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May 8, 2023

POAPs: A New Way to Commemorate Memories and Build Communities

POAPs, short for Proof of Attendance Protocol, have become a popular tool for creating and preserving memories of significant life events, both virtual and in-person. With POAPs, people can collect and own a unique non-fungible token (NFT) to prove their attendance or participation in an event, activity, or community.

At the heart of the POAP ecosystem is a set of smart contracts that enable the creation and storage of memories by POAP issuers and collectors. Each POAP is a digital record collector held as a unique token that attests to their attendance at a specific event, such as a music concert, art exhibit, or conference. POAPs can also be used to recognize participation in governance, working groups, and other collaborative initiatives.

POAP collections are a digital representation of one's bookmarks of life, without any personally identifiable information (PII) like name, gender, nationality, passport number, etc. They serve as a reliable and secure way to track attendance to unique and distinctive experiences without risking the leak of personal data.

Proof of Attendance Protocols is issued by people or institutions that create and distribute them to collectors to further build or add to their community value and encourage engagement. Each POAP is a unique and unmodifiable serial number, and collectors fully own it, which means they can be traded, sold, and moved between wallets at the owner's discretion.

POAPs are minted and secured on the Gnosis Chain, an Ethereum-based sidechain with a proof-of-stake mechanism. This allows POAPs to be free for everyone, both for collectors to mint and issuers to distribute.

POAPs are not just collectibles; they carry a reputational and social value that may come with corresponding privileges. They can be used to control access to content and communication channels, engage people in collaborative initiatives, distribute awards through airdrops or raffles, and various other applications, all without collecting or storing any personal information.

Creating a POAP for an event is a straightforward process. The issuer needs to follow a few simple steps, such as creating a graphic file, filling out event descriptions, and obtaining mint links equal to the number of people attending or eligible to claim the POAP.

POAPs have wider growth potential, including social graphs and helping to better reflect online identities. With their tamper-resistant nature and immutability, POAPs are becoming increasingly valued around the world as a more credible, transparent way to view and track the support of potential applicants in a community.

Overall, POAPs have emerged as a new way of keeping an immutable record of life experiences, including virtual and in-person events and building stronger and more meaningful communities. With their authenticity, ownership, and immutability, POAPs are becoming an essential tool for individuals and institutions to preserve memories and recognize participation in various social and cultural activities.

Jacques Potts - Sr. Marketing Manager at Ledgible and experienced financial author, marketer, and crypto expert. His work has been featured on The Street, Project Serum, FirstTrade, and Invstr.
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