Pledges FAQ
What is a Pledge?
A Pledge is a new way to hold yourself accountable to your goals by combining real-world incentives and onchain primitives. First, users set personal goals in areas like fitness or education and link their data sources. Then, to credibly commit to these goals, they stake some funds in a non-custodial escrow account. When the pledge deadline arrives, the Portex oracle verifies the result of the Pledge onchain. If the user achieved their goal, they get their funds back; if not, it is donated to a charity of their choice.
How does a Pledge work?
Users commit funds to a goal, and if they succeed, they get their money back; if they fail, the funds are donated to a chosen charity.
How do I create a Pledge?
Users can create a Pledge through Portex's chatbot assistant, which we've called betty. In this chat interface, users connect their outside data source, specify their goal, the amount of funds to escrow, and the charity to donate to if they are not successful. Our goal with the chatbot is to make AI systems interface better with crypto primitives, and assist users in deploying their Pledge smart contract onchain.
What happens if I meet my goal? What happens if I don't meet my goal?
If you meet your goal (e.g. you an at least 10 miles that week), the funds held in escrow are returned to you. If you don't meet your goal, the funds are donated to the charity you selected when creating the Pledge.
Can I cancel or modify a Pledge once it's created?
Pledges cannot be canceled or modified once created, ensuring commitment to the set goals.
What blockchain are Pledges built on?
Pledges are currently available on the Sepolia testnet, but we plan to launch on Base mainnet soon.
How do you prevent cheating?
There is no fail proof way to prevent cheating. However, there is a deterrent to cheating in the social layer that is formed from the transparency of the blockchain. Namely, cheating will be captured onchain, forever. Finally, Pledges are about personal commitments. If you cheat, the only person you are cheating is yourself.
What data is onchain versus offchain?
The only Pledge data that is broadcasted onchain is the address you used to create the Pledge, the charity address if you don’t meet your Pledge, the amount pledged, the Pledge deadline, and if that pledge was successful or not. The exact details and outcomes of the Pledge (e.g. run 10 miles) are not accessible onchain.
How is my data used in a Pledge?
Portex users connect their data sources (e.g. Strava) in order to determine the outcome of Pledges.
As with any Web3 application today, users also expose their transaction graphs via the wallet address they use to deploy a Pledge. But unlike other Web3 apps, users can begin to own and monetize this data by passively making it available to help train Wilbur, our classification model that can detect whether a given wallet belongs to a real human user or not. Because Pledges are tied to real-world data that is difficult and costly to spoof, we can confidently presume that Pledge users' wallet addresses are controlled by real human users.
In the future, we will also help users start to own their own data by optionally writing their data into a non-custodial Portex Vault contract that users deploy and control themselves.
Is there a minimum or maximum amount I can Pledge?
There is no minimum or maximum amount, but we recommend pledging modest amounts that are still meaningful enough to impact the odds you stay committed to your goals, which may vary from person to person.
What are some examples of goals I can set?
Currently, there is a single active Pledge app, Runner. Runner Pledges let you set up running distance goals and log miles/kilometers using Strava. For example, "I want to run at least 10 miles by next week or donate $500 to St. Jude".
Future Pledges will help you stay committed to other goals like learning a new language or finishing an online course.
How is progress towards my goal tracked?
Progress is tracked using data from your accounts on third-party apps like Strava, which you link to when creating a Pledge.
Are there any fees associated with creating a Pledge?
Users pay the transaction fee to deploy a pledge contract (~$1 at typical gas fees). A small oracle fee of $5 (ETH equivalent at time of creation) is applied at the end of each Pledge.
How secure are my funds in a Pledge?
Funds are held securely in a non-custodial escrow contract that the user broadcasts themselves onchain. Funds only move from the contract based on the oracle's final determination once the Pledge's deadline has arrived. There are no admin keys—an often overlooked risk of smart contracts—and neither Portex nor the user nor anyone else can access funds locked during a Pledge's duration. Additionally, Portex plans to complete a smart contract audit in the near future to ensure user safety.
Why should I make a Pledge?
Pledges are a new way to help you stay committed to your goals. They serve as credible commitment devices and use principles from the field of behavioral economics to prevent present bias and procrastination. Plus, it’s an easy way to make an impact and donate to charities.
What role does the oracle module play in a Pledge?
The oracle module accesses offchain data to determine if the user has met their goal and relays that information back onchain to trigger conditions in the Pledge smart contract.
What if there is an issue with the oracle or incorrect data is used to verify a Pledge?
If there is an issue with verifying your pledge, you (and only you as the contract deployer) can request to withdraw your funds from the escrow account after a pre-specified buffer time has passed after the Pledge deadline.
Which charities are available?
We’ve integrated with Endaoment to offer a wide range of charities that you can easily donate to.
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