The Finnoq protocol relies on the wisdom of the crowd, a collective opinion statement where each individual is uninfluenced by the others. The average collective response of a diverse group of people is higher than the smartest members within that group, ensuring a better basis for all decision-makers. We employ truth-telling algorithms to increase the accuracy of collective wisdom results when a lack of knowledge or small group exists.
With the Finnoq protocol, everyone can be sure that generated collective statements are not influenced by the opinions and interests of big, centralized, and influential actors. The formation of collective opinion statement results deriving from the Finnoq protocol are bolstered by truth-telling incentives.
The Finnoq protocol is built on top of the Ethereum Blockchain, the most reliable and tested blockchain for smart contracts to date. The protocol is agnostically constructed, allowing it to be seamlessly placed onto other Smart Contract platforms in the future.
This layer is for community members, identified as “Advisors”. Advisors are stakeholders who give an opinion and demonstrate their knowledge. Advisors are approved through the “Whitelisting” process to avoid Sybil attacks. Every Advisor stakes FNQ Tokens into a Smart Contract for a free, defined time period and participates in the opinion formation process. As the opinion formation process finishes, Advisors receive rewards dependent on knowledge and honesty. Forming a collective statement from Advisors, the wisdom of the crowd combined with truth-telling incentivization produces the best possible result.
Welcome to the algorithmic playground. This layer represents a collection of different Modules. They represent all possibilities for developer integration and interaction with the Finnoq Core Layer. Modules are the bridge between the Finnoq Core Layer and its Applications, representing different kinds of voting parameters. Templates are generated as pre-defined groups of Modules, proven to execute an Application. All Modules can be integrated into an Application with a standardized API. Outside developers can interact with the Service Layer to construct new Modules and Templates, receiving rewards for usage of their Module by an Application.
Developers can build their own Application on top, easily integrating Modules and Templates from the Service Layer. These Applications represent various opinion markets from which App users - known as “Market Creators” - begin the opinion formation process. An Application is basically every program using the Finnoq protocol as a “library”.
The FNQ Token is the fuel of our ecosystem, an ERC20 Token running on the Ethereum Blockchain. FNQ serves many functions: formulation of collective opinions (Participation), transfer of value across the ecosystem (Value Transfer), and voting on the future of the protocol (Governance).
When opinions are requested, Advisors are incentivized by knowledge and honesty. Market Creators and Advisors stake FNQ Tokens in Smart Contracts, thus creating supply and demand dynamics for participation.
The Finnoq ecosystem operates exclusively in FNQ. Every “opinion formation process” is executed in FNQ, as well as the associated rewards for each stakeholder. Rewards are represented in FNQ and distributed to all Stakeholders throughout the three Layers. Further, any foreseeable transfer of value within the ecosystem is made in FNQ.
All FNQ holders decide in which direction the Finnoq protocol steers. Protocol proposals are rolled out by FNQ holders who have staked FNQ Tokens. Collective votes take place on future technical changes, the “Blacklisting” of bad actors, and App approval once accepted into the ecosystem.