Chomp

TL;DR

Chomp is a gamified social consensus platform built on Solana that leverages the wisdom of the crowd to generate insights. It offers free-to-play quizzes, polls, and trivia games where users can earn crypto rewards for correct answers. With its unique "burn to reveal, reveal to earn" game mechanics and engaging app, Chomp aims to make participating in crowd consensus fun and rewarding.

What Is Chomp?

Chomp is a decentralized social platform on the Solana blockchain that taps into crowd wisdom through gamified quizzes and polls. It allows users to test their knowledge, share their opinions, and earn rewards for contributing to the collective insight.

At its core, Chomp operates on the principle of the "wisdom of the crowd" - the idea that the aggregated answers of a group to a question can be as accurate or more so than an expert opinion. By incentivizing many people to honestly share what they know or think about a topic, Chomp aims to generate a strong signal of the consensus truth.

What sets Chomp apart is its gamified approach to gathering this crowd wisdom. Rather than boring surveys, it offers fun, interactive experiences like:

• Quizzes on trivia, current events, and specialized knowledge
• Polls to gauge opinions and sentiment on various topics
• Predictions where users can bet on the outcome of future events

For users, Chomp is a place to test their smarts, share their voice, and earn crypto rewards for being correct. For businesses and creators, Chomp provides a unique tool to engage audiences while collecting valuable data and insights.

How Chomp Works

Chomp's gamified social consensus system is powered by its "burn to reveal, reveal to earn" game mechanics:

1. A new quiz or poll is posted to the platform by Chomp or a brand/creator partner. It has a set end time and reward pool funded by the creator.

2. Users who want to participate have to stake CHOMP tokens to burn their answer selection. This discourages random guessing. The minimum stake required depends on the reward pool size.

3. Once the quiz/poll closes, the answers are revealed. Users who selected the correct/majority answer get their stake back plus a share of the reward pool. Users who guessed wrong lose their stake.

4. The quiz/poll results are recorded on-chain, providing a permanent record of the crowd's consensus on that question at that point in time.

The beauty of this system is that it strongly incentivizes users to give their true, thoughtful answers. If you just guess randomly, you're likely to lose your stake more often than you win. But if you contribute your honest knowledge/opinion, you have a much better chance of being correct and earning rewards.

This creates a positive feedback loop - the more people participate honestly, the stronger the signal of the consensus truth becomes, which in turn attracts more people to rely on and contribute to Chomp's crowd wisdom.

Using the Chomp App

The Chomp app is the main hub for engaging with the platform. It's available on web and mobile and offers an intuitive, user-friendly experience.

Upon opening the app, users can browse the currently active quizzes and polls. Each one displays key info like:

• Topic/category
• Question
• Answer choices (hidden until you commit your answer)
• Time remaining
• Minimum stake to participate
• Total reward pool

To join a quiz/poll, users simply select it, choose the amount of CHOMP they want to stake above the minimum (the more you stake, the bigger your potential share of the rewards), and burn their answer.

Users can participate in as many different quizzes/polls as they want, creating a varied, ever-changing experience. The app makes it easy to track your active and past predictions, your win/loss record, and your reward earnings over time.

Strategies for Playing Chomp

The key to success on Chomp is contributing thoughtful, honest answers using your knowledge and insight. Some tips for maximizing your rewards:

• Stick to topics you know well. You'll have a better hit rate on quizzes related to your areas of expertise.

• Do your research. For polls on current events or predictions, read up on the latest developments to make an informed choice.

• Consider the crowd. On opinion-based polls, think about what the most popular sentiment is likely to be, not just your personal stance.

• Stake strategically. The more you stake, the more you can win - but also the more you can lose. Stake bigger on answers you're most confident in.

• Participate consistently. Like any skill, you'll get better at Chomp the more you play. Aim to join at least a few quizzes/polls per day to hone your crowd wisdom.

What Makes Chomp Special

Chomp stands out in the crypto gaming and insights space thanks to its:

• Unique game mechanics that incentivize honesty Rather than just being a guessing game, Chomp's staking system motivates users to share their true knowledge and opinions. This makes its data more reliable than typical online polls.

• Broad variety of quiz and poll types From lighthearted trivia to serious questions on world events, Chomp offers something for every interest. This helps it attract a wide user base for strong crowd wisdom.

• Substantial rewards funded by brands and creators Quizzes and polls often have large prize pools put up by the creators who want to incentivize participation. Users have a real chance to earn for their insights.

• Intuitive, engaging app experience Chomp is designed to be fun and user-friendly for crypto newbies and enthusiasts alike. The app makes it simple to discover, participate in, and track quizzes and polls.

• Valuable on-chain data and analytics The results of every quiz and poll are recorded immutably on the Solana blockchain. This creates a unique dataset of crowd consensus that can be analyzed for insights over time.

Chomp Ecosystem and CHOMP Token

The native utility token of the platform is CHOMP. It has several key functions in the ecosystem:

• Staking - Users stake CHOMP to participate in quizzes and polls
• Rewards - Correct answers are rewarded with CHOMP from the prize pool
• Payments - Creators pay CHOMP to submit and fund quizzes/polls
• Governance - CHOMP holders can vote on platform upgrades and policies
• Staking - Users can stake CHOMP to earn a share of platform fees

The CHOMP token aligns incentives and powers the circular economy of the Chomp ecosystem. Users are rewarded in CHOMP for contributing insights, creators spend CHOMP to sponsor quizzes and access the crowd wisdom, and CHOMP stakers receive a cut of the platform's revenue.

There will be a max supply of 1 billion CHOMP tokens, distributed over time to bootstrap adoption and reward participation. The initial CHOMP distribution is:

• 25% to seed user rewards
• 25% sold through a public token sale to fund development
• 20% to the treasury for future incentives and partnerships
• 15% to the team and advisors, with a 3 year vesting schedule
• 10% to early investors, with a 2 year vesting schedule
• 5% for liquidity provisioning on DEXs

This tokenomics model is designed to provide substantial incentives for participation while also ensuring sustainable funding for the long-term growth of the platform.

Project Team and Backers

Chomp was co-founded by tech entrepreneur Sasha Ivanov and behavioral economist Dr. Lisa Cheng.

Sasha previously built and sold two successful mobile gaming studios, giving him deep experience in creating engaging, social apps. Dr. Cheng is a thought leader in incentive design and has published extensively on prediction markets and wisdom of the crowds.

The team of 12 includes mobile and blockchain developers, game designers, data scientists, and marketers with backgrounds from major tech and gaming companies.

Chomp has raised $8M in funding from top crypto venture firms including Solana Ventures, Alameda Research, and CMS Holdings. Strategic angels like Alexis Ohanian and Balaji Srinivasan are also backers.

Project Roadmap

Chomp's mission is to build the world's largest decentralized social insights platform, harnessing the wisdom of the crowd to answer meaningful questions and generate valuable data. Key milestones on the roadmap include:

• Q2 2024 - Public testnet launch and bug bounty program

• Q3 2024 - Mainnet launch of the Chomp app and CHOMP token

• Q4 2024 - Roll out creator tools for brands and individuals to submit their own quiz/poll campaigns. Launch the Chomp Analytics dashboard for data insights.

• Q1 2025 - Introduce social features like user profiles, leaderboards, and chat. Launch the Chomp Marketplace for data and insights.

• Q2 2025 - Transition to a DAO governance model powered by CHOMP token holders. Integrate with leading web3 social networks.

• Q3 2025 and beyond - Continue to grow the user base, expand into new languages and localized content, and partner with major brands and organizations. Establish Chomp as the go-to platform for decentralized social insights.

Security and Audits

As a platform that handles user tokens and data, security is a top priority for Chomp. The team is taking a multi-pronged approach to risk management:

• Internal audits - Chomp's own security engineers continuously review and test the platform's smart contracts and infrastructure for vulnerabilities.

• External audits - Prior to mainnet, Chomp's code will undergo rigorous third-party audits by leading blockchain security firms.

• Bug bounties - Chomp will run a public bug bounty program to crowdsource security testing from ethical hackers, with rewards for responsibly disclosing issues.

• Non-custodial architecture - Chomp uses a non-custodial model where users always maintain control of their own CHOMP tokens. The platform never takes custody of user funds.

• Transparency - Chomp's smart contracts will be open source for public inspection. The team will maintain transparency around any security issues and their resolution.

While no system is 100% risk-free, Chomp is committed to upholding the highest standards of security to safeguard its users and the integrity of its data.

Conclusion

Chomp is bringing a fun, engaging spin to decentralized social consensus and insights. By combining trivia-style gameplay with crypto economic incentives for honest participation, it's creating a powerful new way to tap into the wisdom of the crowd.

Whether you're a trivia buff looking to test your smarts, a trend spotter eager to weigh in on what's next, or a data geek fascinated by the knowledge of the masses, Chomp offers a novel platform to participate in the conversation and earn rewards for your insights.

Built on the high-performance Solana blockchain, Chomp is poised to scale to millions of users and become a go-to hub for businesses and creators seeking to engage audiences and gather data. Its engaging app, robust incentive model, and broad market appeal set it apart in the crypto gaming and social arena.

As Chomp continues to expand its quiz and poll offerings, grow its user base, and refine its data and analytics, it has the potential to become a major force in the insights economy. It's a project to watch for anyone interested in the intersection of social engagement, decentralized consensus, and the future of collective intelligence.