Steem Basic Income
Steem Basic Income is a social experiment to bring a basic income to as many Steemians as possible. Members join by sponsoring others into the program. Steem Basic Income is delivered through providing regular upvotes to member content.
The Future of Steem
Right after #hf20, @josephsavage posted about the future of Steem on his personal page. (I'm Joseph, it's weird talking about myself in the third person...)
I'd like to share a single quote from that post, and then talk about our current outlook and how it relates to SBI.
The future Steem direction is a blockchain built for platforms and programs. For front-ends like Utopian-io. For dApps like dTube, Partiko, dSound. We see this with RC's, with Hivemind, with SMTs.
Condensers will have their own front-ends, SMTs, and RC's. You will create a new account with that website as recovery; they track your keys on their end and you have a normal login/password on your end. They may have normal advertising, sponsored content, or maybe even subscription models as independent revenue sources and use that to ensure that their users have a seamless experience.
At the heart of this model are SMTs, which allow dApps to establish their own reward models and show post values in their SMT - to use their SMT rewards for Trending pages and content discovery, and only show posts that are by people with stake in their SMT.)
Great SCOT!!
And then SMT development was delayed. Steemit, Inc laid off 70% of their staff, the community panicked, etc. Most of you were along for that ride.
Steem-Engine's team stepped into the void and took matters into their own hands. The picked apart the SMT white paper and creating a road-map to tokenize on a second-layer (non-consensus) protocol instead of built into the core protocol.
Exactly as predicted, we now have https://www.weedcash.network, a new front-end that only shows posts from a short list of tags, presents rewards in WEED, and follows its own reward distribution system that is independent from SP/SBD system. @richardcrill is a pioneer in blazing this trail, and I commend him for being the first mover in this new space!
SBI and Tokenization
We have a short-list of required features that still need to be completed (either in SCOT or SMTs) before we can tokenize. At present, the scotbot model is cost-prohibitive for Steem Basic Income's existing distribution model. Once it is full-featured (or when SMT's are actually delivered) we will reevaluate before making a final decision on tokenization. It's an open possibility until we do it and then it's very difficult to go back. It's much better for us to err on the side of caution.
Stacking Tokens
One of the features that Scot allows in their configuration is the ability for issuers to identify whether they can be rewarded to any posts using their tags, or only rewarded to posts using their front-end.
We consider any groups that are distributing based on tags to be holding up a 'welcome' sign inviting us to enrich their members with bonus tokens from SBI votes. If any issuer decides that they would prefer we not stake their token and reward their community with our regular upvotes, then we will accept that and liquidate our stake.
Until we are 'unwelcomed' (by limiting distribution to front-end only or by asking us to leave), we will evaluate top SCOT tokens, include extra keywords in our updates on a rotating basis, and hopefully build some stake that allows us to give their community members a little extra from their SBI votes.
Enrollment
If you want to get involved, or to increase the level of basic income that you receive, enrollment is pretty straightforward:
Just send 1 STEEM to @steembasicincome. Include the name of a Steemian to sponsor in the transaction memo (preceded by @). You and the person you sponsor will each receive 1 unit in the program. You can sponsor any active Steemian (except for yourself), it does not have to be a current member.
If you're unclear, please check out our full transaction memo guidelines and then let us know if you have any questions.
https://steemit.com/busy/@steembasicincome/transaction-memo-guidelines
The official currency for enrollment is STEEM. If we choose to accept SBD without refunding it, you do not receive extra value for it. Enrollments are processed automatically every 144 minutes.
Sustainability Coverage and VP Management
Sustainability Coverage is currently at 98.87% and rshares reward rate is 781,049,630 per SBI unit per day.
The rshares reward rate for bonus units (delegation reward) is not decreased. It actually is higher, to return curation rewards to our delegators. You can help increase the sustainability coverage (and thus the rshares reward rate on regular units) by delegating to @steembasicincome.
For more information, please read Into the Heart of Sustainability.
Upvoting Reward multipliers are currently at 1.10x until our Voting Power recovers to 80%.
Questions?
Please read our FAQ. If you still have questions, ask in the comments section or join us in our discord channel.
You can look up your current membership levels by using !sbi status in a comment or post, or by using the lookup tools in our discord channel.
🎉The Block Party➡️June 20th-23rd⬅️ - RSVP Your Tickets!
🤔 When there are more and more SMTs handled on the Steem blockchain, will it have a positive effect for the value/price of STEEM or a more contra-productive effect because of more alternatives to the STEEM token?
I don't know so much about all the technical interactions but maybe somebody has already figured it out 😊 Thank you... @peekbit
All those tokens has their transaction broadcasted on STEEM blockchain thus increasing the chain use and needs RC which increase the need to stake STEEM
Oh yes - of course... Thank you @ucukertz 😊 @peekbit
That's the hope.
SP has several core use-cases:
Liquid STEEM has potential to power up, but is also used as transactional currency for voting services, games, etc.
Actual nexus of supply/demand depends on the overall demand driven by all these use cases, relative to the supply (powering down, liquid rewards, etc.)
If SMTs are a moderate success and reward distribution schemes from SCOT and SMTs soak up the SP demand for influencing reward pool distribution, but there is not enough new account growth (driving up demand for base SP levels to support RC creation) then it's feasible that STEEM could actually go down instead of up.
If SMTs are a smashing success, then new account growth would drive up SP demand for RCs and the success should cause STEEM price to rise.
Reality is always more nuanced than we would like it to be.
You just planted 0.10 tree(s)!
Thanks to @fuadsm
We have planted already
7777.08 trees
out of 1,000,000
Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 21189.33
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
Great to see the sustainability so strong and the future looking great as the ecosystem develops! This will be a great step for the community but agree that time should be taken to see how it all matures.
Posted using Partiko iOS
Very nice post SBI! SCOT has gotten us started with the tokenization of front ends via condenser. We are in a whole new era, and im excited about our future!!
I think the challenge is seeing one of these tokens establish themselves and not just as a debt for steem.
Right now the minimum price on steemenngine is around 0.001 steem per token. This creates an artificial floor.
I glad to hear sbi os waiting before jumping in. If it ain't broke dont fix it. Maybe some people can try sbi2.0 which is tokenized and therefore super awesome. After, you can have volunteers make the switch and tell them no backsies.
Posted using Partiko Android
Artificial floor is a potential issue, but if the token issuers have a value proposition and don't over-issue their token, it's not an issue.
One way of looking at it: the 'market cap' of any token/project is based on a present estimation of discounted future value of the project. Market cap equals tokens issued * token price. So if the estimated value of the project is only 100 STEEM right now because it's an unproven (or untrusted) team, but the team issues more than 100,000 tokens, the price floor becomes a real issue. On the other hand, if they understand that and only issue 10,000 tokens, then the token may find an equilibrium around 0.01 and not be limited by the price floor.
Biggest issue I have seen with these tokens selling at 0.001 and no demand at all is because people think that if they just issue a token they will somehow get STEEM.
(Actual question I have seen in steem-engine discord: I issued my token and listed on market, when do I get paid?)
It doesn't work that way. It may feel like magical internet money, but crypto prices actually are driven by fundamentals (estimated probabilities of world-changing properties), with occasional madness causing deviations from fundamentals-driven prices.
I agree and this is part of the problem. People simply issue too many tokens, then it is somehow my faukt for daring to suggest they may be over valued.
Posted using Partiko Android
Most tokens are overvalued, and I'm pretty sure it's hubris on the part of issuers. Definitely not your fault.
Proving yourself is not going to be easy, but I'm sure they'll do it. There's even whole blockchains around weed(smoke.io, which is a fork of STEEM, potcoin, which is an old one and I don't know if they still exist), and it might be a way to get more users into STEEM. But it's going to be a challenge for beginners. Learn about that chain as well as Steem at the exact same time.
I've never understood the purpose of most of these tokens. Ignoring them and selling them as soon as I get them seems to be the most profitable strategy.
Posted using Partiko Android
For most tokens (not just in Steem, but in broader cryptosphere) that's almost certainly the best strategy - especially if you don't have the skills to evaluate the projects on technical capabilities and/or cryptonomics.
Well, SHADE is given for sharing and engagement. It's hoped that being able to share SHADE will get some more folks sharing posts and engaging on them.
!SHADE 5
Throwing shade again? ;)
of course, my new favourite hobby .. throwing shade at deserving folks
!SHADE 5
Hi sbi-booster the SHADE tokens are on the way.
Thanks for sharing SHADE
To view or Trade SHADE visit steem-engine.com
Hi abitcoinskeptic the SHADE tokens are on the way.
Thanks for sharing SHADE
To view or Trade SHADE visit steem-engine.com
So SBI is going to stack up on some WEEDCASH and be able to reward people with that as well, this is great.
So far so good:
The site used to only show users who voted who had some WEEDCASH staked, don't know why that changed.
I'm told they changed it to show all the votes, but I don't know why #weedcash wants weedless votes to still show.
I think they didn't get trending to calculate using only #weedcash values, so maybe they added the regular votes back in to add some context around very weird-looking Trending behavior?
Definitely, those communities are best done(at least in my own opinion) showing people who belong to it. Make it more tighter. I hope they figure out the trending order soon. Its weird to see 200+ votes but like only 5 or 10 of them have WEEDCASH staked.
What's the point of weedcash?
Posted using Partiko Android
#weedcash community (people that smoke weed or use/promote CBD) will have their own web-site with primary rewards in WEED. That way they can be mostly controlled by their own community and not as heavily influenced by bid-bots, etc. (Anyone that wants to influence their rewards will have to stake up in WEED separately from existing SP stake)
Ah yes, a pioneer in blazing!
I like the cautious approach you take. Having the SBI program stack tokens would be a very nice extra benefit. I can see a challenge in balancing the token holding proportionally across each voting account. Maybe some sort of bot command we can call for token related posts.
For example, if I post a weedcash tagged post, at the end of the post I could put an !sbi weed, to notify the sbi bot to use the account that holds powered up Weed tokens. Concentrating the "weed power" in one account could boost member returns more, with it then spread out as growth requires.
Something to think about anyway. @josephsavage.
Posted using Partiko Android
You raise some interesting points. We were planning to distribute pro-rata across our accounts, but we would have a bigger impact if we concentrate a token or two in each account and prioritize that account for voting when certain tags are used.
We will look into this possibility.
Yes, we are cautious for Natural Medicinetoo but still, really looking forward to see where it goes.
OMG !
How about SBI stacking scot
@steembasicincome ♥♥♥♬♬♬
Posted using Partiko Android
I must have been in a coma the last 3 days, I'm such a slacker. 😺
Posted using Partiko Android
The future of platform and SBI is looking good. I'm glad I hung in there during the lows. !sbistatus
Posted using Partiko Android
Thanks for your support!
(Status call has a space between)
Thanks !sbi status
Posted using Partiko Android
Hi @emergehealthier!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
Basic Income is a great idea .... the good work must be done
!sbi status
Hi @slingshot!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
!sbi status
Hi @revo!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
!sbi status
Hi @georgemales!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
!sbi status
Posted using Partiko iOS
Hi @alfonzo!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
!sbi status
Hi @eii!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
!sbi stats
Posted using Partiko iOS
!sbi status
Posted using Partiko iOS
Hi @chronocrypto!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
Hi @steembasicincome!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 6.004 which ranks you at #345 across all Steem accounts.
Your rank has improved 1 places in the last three days (old rank 346).
In our last Algorithmic Curation Round, consisting of 385 contributions, your post is ranked at #57.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server
sbi wow super
!sbi status
Hi @riverflows!
Structure of your total SBI vote value:
To reduce blockchain clutter, you can also check your status in our Discord server!
https://discord.gg/VpghTRz
Congratulations @steembasicincome!
Your post was mentioned in the Steem Hit Parade in the following category:
This post has received a 3.13 % upvote from @drotto thanks to: @sbi-booster.