Introduction
When I saw TwitScriptions for the first time, I confess that I was unsure about how it worked. But using the protocol and reflecting on a future for it I saw perhaps one of the brightest things in the crypto market, as it manages to unite the crypto world with the universe of social networks. But let’s not fool ourselves, it’s a big challenge to make the project work, there are strategic decisions that if chosen wrongly the project could end or not have the future we want. Reflecting on decision-making to make this work is one of the biggest intellectual challenges in crypto that I have seen in recent times. That’s why I chose to reflect and give my ideas, creating a roadmap for the project
The roadmap is divided into 3 parts:
-Product
-Blockchain
-Decentralization
Part One: Product
The first product, token launch and trading was a success in my opinion. For an early-stage product, it’s rare to see a website with little friction that works so well and has popular support.
But it still raised certain doubts about the philosophy and relationship between Twitter and Blockchain. Where will the token be registered? Will it actually be on your Twitter account or on your public Blockchain address?
For me the philosophy should be:
Launched on Twitter
Registered on Blockchain
Twitter will be the creative layer, which will allow anyone with an account to create tokens or artwork. While all this data is recorded on Blockchain.
With the first token product being a success, several tokens were created, and participants began to buy them and create communities. This was important as an initial step, to create community, volume and price discovery. But we need to go one step further. I see another product being important, which is the ability to create art and images in TwitScriptions.
How it works is as follows:
There will be a “Create art” page on TwitScription.
TwitScription will generate a minting format for it, similar to the token format, like:
{
“p”: “#XRC721”,
“title”: “(title)”,
“hash”: (hash)
}
When the first person tweets this code with this hash, the image they upload in the tweet will automatically be registered in TwitScriptions, in the same way as with tokens.
It is important that each ERC721 has an ordinal number, to create scarcity and a sense of being unique. So the first XRC721 to be minted will be: (title) #1, the second (title #2), and so on.
With this we will have the two flagship products, XRC20 and XRC721. Being the perfect environment to create an even larger community. The XRC721 will bring more people and enable new discoveries as well as volume and traction for the protocol.
After this, we will need to create a marketplace, the same as we did for tokens, but this time for arts, allowing anyone to bid on someone else’s art and the person to sell it for a defined price. Naturally, people will want to collect arts with low numbers, which are the rarest, as well as create art collections, with greater quantities, such as: ApeScriptions, TwitterPunks, etc. This will bring a lot of community, and this feature of creating a collection should be on the platform, as well as the ability to add a small fee (creator earnings) for creators in all negotiations, which will further encourage people to create art.
Part Two: Blockchain
For those who read my posts and my conversations with the team saw that I was an advocate of tokenizing assets in the ERC20 and ERC721 standard. But thinking about it, we have to focus on growing the product and community first, and then tokenizing them on the blockchain. I saw that twitscriptions smart contracts have events that record this data, so I believe that transferring this to the ERC20 and ERC721 standards should not be difficult, but this step is crucial.
But some precautions are important, I would allow each person, accessing the Twitter account, to have a button that they can do a “bridge”. Basically, the tokens would disappear from your Twitter account and become a ERC-20 format in your wallet, where you would pay the transaction fee to do this migration. Migrating all tokens automatically will result in people losing funds as multiple people purchased with the same Twitter account from multiple different public addresses. It is important to let the user perform this “bridge” and migrate whenever they want, without being forced to do so. Whereas for many, they may still prefer to keep it on their Twitter account.
The two main reasons for this step are: composability and decentralization
Composability is the ability for people to do whatever they want with tokens, expanding the TwitScriptions universe. Without this, the project would still be centralized and without autonomy for users to do whatever they want with their tokens. No one is used to sending tokens through a platform, but they are used to sending an ERC-20 token. If we want to reach more than 100 million users we need to have two options: send tokens through the marketplace itself or tokenize them in ERC-20 format and let people do whatever they want with them.
Furthermore, without the ERC-20 token format, the tokens will never be listed on any exchange. And being listed is an important step, although distant.
There is a problem that arises with tokenization, which is how to tokenize emojis. My idea is to create a standard for emojis, where each emoji will have a slightly different name, example, the fire emoji will be emojiFire, the Pepe emoji will be emojiPepe. Which pattern will be chosen for the emojis makes no difference, as the important thing is that the symbol is that of the emoji throughout the infrastructure, and the exchange when listing may put the emoji in the photo instead of the name emojiFire or emojiPepe.
With this, we will have two exceptional products (tokens and art) and the ability for the user to tokenize them when necessary. Uniting the centralized world of Twitter with the decentralized world of Blockchain.
Now let’s move on to the final step, the decentralization and complete integration of the protocol into the Blockchain.
Part Three: Decentralization
For TwitScription to reach tens of millions of users and even perhaps Elon Musk to approve it (I don’t doubt that), we have to create a decentralized structure, demonstrating that it belongs to the Twitter community, and not to a team. The team deserves recognition and a share of the stake for the work it has done and continues to do, for the risk it took and its dedication.
I think that if we reach this stage and Elon Musk sees the project, the chance of him adopting it as something that emerged naturally from the community is high, and this would be a game changer not only for the project, but for the crypto market and social networks as a whole.
The first step here is to choose a main network for us to use. Currently the protocol is on Arbitrum, and I was one of the advocates of creating a Layer 3. Today, thinking about it, this would be an extra difficulty that I don’t know if it would be worth it, but the ideas here are applicable both in a Layer 3 and in Arbitrum itself. But as Arbitrum is the Layer 2 closest to the total decentralization of sequencers and validators on the Ethereum network, which should happen in 2024, and reddit has already used it in its projects, I think it makes sense to keep it on Arbitrum.
With this we need to do an airdrop, to distribute governance to the community and create a DAO where all the platform’s revenue paid in ETH goes. As everything is negotiated paying fees and the money goes to a Smart Contract, this migration is not difficult at all.
Just define the airdrop criteria and create what I would call an X DAO, which will control the protocol. The name is good because it would be a decentralized autonomous organization of X (Twitter). Simple, direct and good name.
I won’t define the criteria and how I would do the airdrop, because I have a lot of tokens on the platform and I don’t want to influence it on my side, as my objective here is to make the project successful.
But some important points:
-The team deserves a considerable part for the dedication and work they have done
-The community deserves it too, as many people spent a lot of time minting, negotiating and creating a community.
The most important thing for me is for the team to have < 50% of the tokens. I would suggest 70% for the community and 30% for the team. I said in the Twitter groups that teams often get greedy and want to have more, but it is necessary to understand that giving is receiving. When you give to the community you create holders who want to bring more people and develop the project, and at the end of the day TwitScriptions is a people and community project. And the result is a team having less % of a project that is worth several orders of magnitude more. OpenSea was an example in 2022, the team avoided doing an airdrop, which could have been 40% for them and 60% for the community, because they were making a lot of profits from trading on the platform. The result in 2023 was mass layoffs, decreased volume and severe competition. In 2022 they could have airdropped a token that at that time in the market would easily be worth 30 billion dollars due to the revenue it made, and the team could have sold it if they wanted and put a few billion in their pockets.
With the community receiving the airdrop, I would create the option to stake the XDAO token.
I would divide the entire fee generated by the protocol (trading XRC20 and XRC721) as follows:
-20% for grants, to encourage new projects to connect with TwitScriptions and use this money for marketing and partner protocols (bring more people to the protocol)
-40% for those who staked, with them receiving a portion of ETH proportional to the total amount staked (bring more people buying XDAO because of the revenue in ETH)
-40% to add to a liquidity pool of XDAO/ETH, similar to what MakerDAO does, increasing liquidity for large trades wanting to buy XDAO, as well as being a natural buyback of XDAO and accumulation of ETH in the protocol’s treasury (create more liquidity and increases XDAO’s treasury)
Conclusion
After all of that, we will have completed the three stages of what I believe to be the best path for the protocol.
I think the most important thing is to listen to the community, because like I said, this is a people’s project.
Each idea can be developed into more ideas and there are nuances at each stage that, if you need my help, I am available to give my opinion and help.
Therefore, I believe this is just the beginning for TwitScriptions, and that the union of Blockchain + X could be the future of both social networks and blockchain communities. Remember guys: Launched on Twitter, Registered on Blockchain.
