Hello Steemians, we’re happy to announce that our user interface for the Steem.DAO/SPS is now live on steemitwallet.com.
Steemit & Steem.DAO
You can now vote for your favorite Steem proposals without leaving the safety of steemitwallet.com. These changes went live last last afternoon. While this was tested extensively in our development environment, we have continued testing the UI, along with a number of community members, to ensure it is functioning as intended. If you find any bugs, let us know about them in the comment section below. You can find the new proposals interface at: steemitwallet.com/proposals.
Update on Programmatic Selling
We will not be selling any STEEM this month. We have continued to improve revenue generation through ads while lowering our expenses, but we are still a long ways from covering our operating costs 100%. That being said, we have put ourselves in a position where we can pause programmatic selling, as we are this month. This is a very important benchmark for us because it was not something we were in a position to do just a few months ago.
New Ad Sales Hire
We have recently added a new advertising sales manager to ramp up direct sales and have switched to BuySellAds which is starting to pick up more bidding networks. With these changes we believe we will continue making progress toward generating enough revenue to cover 100% of our operating costs. But until that day comes, we will still be reliant on some degree of programmatic selling, which is why we could go back to selling STEEM in October.
Steem.DAO!!!
It’s important to remember what a big deal the Steem.DAO is. While the hardforks that added the Steem.DAO to the blockchain were difficult, the Steem.DAO itself has been functioning very well since the moment it was added. Many proposals have already been submitted and two great proposals are already being funded.
Top 3 Proposals
The top 3 proposals displayed on our UI tell an interesting story as to how the DAO is currently functioning to ensure that only deserving proposals receive funding, and the different ways the system can be leveraged by you all.
Developers Portal
The proposal with the most “VESTS” (the unit for measuring the amount of stake behind votes) was drafted by former Steemit team member @inertia who has consistently made great contributions to the Steem Developers Portal. In order to ensure he can continue making these contributions he has requested 130 SBD a day for 29 days, from the Steem.DAO and because his proposal has received sufficient VESTS (stake-weighted votes) the Steem.DAO has begun paying him in Steem Dollars (or “SBD”) for his valuable work.
Feature Funding
The proposal with the second most VESTS is from the @steempeak team. They requested 375 SBD total to add two new options to their front end user interface for Steem: steempeak.com. And today they announced the release of those features, making them the first to release features which were funded by the Steem.DAO. Through their interface users can now choose to either burn the STEEM rewards from their post, or donate them to the Steem.DAO.
The reason this is important is because it demonstrates that the Steem.DAO does not have to be used to fund the development of features for Steem or steemit.com (though it certainly can be). The Steem.DAO is a decentralized funding mechanism which distributes a liquid stablecoin. The possibilities are limitless.
Return Proposal
Steem Witness @gtg, whose activities during the recent hardforks were invaluable, created the proposal which now has the 3rd most VESTs. This proposal, however, is quite different from the others. It asks for 240 million SBD per day!
The Return Proposal does this for a very good reason. This doesn't mean it will actually receive that amount. It will receive whatever funding is left over once the proposals above it have been paid. The remaining funds are then returned to the Steem.DAO funding account.
More Steem.DAO Funding
@gtg has set up the proposal so that the account which receives the funding is the Steem.DAO itself. Practically speaking, what this means is that a proposal has to receive more stake-weighted votes than the Return Proposal in order to receive funding, as was the case with the proposals by @inertia and @steempeak.
The reason @gtg’s proposal requests so much funding is to enable Steem stakeholders to express their belief that Steem Dollars can be put to better use in the future by the Steem.DAO, rather than being awarded to any of the current proposals that receive fewer stake-weighted votes. In other words, the Return Proposal’s #3 position is an expression of the fact that, as of this moment, Steem stakeholders do not believe that the lower ranked proposals deserve funding. But they could be wrong!
Get Out and Vote
That’s why it’s so important to head on over to a user interface for the Steem.DAO and cast your votes for the proposals you believe deserve funding. Every vote helps and if you believe that a proposal deserves more attention, you can always write a post about it using steemit.com! Currently, even the top proposal has not received as many stake-weighted votes as even a top 100 Witness, so we can definitely do much better as a community.
Our new Steem.DAO user interface is just an MVP (minimum viable product) which we intend to improve over time. If you are a developer who would like to help improve that interface, you can head on over to the github repo for our wallet.
The Steemit Team
P.S. If you'd like to create a proposal for the Steem.DAO, you can use the interface created by community member @dmitrydao steemproposals.com. As this is a 3rd party application, we can not attest to the security of this application.
Woah, this is one of the best updates I've read in a long time. Great job to the Steemit team!
I agree! I'm excited to see what will happen to STEEM this month without the 800,000 that is usually sold off.
any website hacking trick
Nice update! Short, sweet and to the point.
Congratulations on being able to skip a month of selling. While I don't really mind the selling, I hope others will be excited about this.
So glad you guys are managing to generate some revenue outside of selling Steem. That's a big deal for all of us.
Top work all around, folks. This doesn't just bode well for the price in the short term; but also reflects really well on the ongoing viability of Steemit INC. Great news.
Please add support more tags for steemit.com
This is a brilliant update. However, I do have a question: Assuming a user wants to publish a proposal, how should they go about it?
We recommend checking out steemproposals.com if you'd like to create a proposal.
Thank you so much for mentioning Steem Proposals website. Regardless security, it's open sourced so you or anybody in Steem community can do a security check if that's your concern. I used Keychain and Steemconnect so I'm not even interacting with private keys which is a beautiful part.
Lots to be said with this post thanks! Any period where STInc doesn’t have to sell Steem to keep things moving is a huge win in my book considering there were layoffs last year. Looking good!
This is cautiously bullish. I wish you success.
This is good news, but better would be if we had a plan to actually raise the value of Steem. So far they are cutting costs but not increasing the price of Steem. Cutting costs stop the bleeding at least but I hope with Steem DAO it is used in a responsible profit driven manner rather than to just throw money at code.
Wow @steemitblog ...
... how exciting is that? Okay, so open and honest that not yet fully sustainable, but what a wonderful symbol of progress! 👍
And ...
... we have our first approved and already delivered proposal by the awesome @asgarth and the @steempeak team!! 👍👍
Sure nice to receive such an encouraging report. Keep up the great work!!!
OMFG!!!! The Update on Programmatic Selling is so good it deserved it's own post. I have no more Steemit complaints, I consider you guys to now be one of the most responsible blockchain stewards in crypto and feel better about holding such a large stake.
Kudos again and thanks for listening to feedback.
Congratulations to @inertia & @steempeak! @proxy.token will steadily support to good proposal for the development of steemit.
I said this before and I know this isn't likely to be implemented but we need a section in the UI which lists a projected return on investment or revenue generated from each proposal. If it's zero then it should say zero so people know it's actually a donation.
Supply sinks needed
As much as people worry about so many forms of reward pool abuse, don't we need to have some idea on how these voting patterns could help raise the price of Steem? Otherwise it's moving Steem around and then that Steem gets sold for less and less and less.
So can we have a more sophisticated set of options, with options to review or rate the ideas within each proposals based on some criteria? If it were Google Play Store we would have some ability to review what we purchased right or we can see how others review the idea or see some kind of discussion panel where people discuss it?
Not every idea I saw on Steem DAO looks bad but we do need to curate very intelligently.
On the topic of supply sinks we can:
These ideas in my opinion are what I can offer for now but I think we should begin the discussion on how to increase revenue. We have Steem DAO, and Steemit Inc did their part by cutting costs. I suggest an alliance form in the Steem community to agree to delegate Steem Power to support projects which are trying to improve revenue generation, revenue sharing, or supply sinking.
The price of steem is already in the gutter. May I suggest you behave like a company and sell directly to potential investors rather than dumping on the market and further suppressing the price. I do not understand why youve been market selling this entire time instead of looking for larger investors who would be interested in maintaining and growing the price of steem.
That said, the goal of becoming self sufficient from ad revenue is a good one, and I am very happy to see that emphasis. Still, securing outside parties with deep pockets who can help build the long term financial potential of STEEM is something that the steemit team could be accomplishing with their selling for funding. It's a situation where selling could be building for the future in two ways, rather than just one way by providing you with necessary operating capital.
Ding ding ding! Very much this ^^^
The days of dumping on the open market should be over forever. It's not sustainable and is likely stifling growth on just about every front as people see the never ending decline in prices and steer far away from all things steem.
Who would have thought that just in a few months, you would be in sooooo much better position. Great job...short and to the point update!
Do I see a light at the end of the tunnel...or is it just me?
Time will tell if this will work.
As a side note, another possible explanation for no other proposal being voted over the refund proposal is there's simply not enough in the daily budget to fund them yet (at least not most of them). Only 1/100th of the amount in the fund is available to be spent in a given day.
Well here is my issue and maybe I'm the only one saying it, but we need a way to estimate how much each proposal could benefit the price of Steem. We all know cutting costs (increasing efficiency) is good and Steem Inc has done a good job at that and we should thank them for that.
Steem DAO in my opinion doesn't have the same level of focus that Steem Inc has and the concern will be how do you make sure the proposals provide enough information for smart allocation of resources? Dumb allocation of resources will only drain the reward pool faster and the price of Steem will keep going down.
So how can we prioritize the proposals most likely to actually increase the price/value of the Steem token itself? In my opinion the UI should allow for us to filter proposals based on different criteria with the first criteria being based on how much revenue a project is currently generating. How we go about measuring benefit to Steem is one thing but we can look at the burn rate of different projects as a performance indicator because burning Steem creates more scarcity which is clearly a way to offset the supply increase.
What if I want to vote up all projects which have a burn rate beyond a certain threshold? What if I want to only vote up projects which are proven successful or proven to be profitable in some manner or form whether it be advertising, or burning Steem, or anything?
And if the project is brand new then I want to see the business model and vote up the projects which have good business models rather than projects which have no business model at all. The point is we lack sophistication in this current UI. We simply need more data, more useful data, performance indicators of some kind, so that we have some way to quantitatively compare each project.
What if I want a proposal to be private cuz the idea is so good and world changing I don't want the idea to be stolen?
Do you think it would be stolen?. You are still original owner as long as it belongs to you and the patent too.
I don't have a patent, just an idea that would certainly be stolen =( I want a team to do it for me because I'm functionally useless at programming/development
If it's a brilliant idea, let someone steal it so you don't have to do the hard work or pay for developers. Maybe you're a unique genius, but most people could learn a lesson from reading this classic blog post: The Value of Ideas.
Don't get me wrong I've considered it a lot, but the idea involves poverty stricken areas and I worry a lot about people taking control with priority on profit over people, poisoning the idea. I want it to be an example of how much good Steem can actually do. If I can find a group I can trust, I've no concern handing it over - I've a useless set of skills when it comes to this stuff!
I believe that better days are coming for steem with all these latest development. Someone told me that after HF22, things will take a turn, prophecy foretold is coming to pass.
Well done steemit
@steemitblog,
That proposal #1 we should all implement, coz people who wish to scratch the surface of development top of STEEM they should need such documentation and example coding as well!
$trdo
Cheers~
And then we have to look at the cost vs the benefit. If the proposal is very cheap then yes I can say maybe. The cost being less than 4k SBD is actually pretty good so I can get behind it but we do need something better than documentation.
@dana-edwards,
Yeah we should aware about that too! But I believe these documentations should be done by developers and skillful writers. So it has a cost and yeah those are truly beneficial! I experienced it!
Cheers~
Congratulations @theguruasia, you are successfuly trended the post that shared by @steemitblog!
@steemitblog got 6 TRDO & @theguruasia got 4 TRDO!
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This is great news. Glad to hear it!
Great update thanks keep up the good work and steem on
No more selling steem long term will be interesting with price, lets see if it helps relieve sealing pressure this month and hopefully next month you wont need to sell any steem either
wow ♥
We need to make revenue generation a priority. Cost reduction only goes so far.
We are almost dead on the exchanges, that’s the problem. We need marketing to kill it so speculation and ramp up.
Marketing = revenue generation. Create a reason for Steem to be burned, locked up, and purchased.
I really hope that one day you will be able to buy and burn steem using the ads revenue :)
Me too!
Exciting news! Thanks for the updates
Woot McWoot for the pausing of the programmatic selling!
The rest of the updates ain't half bad either! :0)
Good news because we are getting some great developments for steem. I praise you for not selling steem this month. #spud forever.
Great update, bullish on steem!
Good news after many bad months! The fact that they no longer sell steem that is a great step in search of consolidating the price in the short term and looking for the increase little by little
Credit where credit is due.
This is massive. I know it's only for a month but hopefully we get to the stage that it is every other month and then every few months. There has been a complete turn around by steemit.inc over the past year and we appreciate the work going into all of this. The communication, development, business plan are all combining to make a difference.
Next steps, onboarding, ease of use and marketing. Then we have the full package to step up to the next level and turn the blockchain into something great that we all suspect it could be. That and mobile applications but I can see those coming very soon from some of the apps. Well done.
Yay!
and the steem you don't sell what happens to it does it get burned or are you just going to store it ?
Anyone have some ideas on supply sinks which projects can use to lock up Steem or burn Steem as a means to increase scarcity and by that increase the value of Steem?
Anyone know how the voting takes place....
How often can one vote? Do the MVests behind the vote get split up if I vote for, say, two different proposals or does each receive whatever my vote is worth?
There is no limit of votes. And all of your votes have the same value.
I take the opportunity to invite you to read my proposal https://steemit.com/proposals/@jga/proposal1
\0/
Epic #NewSteem update. Keep up the good work!
This will make our steem ecosystem more sustainable and long-lived. These new developments are well implemented and giving the necessary boost.
!giphy happy+dance
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!giphy happy+dance
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This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
Just visited the proposal page at https://steemitwallet.com/proposals, but I realized that my Minnow level SP was not enough to effect votes.😢
The blockchain updates the vote count roughly once every hour. Every vote counts.
Since every vote counts, I'm votin for interesting projects. 😁
That's awesome news boyz, will reach you out if find some bugs :D
That is the best news about Steemit and Steem this month! Great work!
woah, this is one of the best updates l've read in a long time. Great job to tahe steemit team!
Top work all around, folks. This doesn't just bode well for the price in the short term; but also reflects really well on the ongoing viability of Steemit INC. Great news.
I've been sitting on a project proposal for a few weeks waiting for this announcement! The Steemit team deserves a lot of praise for the work done over this last year to turn the ship around. I'm seeing the enthusiasm return to the community. Keep fighting the good fight!
Had to read between the lines here, so you sold Steem for your income to keep the site running and now you're just going to use ad revenue?
Yes. They have been selling 200,000 steem per week, every week, for years now to fund operations.
so great, that is the best news in this month.
Good to see that Steemit Inc will not be selling Steem this month. Hopefully, this great move should have some desired effect on the price of Steem. We will see. Cheers!
I think many people do not realize how big this is. First a DAO brings more decentralization in terms of project governance. Second, STINC is reducing the selling pressure on #steem as they work towards profitability
This article deserves much more love than what I am seeing
Great work steem , I love you
Experimental DAO's are really exciting to see in this phase of Steem development. Thank you to everyone involved, this can open doors to many great things to come.