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Meta-Credits

MetaCred is a product designed to allow developers and end users with a 0 balance of any cryptocurrency to participate in the ethereum ecosystem.

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Disparities in wealth are not due to disparities in intelligence

  • According to a 2018 study, about half the world population lives on less than $5.50 per day
  • According to MANY studies, wealth is not strongly correlated with intelligence
  • As technological innovation spreads, we will continue to see talent emerge and flourish in places where opportunities have traditionally been scarce

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Bootstrapping new talent

  • MetaCredits was created to enable experimenters, entrepreneurs, and developers without the means of acquiring ETH or other crypto tokens to participate in layer 1 ethereum and manage their own smart contract based Dapps
  • What some of us see as spare change could create serious opportunities for developers who want to get involved in the ethereum space but have no means to do so, whether because of poverty or because of regulatory oversteps made by their government

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High Level Description

  • The most novel creation in our system is a specialized Metatransaction processor contract which can use signatures to verify that a particular transaction has been approved by a developer, calculate (roughly) the current transaction’s gas cost, and refund a relayer fully from funds already on the contract
  • A benefactor (or collective of benefactors) can deploy a MetaCredit DappFunder smart contract for a dapp that he would like to see bootstrapped. He deposits funds in the contract and grants the developer permission to use funds from this DappFunder contract to pay for his and his user’s gas fees

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High Level Description Continued

  • The dapp developer can use his (0 eth) public/private key pair to signal his approval of specific actions that he would like to see executed on his dapp
  • His signature combined with a signed metatransaction from the end user (also with 0 eth) can be posted to a metatransaction relay pool
  • Anyone in the world can relay the metatransaction onto the chain via a special processor function in the DappFunder which will refund the account who payed for the execution of the transaction within the execution of the transaction

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Design Considerations

  • 0 Ether required for Dapp Devs and users to use their private keys to sign transactions and interact with dapps
  • Relayer Guaranteed full refund before transaction finishes executing
  • Dapp developers can have relative sovereignty over their creations
  • Benefactors can be sure that their funds will only be spent on gas to fund the Dapp(s) of their choosing
  • Metatransaction library extending the web3 functionality of ethers.js to ensure that dapp developers do not have to change patterns to work with the metacredit system
  • Metatransaction processor agnosticism implicitly built into design
  • DappFunder contracts can continue to be funded by outside beneficiaries