The Praise system as the TEC currently uses it evolved out of the Giveth communities’ experiments with Reward DAO and the Commons Stack’s iteration on the system.
Purpose: It rewards contributions in the build phase of the Token Engineering Commons (and to a lesser extent the efforts of the Token Engineering and Commons Stack communities) with Tokens at the end of Token Engineering Commons Hatch phase. These rewards are similar to a team allocation in other token economies, but done via a unique signal aggregation approach intended to achieve many goals:
Acknowledge and Reward Contributions.
Create a culture of gratitude.
Instigate decentralized updates about work being done.
Distribute early Governance rights widely.
Give feedback on what work is valued by the community.
How to Praise: When a community member notices that someone has done something to help the community, they can “dish praise” to that community member by sending a message that starts with “!praise” in discord or “!dish praise to/for” in Telegram acknowledging who made what contribution.
How Praise is quantified to Impact Hours: Every 2 weeks, Praise is aggregated into a spreadsheet and quantified openly by community members into Impact Hours which will be converted into tokens during the Hatch. Read more about the quantification process in this forum post. Each Impact Hour can be attributed to a Praise, creating a rich data set that is being analyzed by data scientists to see which actions were rewarded and how much, and community members, to assess the system to see if it fits the goals of the community.
Voting Type: Democratic do-ocracy, very low barrier to dish praise. Quantification however is reserved for senior community members that have a broad view of the project.
Future Modifications: Create an app for quantification, integrate source cred (nearly complete), consider universal basic income rewards and many further modifications will likely arise from current data analysis and research.