Incentivising time that users spend trying to help those who have questions, askers have to attach a bounty of XLM with each question they ask. The bounty is then shared with the best answers and upvoters, encouraging voters to choose better answers, thereby distributing the reward fairly. In other words, you get paid to answer questions.
Are you familiar with Quora? The place where some of the weirdest questions get asked and some of the wackiest answers become viral. Even I had my fair share of going viral on Quora with over 100k views on multiple answers. Quora is a great place to share knowledge and also acquire it. But it has its limitations.
For instance, if I gave a brilliant answer, what do I get in return besides a bunch of encouraging comments? Don’t get me wrong, that is all good, but if I want to make money on Quora, I’d have to sell myself out as an influencer and back link advertisers on my answers. And I hate selling ads. Side Note: You can support Coin Crunch India, we don’t put intrusive ads.
So I was super excited to check out Masmic, the brain child of KoinOk Exchange team and for the lack of a better explanation, I’d say it is Quora, but you get paid for answering well.
Get Paid To Know More
In the day and age of search engines and internet, it is possible to get lost in the vast information pool and never really get to the answer you were looking for in the first place. That is why answering platforms have always been a better choice for asking direct questions. If you’re a millennial, you’d know what Yahoo Answers was. Quora did it better. Can Masmic up the game?
The biggest incentive to answer questions on Masmic is that it stands the chance to be rewarded with Stellar (XLM) cryptocurrency. The reward depends on multiple factors including the number of upvotes and comments it receives from other Masmic users. The reward amount is set by the asker but the asker cannot choose the answers to be rewarded.
Upvoters also receive a share of the reward if they end up upvoting the best answers. Each user gets upto 16 votes per answer, and an answer can be upvoted more than once.
The team behind Masmic believes Game theory will lead to fair reward distribution and encourage cleaner and wholesome discussions. In other words, to earn a reward, users will write better answers. To not lose on the rewards, users will only use their limited votes for good answers only.
We even asked a question to try it out! We gave away 15 XLM, distributed in between 3 best answers, upvoters and ofcourse a tiny fee share that Masmic takes.
Asker sets the Bounty/Reward
If you ask a question, you pay for the answers. The asker can set number of rewards, amount of reward and the duration after which the question is closed and answers are rewarded.
The reward can be set in USD terms or XLM. The only currency allowed on the platform is XLM so the USD value is indicative based on XLM’s market price. User has to fund their wallets with necessary amount of XLM to set rewards.
“Some users are posting questions with the XLM they earn in rewards”, I was informed by the Masmic team. So you can answer some questions, earn rewards and then go ahead and use that to fund your questions.
Asking questions and paying for answers isn’t something we are used to do. On the internet, we can ask questions for free. A plethora of smart devices and assistants are available to serve your command in seconds.
Then why would I pay on Masmic? To answer that, we need to think, is Masmic really built for questions like “What is the weather today?”. My answer would be no. You can find all kinds of questions on Masmic right now including getting travel recommendations, advices on professional and personal front, or actually just know stories of other people. But it will streamline eventually into deeper and rarer topics or conspiracy theories.
For now, the best use cases are for businesses that can run bounty programs, ask for user feedback, conduct market research and so on. Like we did by asking “What do you think about Coin Crunch India?”. By spending 15 XLM (~INR 100), we received interesting feedback on how we can get better with our content.
Masmic is a micro-crowdsourcing site to get answer from individuals just like us.
Stealth Mode Activated
Masmic users can remain anonymous. Users sign up using email addresses and choose a username they prefer. For some, anonymity is a crucial defence against the online world that thrives on trolling and threats.
Then there are also users like me, who chose the same username as my twitter handle @ThatNaimish. Privacy and censorship resistance are key pillars to decentralisation, so anonymity and cryptocurrency payments are actually a boon for serious privacy enthusiasts and everyone in general.
“This is the first platform where I am posting anything freely. I love this anonymity here. As long as this platform is anonymous I will be posting and commenting profusely.” says a user of Masmic in one of the answers.
There are mainly four tasks on Masmic – Ask, Answer, Comment, Vote.
All tasks seem fairly intuitive. To each question, you have a subject AKA the Question, and you have the body AKA the description for explaining the question with more details. You can choose the category of the question from pre-set options as well.
To answer a question, you just click on the question and hit “Write Answer”. There are upvote and downvote buttons below each answer. You can even comment on answer by clicking on the universal comment symbol, a speech bubble. Images and links can be added on the answers as well.
There are several menu items to view your Activity, XLM balance, set preferences, enter XLM payout address, FAQs and referral program. You can also invite users by entering their email addresses.
You can only set the username once so choose wisely.
Beta Mode Feedback
Since the platform is in beta mode, Masmic is upgraded every few days and it won’t be fair to point out any drawbacks right now. Between the time I started using Masmic and today, a lot has changed on the platform.
But for the sake of fair reporting, I must talk about the things that can use an improvement. First, A dark mode of the website would really be uber cool. Second, I wish I could set email notification preferences. I do not want a notification for every activity. Currently I can either turn on email notifications or off.
A user can create questions, answer questions, vote on answers and also comment on answers. Comments are obviously not rewarded but they are also not available on “My activity” list. It would be nice to have a log of my comments on other answers.
My other feedback was to remove email based invites for Beta users, which as of today was actually removed and now anyone can join with a referred link. Coin Crunch readers can directly join Masmic using our link, so go ahead and try it out.
Disclaimer: This is not an investment advice. Trading crypto-assets are subject to market risks. Coin Crunch India cannot be held liable for any losses. We have added a referral link to join Masmic, which does not affect the experience of the user. The referral link allows us to earn 5% of the reward amount which otherwise is paid to Masmic as fees.
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