I've seen this before - the crypto space is full of innovative ideas that can be applied to other industries. One such idea is provably fair verification, which Cravin is using in their mystery boxes. By combining this verification with a Fair Value Guarantee, Cravin is providing a unique and transparent experience for its users.
Back in 2017, the idea of using crypto for payments was all the rage. However, what many newcomers don't realize is that the real value of crypto lies in its ability to provide transparency and auditability. Cravin is taking this concept and applying it to their mystery boxes, allowing users to verify the fairness of the outcome after the reveal.
How it Works
The process is fairly straightforward. Before a box is opened, the result is locked with a cryptographic hash. After the reveal, the user can verify the outcome was not altered. This is done using hash-based verification, which turns a fairness claim into something the customer can test.
What's interesting about Cravin's approach is that it's not just about the payment. The platform supports crypto payments via Coinflow, but the payment value still converts into internal Credits rather than remaining as cryptocurrency. The verification step comes later in the process, providing an added layer of transparency and trust.
- Cravin's use of provably fair verification provides a unique and transparent experience for users
- The platform's Fair Value Guarantee ensures that users receive the difference back in Credits if an item's value lands below the box price
- Cravin's model is still early, but it shows promise for the adoption of crypto-style verification in mainstream shopping
Implications and Takeaways
The implications of Cravin's approach are significant. By providing a transparent and auditable experience, Cravin is setting a new standard for the industry. This trend may carry over to other consumer internet products, focusing on verification rather than payments.
Some key takeaways from Cravin's approach include:
- Verification is a key component of building trust with users
- Provably fair verification can be applied to a wide range of industries and use cases
- The adoption of crypto-style verification may happen before the adoption of crypto payments
Our Take
As a battle-tested crypto veteran, I've seen my fair share of hype and speculation. However, Cravin's approach to provably fair verification is something that I believe has real merit. By providing a transparent and auditable experience, Cravin is setting a new standard for the industry.
I've seen this before - the crypto space is full of innovative ideas that can be applied to other industries. Cravin's use of provably fair verification is just the beginning, and I'm excited to see where this trend takes us.
