What do you think is the right way to measure "success" for TruStory?


#1

Unlike traditional social networks which are measured on # of users and engagement, Crypto networks are valued much differently. It’s based on “value” creation in the network. What do you think is the right way to measure success for TruStory?

There are two broad classes of metrics we’ve been thinking about. “Value” creation for the network + user engagement. For user engagement, traditional social media metrics like MAU, DAU, etc. will do.

Value creation is trickier. One metric we’ve been thinking about is the volume of tokens that experts, have backed a story with, challenged a story with, voted on a story with.

Your thoughts?


#2

Overall volume is a great start, and I think I saw it mentioned by @preethi how claims that may be trickier to get through, and encounter more debate and back/forth will naturally generate more volume for the platform, and may even add value to the author of the story, or the challenger, whichever gets the vote.


#3

I view this on two axes: Volume + Value.

Volume = Traditional engagement metrics

  • MAUs
  • DAUs

Value = Value created by the network

  • Value of tokens staked for backing, challenging and voting (i.e. shows that the market is staking to curate/validate)
  • Number of stories created vs. Number of stories backed / challenged / voted on (i.e. shows the % of stories that the market cares about)
  • Velocity of new token creation (i.e. shows demand for platform)

#4

My 2 cents:

  • Nbr. of accurate claims/ Nbr. total claims made: Something should also be measured on accuracy of claims that pass the TruStory test. In my view, not all claims staked/voted could end up in true results

  • Speed of claims: External metric. We compete with other agencies for voice and hence can’t be to late to get things out, true and validated. Current window of 24 hours is quite long and in long run, this needs to be checked for

  • Sanity metrics - Specific measurements that quantify sanity we bring to this market. For e.g. - number of fake news we challenged and addressed, number of shit posters thrown out of network?


#5

Forgive me if this has been documented somewhere. I’m trying to understand the “so what” piece of accumulating TruStory tokens. What is the benefit of owning the tokens (besides staking) ?


#6

The token has value in two ways: Social and Economic.

Social – just like Karma on Reddit or points on Stackoverflow, category tokens on TruStory are your reputation. Reputation is how humans thrive in the real world. Everything you do requires reputation. The reputation you acquire on TruStory signals your expertise in a category, and hence has value in the real world (eg. For employers, investors, resume, etc.)

Economic – category coins can be exchanged for the global token, which have a market price. In the early days, the market price is low. In fact, we don’t plan to put the token on an exchange in the near term because we first want to build up the utility of the platform. The way we do this is by building a information market place that the market values and has demand for. Higher demand = Higher price.

Therefore, in the early days, we’re bootstrapping the system on social reputation. If the early community succeeds in creating something valuable, the economic value of the token gets created.


#7

I think this is a great mental model - I would suggest an additional dimension to the Value axis. A platform like TrueStory creates value for:
A) Users engaging with the TrueStory community directly (through creating stories, validating and challenging claims, etc.
B) External communities (e.g., new agencies) who will use the validation information generated by TrueStory

I feel the value metrics currently being proposed are useful in monitoring A

For TrueStory to be able to generate substantial value, I feel it is necessary to engage with other communities such as news reporting agencies which will gain from using crowdsourced validation data. The value of Wikipedia can be expected to increases as more research papers cite Wikipedia articles.Similarly, as more and more communities use the information generated by TrueStory, the reputation of TrueStory as a platform improves, and the network value can be expected to increase. This will not always be captured by the existing set of value metrics proposed, especially if engagement with external communities is not monitored and openly reported. I am not sure how TrueStory eventually plans on engaging with the external communities, but a useful metric could be:

No. of TrueStory citations/news item


#8

@zareef1992 100% agree. There are various ways to measure the external value of stories being validated on TruStory. One way, as you suggested, is No. of TrueStory citations. There are many other ways as well: for example, we’ll likely build a set of APIs on top of the content – so No. of API calls is another potential measure. The possibilities are endless.

But our priority right now to first build a valuable underlying platform and network so that the possibilities get realized :slight_smile:

Slight correction: TruStory (not “TrueStory”) :slight_smile: