How does Piggi work?
Piggi works with the combination of Attribution, Experience, Reputation Smart Contracts on the Blockchain enabling a trust-less trust system between all transacting parties in a Web3 Ad Network – Publishers, Advertisers, Providers, etc.
Central Tenets
Value & UX to all Stakeholders
Network comprises of multiple transacting parties/contributors, each party either already holds Piggi's Managed wallet or one is created for them in order to take advantage of the system
Truly Decentralised Un-biased
Ad Network for Web3.0
Piggi delivers' on the promise of a decentralised Neutral Ad Network by solving for two major aspects important to the parties in the Network
Verifiable Service Delivery
Blockchain based Attribution Smart contract provides assurance of service via. data security, autonomy and integrity of the business logic programmed in the SCs
Quality of Service
Reputation Based Trust-less Network ensures end-users are dealing with trustworthy counter-parties before invoking any SC functions that lead to a token payment.
User Journey
In principle it is similar to Web2 but differs in several aspects based on the premise that a Web3 user is identified uniquely by a Wallet
0. Advertisers' wage campaigns
Advertisers run campaigns with the Publishers' by creating a Managed Wallet with Piggy. Advertisers' get accurate attribution, faster user-onboarding and exposure to the Audience base.
1. User interacts with the Ad on Publishers' channel
Publishers who display the ads embed Piggi plugin or Bot on their Apps, Games or Discord Communities, etc. Publishers' would make a higher ROI on their Audience base, given the higher value of a Web3 User with CPA enabled user acquisition.
2. User logs in with the Virtual Wallet
Like Web2, DAU/MAU measurement & Cohort Analysis remains important to understand performance of a channel, in Web3 marketer, the Token trades and Community Activeness is also quite important.
3. (Optional) User opts for self-custody
For the Web3 purists, custody of the assets is important, hence Piggi allows for an easy plug out mechanism for self-custody once they collect assets from the Advertiser's DApps & Games
UNDERLYING MAGIC
On-chain Attribution
Verifiable service delivery is ensured by creation of a User’s journey on-chain, the data security, autonomy and integrity is ensured by an Attribution Smart contract. As soon as step 3 of the User Journey takes place, the Attribution smart contract gets invoked, which initiates the following sequence of transactions
1. A transaction with a very tiny amount is initiated from the Advertisers’ Wallet to Publisher’s Wallet then to the End-user and subsequently from the End-User Wallet back to the Advertiser, this loop is verifiable on-chain
Advertiser verifies the User and Publisher match in Transaction Meta data
2. Transaction from Advertisers’ wallet to the Publishers’ wallet in the form of Publishers’ fee payment
3. A payment is initiated from Advertiser to Piggi as the enabling fee payment.
Advertisers’ can verify that they got the User from the Specific Publisher, and Publisher can find out the exact number of User’s engaged to Ads ensuring correct fee payment.
This makes User Journey can be traced back on the Chain, giving room for Analysis of the Users’ Activity.
WHEN THE TRUST-LESS NEEDS THE TRUST
Quality of Service Assurance
While Blockchain based Attribution Smart contract provides assurance of service via. data security, autonomy and integrity of the business logic programmed in the SCs
The Quality of service depends on the end users (in this case Publishers, Advertisers, Providers & End-User)
Platform ensures end-users are dealing with trustworthy counter-parties before invoking any SCs’ functions that can lead to a token payment. We use a blockchain based trust system proposed in the study “A blockchain-based trust system for decentralised applications: When trustless needs trust”
Evaluation of Trust Between Transacting Parties
Each transacting party has Reputation and Experience. Experience is an asymmetric relationship from an entity to another which is built up from previous transactions between the two. Experience is an indicator of trust [1]
The reputation of an end-user can be calculated by aggregating experience of users who have already been transacted with end-user.
After the delivery of ensured service between two entities in Piggi, the trust system enables an entity to give feedback (this is implicit as well as explicit) toward its counterpart, thus establishing and updating the Experience relationship between the two. As a result, the trust system maintains an Experience network among participants, which is publicly recorded on-chain and autonomously updated whenever an entity gives feedback to the other. Reputations of all participants are then calculated based on the Experience network, following the idea of weighted Google PageRank algorithms.
Finally, trust relationship between two entity is calculated as a composition between Experience and Reputation.
CLOSING THE LOOP
Experience & Reputation Smart Contracts
The Feedback loop goes in the opposite direction of the service delivery, by assuming that the party that gets the payment is usually the one providing the Service, and feedback is provided by the party making the payment. This is not necessarily true, but is assumed in order to fit into the Trust system developed by Nguyen et. al
Over $10 Billion raised by Web3 startups for User Acquisition
No efficient & measurable method for Web3 Apps to spend Marketing dollars.
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