Covalence Prizes

Covalence Prizes revolutionizes incentive mechanisms by leveraging homomorphic encryption and blockchain technology to create a decentralized, privacy-preserving prize system. This platform empowers organizations to foster innovation, align collective efforts, and distribute rewards with unprecedented transparency and fairness.

Features:

• Decentralized prize management with homomorphic smart contracts
• Privacy-preserving evaluations and reward allocations
• Flexible criteria and scoring mechanisms
• Multi-stakeholder participation (organizers, evaluators, contestants)
• Customizable allocation strategies

What is private and how? The system employs 'selective' privacy-preservation. In particular, the evaluations and the allocation of rewards are private.

Use it

Development quick start

Prerequisites: Node.js, pnpm, Hardhat

git clone https://github.com/CovalenceNetwork/covalence-prizes.git
cd covalence-prizes
cp .env.example .env.local
pnpm install
pnpm compile
pnpm test

System notes

• Diamond pattern, with AppStorage pattern

Flow

• Create a prize
• Fund it

Current limitations

• Organizer introduces centralization risk - it's possible to replace some parts of it with social choice
• The 'optimal' system parameters haven't been found, e.g. batch sizes, etc.

Development notes

We're developping directly on testnet because fhenix's local devnet didn't work for us. Hardhat node doesn't work because of the FHE requirement.

p test
p deploy:testnet

cd webapp && p dev

Ideation

• Support for non-monetary rewards
• Support for pluggable external allocation strategies
• Prize as private fractional NFT
• Constestant disqualification
• ACL for prize creation, e.g. requiring magic link login
• Prize pausability, and overall system pausability
• Non-linear lifecycle, e.g. to support reverts based on errors or disputes
• Oracles
• Document upgrade process
• Cancel and refund prize
• React library to integrate easily into another front-end

License

MIT License. See LICENSE file.