Steem - We Are Media - Initial Thoughts -Open for Feedback and Suggestions
Independent journalism is being attacked on traditional social media. Steem needs to support independent journalists, and promote the Steem network as a home for censorship resistance and a revenue stream that can reward journalists for their work. Creating a Tribe with a token specifically to reward journalists and followers is a great way to do this.
The first 100K tokens sold will be used to initialize Scotbot for the WAM token to be distributed, setup ScotPeak, setup ScotTube, and power up the rest in SP and WAM to begin supporting journalists who post on WAM platforms.
What can you do with WAM tokens?
- Power Up your WAM to support journalists and followers on WAM Growth that you think deserve to earn WAM.
- Journalists can accept WAM tokens for advertising, merch, goods, and services.
- Journalists can use WAM tokens to purchase the right for their specific # tags to be used in the WAM distribution pool. (Only WAM Growth Verified Journalists can submit # tags for approval requests.)
- Any WAM fees collected to add specific tags for the WAM distribution will be used to cover any costs associated with updating the tags. All additional fees raised left over after costs will be used for contests and promotions for both WAM Growth Journalists and Followers.
- Journalists can use WAM tokens to purchase WAM Growth Verified Journalists status which will give you voting rights for future decisions regarding the WAM Growth Tribe & Platforms. The idea is to be a Steem Tribe for journalists, by journalists.
The WAM token uses can create circular incentive between journalists and followers on Steem.
Followers can be rewarded for supporting independent journalism in the WAM Growth Tribe. The more WAM they earn, the more they can use it to purchase advertising, merch, goods and services from the journalists, creating additional revenue.
This gives incentive for the followers to be active in the tribe by creating content related to WAM journalists, specific content by journalists, top lists of journalists, posts, or topics on WAM Growth, content related to the censorship and demonetization on mainstream social media.
This also gives incentive for followers to power up WAM so that they can support their favorite journalists and independent journalism on Steem.
On the flip side, journalists will need to sell WAM for income, as well as spend WAM to add their specific tags related to their brand and content to the WAM distribution pool so that they and their followers can earn WAM.
The token has a very low cap of 21 million modeled after bitcoin. All but the first 200K will be distributed via the rewards pool. The timeline for distribution is TBD. The first 100K will be sold to the market to raise funds to launch the steem-engine platforms. The second 100k will be distributed to to 100 journalists, beginning with journalists currently on the Steem platform.