolimund
Maker
@dominikg · Founder Refind
@mbmusgrove Does it work now?
Michael Musgrove@mbmusgrove · Marketing guy.
@dominikg All systems go.
Michael Musgrove@mbmusgrove · Marketing guy.
@dominikg I've never heard someone say that before about a 404 page, but you're welcome. I'm sure getting this set up with all the gears turning is a huge orchestration.
Martijn de Kuijper@mdekuijper · Founder at Revue
It's insane how fast @dominikg is pushing out new, high quality stuff. Really impressed again!
Dominik Grolimund
Maker
@dominikg · Founder Refind
@mdekuijper Thanks!
Hɘlmi@helmi
I've been on Refind for quite a while now and am trying to convince people to use it for mostly the same while now. It's just an awesome product to use. After dipping my toes into blockchain technology too now for some months it's awesome to see @dominikg and his team go this route now. I'm so excited and am very curious to see how this is turning out While i'm quite sure it will be awesome. Good job, @dominikg – this should help you getting Refind to even more fame.
Dominik Grolimund
Maker
@dominikg · Founder Refind
@helmi Thanks, also for all your help in the past!
Damien Van Achter@davanac · lab.davanac
Well done @dominikg ! Really impressive and damned well played. Why not adding the possibility to mine "relevance coin" in javascript when someone read a link "refinded" ?
Dominik Grolimund
Maker
@dominikg · Founder Refind
@davanac Thanks! We have some more ideas for the Relevance Coin. Stay tuned! :)