Pay-It Backward System

[humbitious]

Overview

As an entity creating a pay-it-backward system, I need an interoperable standard defining the pay-it-backward token, so that pay it backward interfaces can read and interact with my holdings.

Reference

• EIP Github Repo
• Inspiration for the bidding model
• a good write-up on the bidding model
• Inspiration for non-funginess
• A list of everything

Questions

• Is there an existing ERC for the pay it backward model?
  • Can we utilize the ERC 721 (NFT Token)?
• Is this something that fits as an ERC?
• What is required for an ERC?

Assumptions

• The ERC should be informed by #7. We should consider the tokens could be used with or without on or off chain DRM schemes.
• ERC should support implementation of the bootlegging idea, but the namespaces created should be generic for any path following the pay-it-backward model eg: prefer "creator" over "artist"

Acceptance

• There's a documented "whitepaper" explaining how the PIB system works.
  • Token model application layer, and helix contracts
• Simple bookend model token implementation
• Application layer (eg. The Bootleg App) contract integrating token, helix, and UX work
• Necessary packages are released
• There is a working example repo to show a happy path automation

Story Draft

• Understand requirements of making an ERC
• Review existing ERCs and determine if any existing ones can be used (part or in whole).
• Build a proof of concept for PIB
• Implement POC for PIB

[brian-lc]

Pretty clear process and guidelines here https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1.md

specifically https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1.md#eip-work-flow

[brian-lc]

This is helpful https://medium.com/decentcrypto/ethereum-ercs-what-are-they-and-which-should-you-know-15289bdb6675

FTA "While in Draft status, an ERC proposal must be implemented, and the author must feel the EIP to be mature in order to be placed in Last Call status."

For context on 721 " EIP 721 was introduced in January of 2018 and was promoted to Final a few months later in June due to its proven value with dApps like CryptoKitties."

[brian-lc]

In terms of the data model around the assets here is a frame work for "community driven IP licensing" https://github.com/COALAIP/specs
Fast take on it... very simple and somewhat obvious data models for the entities involved in IP. I'm not sure I understand the value of this but it's a start and you gotta start somewhere?
COALAIP was referenced in this article from Ujo https://blog.ujomusic.com/introducing-ujo-portal-making-musicians-more-money-9224d808a57a

FTA: "Under the hood, we’ve already started: you don’t see it, but we are producing metadata according to the COALA IP standard and publishing it towards the InterPlanetary File System (IPFS). We are using smart contracts for agreements & payments. We have spun up and tested distributed databases such as OrbitDB. We will soon demo an end-2-end, fully legal, smart licensing agreement with OpenLaw. We are busy researching & building next-generation streaming technology that allows transactions at a very, very granular level: allowing fans to listen and pay directly to musicians when they stream music. This will all happen with flexible encryption to ensure that musicians receive what they are due."

[brian-lc]

This system is embedded in Bootleg. Considering this completed.