What is SourceCred and how do I opt in?

With the extension of the Maker SourceCred trial, the team running the Maker SourceCred instance has received feedback that it is difficult to find information on opting in to receive payments and about the trial in general. This post is meant to be a useful resource for information on SourceCred and how it pertains to Maker.


What is SourceCred / Why should I be interested?

SourceCred is a way of paying contributors based on the value they add to a community. In the context of MakerDAO, using SourceCred has been proposed as a way to compensate contributors and workers post Foundation. As a forum member, you can be earning DAI for your valuable contributions to the community today! This is achieved via a clever algorithm to determine what work is valued by a community and through the power of having internet native currencies, such as DAI.
@LongForWisdom talks about the initial motivations behind the trial here.
And @s_ben wrote a post on the initial trial kickoff here.

If you are interested in going deep into the rabbit-hole on SourceCred their docs can be found here.


How to opt in!

At the end of the month, contributors that have opted in to receive payments and have at least $10 of DAI in accrued payouts can redeem their balance for DAI on-chan.

To opt in, please fill out: this form

This indicates your desire to participate in the trial. You will need to provide an Ethereum address to send payments to. Note that transactions are public and that the payment will be reflected in the UI (e.g. the balance); i.e. the ETH address you provide may be tied to your forum identity. Once you have submitted your info, @sourcecred-trial-adm will send you a direct message to validate your submission.


Payouts

You can view your cred at the SourceCred instance here. This is not trivial to convert into dai, but will give you a rough idea of how your contributions compare to that of other members of the community. Most recently the Foundation increased weekly payouts to $2,500 / week distributed according to the SourceCred algorithm to all opted in contributors.

Moving forward, this instance will be the source of truth for Cred scores and DAI balances. Cred scores are now automatically updated every 24 hrs, and DAI balances are updated every week.

10 Likes

Nice post @befitsandpiper

Lets add that there is an announcement below from @LongForWisdom the sourceCRED trial period will be extended by 3 months and then governance will directly fund this (can’t wait to see that MIP btw).

Announcement

And week 13 DAI distributions so people who want to opt in can see what others are getting.

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@sourcecred-trial-adm Does this count as message to @sourcecred-trial-adm?

Also: can we opt in with a Metamask address, which is on the xDAI network (custom RPC), to receive DAI?

Kind regards, Vincent

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+1 to this idea!

As far as I know, SourceCred is indeed also active on the xDAI network (they work with 1Hive, i.e., the Honey DAO). So this should be possible.

Hi @Vincent-M-E-Verheyen, as the post says, you will need to fill out the Google form linked to in the post, which will include a field to add your ETH address. We will then send you a DM on the forum to confirm the ETH address. While this process is a bit clunky, we did it this way so we could inform people of the implications of receiving cryptocurrency income, and receive their consent to that. Once enrolled (and you have >$10 worth of DAI accrued in your balance), we’ll send DAI to you on-chain. You can then use any wallet that supports DAI.

@iammeeoh, SourceCred is indeed being used to distribute rewards on the xDAI network for 1Hive, in the form of their community currency HNY (an ERC-20 token). SourceCred is not doing the distributions though. 1Hive is doing the distribution themselves using an Aragon DAO running on xDAI.
From SourceCred’s perspective, there is little difference what network is being used to distribute tokens. If the Maker community wanted to use xDAI instead, we could explore that. The xDAI network is relatively new however, and there are still some UX pain points being worked out. That could make the onboarding even harder than it already is :sweat_smile:.

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