PROFIT-SHARING SOLUTION - TEAM WALLET
When planning the 1TM platform, the most important thing that came up in many interviews with creators was revenue. Especially in multi-person collaborative projects, the distribution and sharing of profits has always been a major pain point for the creators. Generally speaking, the team's income is initially managed by the person in charge and then distributed to each team member on the basis of merit, which involves complex issues such as the transparency of income, the fairness of profit sharing, the tracking and checking of transaction records during the profit sharing process, and so on.
Role - UX, UI
Year - 2022
Project - 1TM
In addition to the potential problems mentioned above, for project initiators on the 1TM platform, there are also situations where external parties (non-1TM users) may be involved in the profit sharing process. Taking into account these factors and the initial development costs, we decided to start with a blockchain smart contract as the basis for the initial profit sharing mechanism. But the convenience, transparency and security of smart contracts can go a long way to solving many of the problems of traditional profit sharing, and can be the first step in expanding the 1TM platform into a more discoverable and accessible platform for creators. Having decided to introduce smart contracts, we set these objectives:
Challenges
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Create a convenient profit sharing wallet that can be used on projects as small as a single post to as large as a large project.
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The shared wallet needs to support both registered users on 1TM and external users who are not registered on 1TM.
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Each money stream needs to be trackable and manageable by those involved.
Given that a single creator may create multiple works and projects, and that each work and project has a different number of collaborators, we realized that in order to facilitate a profit wallet, each creator must be able to create multiple profit wallets so that he/she can customize the profit rules with different teams.
What happens next when you have a profit wallet and how does it fit into your work/project? After discussions with the Smart Contract Engineering team, we decided to make the profit wallet as independent as possible from the process of creating a work or project - in other words, the process of releasing a work/project and the process of creating a team wallet can be completely separated: when the work or project is released, it can be connected to the matching profit wallet.
The advantage of this design is that on the one hand it reduces the difficulty for the creator to post, and on the other hand it ensures the flexibility to link the profit mechanism to other features in the future.
1. Create a convenient profit-sharing wallet
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Each creator can create multiple team wallets
From the interviews with creators, we identified the potential demand for a team profit function in the marketplace. As a new creator platform in the market, we believe that by making the profit sharing function more accessible, we can also increase the reach and exposure of the platform. Under this premise, we should make it as easy as possible for unregistered users to use this feature. With this in mind, we have added the ability to add external users to the original 'adding a co-profiteer' process. Incidentally, as a wallet creator, you can also use different wallet addresses for different team wallets.
2. The profit sharing function is not only available to 1TM users, but also to unregistered users
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The flow of "adding an internal user as a co-beneficiary" (internal users are divided into those who complete the authentication by email and those who register only through a wallet)
One of the most admirable features of blockchain is the "transparency" it can provide, as it allows people to see the accounts and time stamp details of every transaction at any time. This concept is in line with our original intention in designing the team wallet, where the most important thing for the co-beneficiary involved is to be able to know the details of each profit payment and check its accuracy. The team wallet process is also designed to be simple: once a project has been paid, the proceeds are periodically pooled into the main wallet address and then automatically transferred to each co-beneficiary's wallet address according to the percentage of profit set when the wallet was created. At the same time, the details of the transaction can also be viewed in the transaction history.
3. Use the properties of blockchain to make the profit-sharing process more transparent
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View and track every money transaction in the wallet interface
While the current design of the Team Wallet is generally a good initial solution to the problem of profit distribution in teamwork on the 1TM platform, there are still some additional measures that need to be taken throughout the process to address some of the issues that arise, for example, how to minimize the gas fee that is generated each time a wallet is created? In the current process, the decision to allocate profits relies entirely on the creator of the wallet, and there is no channel to communicate with members in case they disagree with this allocation. In addition, during the course of the project, the composition of the collaborating team members may change at any time, yet there is no mechanism in place to adjust the allocation of the profit package at any time. While many of the potential problems are inherent to the nature and limitations of the blockchain, there are still areas of design that can be optimized to improve convenience.
There is still work to be done
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The process of creating a team wallet and how to connect to an articles or project
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Creators can choose to link private wallets, 1TM team wallets or external wallets for profit sharing
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The flow of "adding an external user as a co-beneficiary"
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As an owner, you can also choose from different wallets when creating a team wallet
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Flow from project revenue sharing to co-beneficiaries