App Flywheel
Continuing from the future…
The brilliance of the app was its duality. To those seeking political transformation, it offered a path to power. To those seeking economic betterment, it offered a fast track to prosperity. It did so by leveraging the Web3 foundation to create a flywheel which moved faster and faster with each passing day.
The app had three elements: identity, currency (in the form of tokens), and incentives. When a person signed up, they were rewarded with tokens. The rewards were also extended to the person who did the referral, and those who verified the identity. The blockchain infra recorded all these actions, such that there was no need for a centralised team to make the decisions.
The tokens were the oxygen and lubricating oil for the Bharatverse system. New tokens were minted when a new member was verified and successfully onboarded. The incentive system created greater rewards for those joining early, and thus helped address the “cold start problem.”
Those seeking to bring about change saw this as an opportunity to bypass the traditional political party system. A new set of people, untrained in politics but inclined for public service, could finally enter and rise. The promise of primaries as a process for candidate selection meant that there was no kowtowing to the “high command” for a ticket to contest. They brought along some of their supporters, and as the numbers rose, more entered the fray thus creating the first flywheel. The number of tokens a person had was proportional to the voting power in internal elections, via an innovation called “quadratic voting.”
The second flywheel came about with the Dhan Vapasi initiative. As part of the Nayi Disha agenda, a key plank was the return of the public wealth of India to its real owners – the people themselves. This wealth, locked up in land, minerals and public sector companies, would be monetised and returned equally to every Indian without discrimination. Done right, this could deliver Rs 1 lakh to every family every year for many years. In effect, it would almost double the median family income in the country. This was not printing new money and debasing the currency; this was about bringing unused assets into circulation and giving people and businesses the opportunity to create value from what was otherwise lying idle or being wasted.
The tokens earned gave an opportunity for an earlier date for the Dhan Vapasi transfer each year. Thus, the tokens now had an economic value. Getting it on the first day of the year rather than the last day meant putting the capital to work quicker. This incentivised new members to refer others and be rewarded.
The rules were thus transparent and clear. Like a market where buyers and sellers engage in voluntary exchange such that both benefit, the marketplace created by the Bharatverse DAO (decentralised autonomous organisation) and its use of the blockchain attracted voters and candidates. And in a digital world where each of us is connected to dozens if not hundreds, once the word spreads, the numbers multiply very rapidly.
