In this challenge, participants are tasked with creating a "commitment machine" – a concept from behavioural economics where individuals create self-imposed rules or environments that make it difficult or costly to abandon their goals. The idea is to leverage the power of commitment psychology: when people have no choice but to follow through, they are more likely to succeed.
For example, imagine a smart contract on the blockchain connected to a fitness app API, where users deposit money into the contract. They only get their funds back by meeting specific fitness goals, like running a certain distance or reaching a daily step count. Failure to meet these goals could result in the money being donated or allocated elsewhere, creating a real-world consequence for non-performance.
This challenge encourages participants to think creatively and develop innovative solutions beyond financial penalties. How can technology, behavioural psychology, and creative design combine to build a system that holds people accountable and drives consistent progress? Explore new ways to motivate people through self-imposed commitments, and design a tool that leverages technology to create an environment where failure is not an option.