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SYSTEMS AND METHODS FOR REWARDING USERS OF A SOCIAL NETWORK

[Category : - SOFTWARES]
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About application:

Some embodiments of the inventive subject matter are social networking systems that reward a user for sharing their prediction regarding an event, series of events, or portion of an event. In certain of these embodiments, the user also shares their reasoning supporting the prediction.

Feedback - such as an upvote - is then received from other users regarding the prediction. In some embodiments in which supporting reasoning is also provided, the feedback may relate to both the prediction and the supporting reasoning. In some embodiments, a user providing positive feedback regarding a prediction is considered to be making the same prediction.

A reward amount for the predicting user is calculated based at least on the feedback provided by the other users, as well as the outcome of the relevant event, series of events, or portion of an event that is the subject of the prediction. In some embodiments, reward amounts for the feedback-providing users are also calculated based at least on the feedback and outcome.

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Examples of problems solved and benefits:

In a social network that awards users with rewards of value (such as cryptocurrency), systems and methods that incentivize the creation of high-quality content, while lessening or eliminating the incentive to create low-quality content, are beneficial. Moreover, when the social network’s rewards are of finite supply, such systems and methods are helpful for ensuring that users who create and/or curate high-quality content are better rewarded than they would have been if more rewards were directed to users who create and/or curate waste. By redirecting what would have been waste-related rewards to users associated with high-quality content, either through creating such content or curating it, users are encouraged to create and curate more high-quality content for the network.

In light of the magnitude of money at stake on the various types of predictions people make, systems and methods that incentivize subject matter experts to share their insights and help people make better predictions are particularly valuable. Moreover, people seeking expert advice about how to correctly predict the outcomes of speculative activities, such as gambling and investing, may not have their interests aligned with the alleged experts offering advice. In particular, individuals claiming to be experts may only be seeking payment for their advice, but without actually having a stake in whether their prediction ends up being accurate. By conditioning the reward an alleged expert receives on their prediction being correct, the incentives of people seeking advice align with the incentive of the alleged expert, which in turn increases the probability the alleged expert is offering the best advice they can. Systems and methods that align such incentives are therefore valuable.








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