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One thing Warren Buffett and Charlie Munger always emphasize is the power of incentives. People always act in their own self-interest and to assume otherwise is to ignore all the prime tenets of human nature.
Knowing this, you would think entrepreneurs would put more time into factoring incentive structures into their business plans. But this isn’t always the case. More often, you will find that a business plan depends on people acting in good faith.
There are companies like Wikipedia where this has worked well, but the question is whether they could work better. The free model of Wikipedia means they need to ask for charitable donations every few months in order to keep the lights on and have the company continue to function.
Other websites that depend on the good faith of others are Quora, Survey Monkey and Stack Overflow. Questions and surveys are answered for free by those who have specialized knowledge and spare time. There are no incentives in place, which means fewer people answer these questions.
These platforms currently depend on goodwill
It is an amazing thing that these platforms can continue to exist without paying the contributors. This just goes to show how good some people are. These people, who usually have some very niche knowledge, will take time out of their day to write out long answers to other users’ questions.
The question can then be raised, how many more people would contribute if they were going to be compensated for their time? Labor is currently not being compensated and as a result, you must imagine that much fewer people are writing answers or taking surveys.
It is easy to come to the conclusion that the quality and quantity of content being contributed to the system would increase dramatically if there were some sort of incentives in place to compensate this “unpaid labor.”
There is also only a limited amount of attention in the world, which is why readers need to be selective about what they read. The best way to handle this attention is by providing top content in record time. By increasing the value of each piece of content, you can be sure to deliver the content with the top utility to the reader.
The future will see this business model revolutionized
Business models will need to be significantly revamped in the future. Right now, companies like Google work to get the most relevant information to customers by displaying it in the first few search results. When you use Google, you are doing it as an efficient investment of your time because you know how well it worked previously.
Social media is still much more inefficient than Google, and entrepreneurs are trying to fix that. Steemit is a website devoted to promoting the best content and paying content-providers from a “reward pool.” By doing this, they are able to improve user experience and have a more valuable platform.
Qurito is following the same path by using Blockchain technology to create a knowledge sharing platform that rewards contributors with tokens. For every question, survey and poll that is answered, there is the ability to be compensated for your time.
How will Qurito change the industry?
The global network of Qurito will change the structure of the entire knowledge-sharing industry. There will always be a free model like Quora, but for those who value their time, they will now be able to get paid in exchange for their information.
Contributors are going to love that they can now monetize their spare time and put the knowledge they have built up over the years to good use. Even a small reward would make a contributor feel good about how they have put their time to use.
One potential downside is that people who previously enjoyed the charitable aspect of other platforms won’t want to participate in the commercialized version. Sometimes it is better to feel like you are doing something good than receiving a small reward that is akin to underpaying you for your time.
Qurito is an entirely free service, but users will be able to propose answers of higher quality, speed and accuracy for a fee. Thanks to Qurito, everyone is going to be able to satisfy their curiosity more quickly. Token-based platforms are likely to pop up in different spaces in the future to solve currently unmet needs, and the knowledge-sharing space is one example that will benefit in the immediate future.Follow us on Telegram or subscribe to our newsletter here.
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