The Utopic AI from Harvard Hackathon: Web3 Shared Knowledge Utopia

CreatorFi is in full swing. Besides Lens, Nostr, Mirror, etc., which are currently quite popular, I prefer to go to universities to find interesting new projects. By rhythmic in-depth reportingWeb3.0 Creator Economics Report: State of the Art and Imagination of CreatorFiI take you through the ecology of North America and MENA. This time, the author found Utopic AI by a Berkeley team that would like to be the next "Quora/ Zhihu" in a Harvard Web3 Pitch and shared it with readers.

Utopic page

Utopic's "Utopia" : being the Quora of Web3

Utopic started building today's product about 1.5 years ago. It relies on Use to Earn and is a Web3 shared knowledge platform. Users can create and discover content to earn cryptocurrencies, coin them into NFT and sell them with one click.

At Utopic, users can quickly earn cryptocurrency, minted into NFT, sold to fans, etc., by simply asking and answering, reading and writing. Participating in Utopic's core action could earn you a NT dollar reward and eventually cash in bitcoin.

In the world of Web2 content creation, with the exception of the top creators and platforms, it's not the norm for the average creator to make money. Utopic says that around 80% of creators are not satisfied with the income from their creations, and 99% of users are excluded from the financial reward loop. So far, Utopic thought it could use the Web3 model to allow users in the content community to earn money for content production and interaction.

Utopic uses the dual token model. Utopic Point (UP) measures the efforts that users contribute to Utopic's ecosystem. The core behaviors and activities that users engage in at Utopic, such as reading, Posting, voting, commenting, sharing, recommending, etc., are similar to user-contributed points to earn UP. Utopic Token (UTOP) is Utopic's decentralized utility token. It functions like legal tender in society. It is an external symbol provided in the financial reward system. It will be controlled by open source smart contracts and run on its own.

User attention is a very stable and valuable resource. Only a limited supply is available per user per day. Their attention also tells the product what content is more valuable than others. Many social media platforms like Facebook, Twitter, Youtube, Tiktok and others run their business models on it. The more users and attention their product gets, the more valuable it becomes. One UP is equivalent to one minute of attention time for an average user. Users don't just read to get UP, just use it to measure the effort/contribution to get UP.

In general, the core rules are roughly:

- For every minute of reading, the user will receive 1 UP.

- Authors will receive a certain amount of initial UP as a reward for Posting content such as articles or answers. But the main reward should come from other users who consume the content. -

- For many interactions such as likes, comments, bookmarking content and so on, both users and authors are rewarded with UP.

The current Utopic token allocation plan is as follows:

45% to all Utopic users, including content creators and content consumers.

30% will be set aside for blockchain-related infrastructure and ecosystem growth, including but not limited to on-chain infrastructure and data costs, marketing and operations.

10% will be reserved for investors, advisers and key partners.

15% to the Utopic team for product development and improvement.

Utopic's revenues could come from the following sources:

Relevant and personalized advertising;

15% of UTOP is released daily;

NFT asset transaction fees;

Any other future business opportunities and monetization.

In addition, creators can also cash in tokens by owning and selling NFT and obtaining Utopic's UTOP, which is released directly to users by smart contracts.

The Utopic smart contract has released 100K, or the equivalent amount of UTOP, per day since its official launch until the end of 2023 (the first year). Then gradually reduce by 5% each year, or 95K per day in 2024. Thus, it is possible to increase the future value of UTOP by limiting supply. The total amount of UTOP will be fixed like bitcoin.

UTOP release from January 1, 2023 is expected to be above = 730,512,147.

At the same time, tokens equivalent to 2 regular years will be initially distributed to the Utopic team for product development and operations. That's = 73,000,000 UTOP.

The total supply limit of UTOP is: 822 million UTOP.

Utopic was tested in 2022 and is expected to launch Utopic App for iOS and Android in the first/second quarter of 2023. NFT foundry and sales mechanism will be issued in the second/third quarter of 2023. Organize Utopic DAO from 2023 to the first quarter of 2024.

The team behind Utopic, made up of tech heads from companies like Airbnb, Google, LinkedIn and Uber, is a group of Silicon Valley tech veterans who are experts in blockchain, artificial intelligence and machine learning, Web apps and mobile development.

I spoke with founders Harvey and Y (not his real name). Harvey previously completed his PhD in Machine learning at Berkeley and previously held a BA and MA in CS. Y is in charge of Utopic's engineering side and currently works as a senior software engineer at Uber, having previously worked for five years at Google, where he has been participating in related interest groups/study groups since 2017.

The idea to start Utopic was hatched about 1.5 years ago and it started testing SocialFi and CreatorFi last June.

The team was initially recruited by SkyDeck, a startup accelerator at Berkeley, which provided $700,000 worth of software development package support, as well as second place in the GCEA Web3 track, a global Chinese startup competition, and $10,000 worth of infrastructure awards. Then the team started working on the MVP.

Since the project started at elite schools in North America, the team has demonstrated in several rattan circles, and the current user base is mostly similar to elite wage earners.

postscript

At first, the author thought it was very interesting to see the pitch of the team. He tried Utopic's product and put it on the top. Utopic's logic is simple, it doesn't have complicated DeFi features, it's much simpler than Lens, and it doesn't yet have access to the Wallet API.

The author learned that Utopic team currently focuses on development and has few resources in BD, which I think is a little regrettable. If Utopic can find the right VC and BD resources, it is believed that it can also shine in the take-off CreatorFi, and even have a chance to surpass Mirror. After all, CreatorFi can't and won't be driven by Web3 traffic forever, and good products need to have a chance to compete fairly for user resources.

You're welcome to go, toowww.utopic.aiPlay it. Be careful not to go to the head.

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