Choosing a Proxy for the SPS/Steem.DAO
HF21 brought multiple changes to Steem. One of those is an important new feature, called the Steem Proposal System (SPS) or Steem.DAO (@steem.dao).
What is the SPS / Steem.DAO?
SPS is a tool for decentralised funding, where everybody can create proposals, which consist of a plan, a time period and a total amount of required funding. (More detailed explanation here)
If a proposal is approved by enough stakeholders, so that it is above a certain threshold it will be paid out until the time period has been reached, unless stakeholders decide to un-approve it.
This "threshold" is actually another proposal, called 'return proposal' by @gtg. This proposal will return all daily created payouts back to the @steem.dao account, to prevent bad proposals from leeching funds away.
Bad Example: paying 170,000 SBD worth over 800,000 STEEM for legal battles suing big social media over 2 years? Interesting idea and I guess important generally, but way too expensive and it doesn't directly support Steem.
Good Example: paying 3,000 SBD in a time period of 1 month for a feature on the Steem blockchain.
But there's a catch!
Are you still following me? Good!
So, the problem here is though, that it's quite difficult to bring proposals above the threshold (again, it's good to block bad proposals), but expecting all stakeholders to take a daily look at the proposal system, will probably not really work out.
Good News: Proxy Voting
But here is the good news: The proxy system, introduced for witness voting, works for SPS voting as well
Proxy System: Explanation
What does this mean? Well, as you might know, you can vote for witnesses, who are running the Steem blockchain (I'm a witness as well).
Voting for witnesses (esp. the good ones) is very important, as they secure the chain. On HF21, the chain chalted due to a bug and the witnesses were the ones, restarting it and making sure that all funds were SAFU.
But, many people aren't voting for witnesses, or not often enough. Why is that? It takes time and effort to look at every potential witness and that's not something everybody wants to do or feels comfortable doing.
And that's why we have the proxy system.
Witness Voting Example:
- Alice has 1,000 SP.
- Bob is a witness.
- John is a veteran steemian, community leader and actively voting for witnesses, incl. Bob.
- Alice wants to vote for witnesses but isn't sure which one to vote for.
- She trusts John and is deciding to choose him as her proxy.
- Once she's done that, John has 1,000 more Steempower to give away in witness voting (not post voting), until Alice decides to revoke the proxy.
And the same example works for proposals:
- Alice has 1,000 SP.
- Bob is a developer and has created a proposal.
- John is a veteran steemian, community leader and actively voting for proposals, incl. the one from Bob.
- Alice wants to vote for proposals but isn't sure which one to vote for.
- She trusts John and is deciding to choose him as her proxy.
- Once she's done that, John has 1,000 more Steempower to give away in proposal voting (not post voting), until Alice decides to revoke the proxy.
IMPORTANT: There is one available proxy slot. If Alice has selected John as a proxy, specifically for witness voting, John will also be able to use the SP of Alice for proposal voting
What does this mean?
What you can do now, is to either decide you want to vote on proposals on your own. Or you can choose a proxy, that is voting for witnesses & proposals for you.
And If you'd like, you can choose me as a proxy. I'm a top 20 consensus witness, experienced developer and am going to make sure your witness & proposal votes are going to be used in the right way.
How to vote for proxy?
The whole procedure is very simple and fast.
1.) Click on this link, which will redirect you to my website.
2.) Enter your account-name
3.) Make sure Set Proxy is selected
4.) Choose your voting method. Steem Keychain is the easiest one.
5.) Finish the procedure by clicking on the big, purple button.
If there are any problems and questions, please let me know.
Why should you set a proxy?
The main reason I think setting a proxy can be a good thing to do is that we're able to be more agile in our decision making. One important thing we've learned from witness voting: the amount of voting compared to the total tokens/stake is quite low.
If we want to bring real change to Steem, we have to be agile, quick and secure in our proposal voting. And well, I really think proxy voting can help.
And it doesn't matter whether you choose me or another great Steemian as proxy. For example: @theycallmedan, @aggroed, @yabapmatt or somebody else.
You can do this through my website as well, simply replace STEEM_ACCOUNT_NAME: https://therealwolf.me/vote?for=STEEM_ACCOUNT_NAME&action=proxy
Wolf
PS: I've added a few benefactors to this post, which means part of the author rewards goes to the accounts below.
- 50% @steem.dao for future funding
- 20% @dmitrydao for his work on steemproposals.com
- 20% @steempeak for their work on steempeak.com/proposals
The biggest issue facing Steem is the inability to recruit enough new users from outside the Crypto world. This is directly caused by the Tech Goliath's Crypto Ad Ban!!!
Steemit and Steem Apps cannot advertise in the mainstream online world.
No amount of new code or Steem features will ever fix this!!
@jpbliberty's Crypto Class Action DOES DIRECTLY SUPPORT STEEM, in the most important way possible, by acting to remove the biggest impediment to its growth.
Steem is the biggest victim of the Crypto Ad Ban because it is the Crypto project most directly competitive with Facebook and has suffered some of the biggest losses of value and profile:
With respect @therealwolf, your view on what is a good and bad use of Steem's inflation is myopic and developer focussed. It wrongly assumes that code can fix everything - it can't.
There should be a place for all sorts of projects in the SPS system, just as there are all sorts of people, not just developers on Steem.
Today Steem has amazing technical functionality. More is welcome, but not essential.
What is essential is MARKETING and the ABILITY TO MARKET. This is currently blocked by the Crypto Ad Ban.
The Crypto Class Action can bring orders of magnitude more value to Steem, than any other SPS Proposal and is no more risky (indeed less so).
After all 95% of tech projects fail but 90% of Court cases settle!
@therealwolf, I ask you to reconsider your position on this.
Talk to blockchain marketers.
Talk to Steemit Inc itself who is constantly blocked and shadow banned on Facebook.
Think about what removal of the Ad Ban and a large cash injection for every Steemian and Steem project would do for Steem.
Do you think anyone gets aroused about 0.001$ Voting Power for a new Account and just has to be notified? Pathetic.
No, you're bloody wrong. People don't care and it is because the Stake holders favorit content (what is trending on steemit all the time) is wrong for mainstream communities. Everyone who discovers Steem (Steemit) turns their back on it immediately.
You think anyone outside the existing Steem community reads long and only written articles? Go seach for a space on the moon, you might need it to stay real in 2020.
A couple of questions: is there an easy way to see how the people you propose setting as a proxy have voted? Perhaps @dmitrydao and @steempeak will add this feature.
And is there any other interface available to set a proxy (except for the one pointing to your site where we can vote for you!)? Seeing as you take a negative view toward the proposal I'm a co-author of, I'm not really inclined to follow your votes (that's fine, we can discuss this another time perhaps).
I'm sure they'll add that.
Of course.
Or replace STEEM_ACCOUNT_NAME in: https://therealwolf.me/vote?for=STEEM_ACCOUNT_NAME&action=proxy
You can also use https://steemitwallet.com/~witnesses
There are most likely even more ways.
If you're referring to the legal case: I think it's a honourable cause, but I'm against funding via 171,000 SBD. That's a ton of money, which should be used to further advance Steem and not to pick fights. Let's advance Steem & its apps so people will want to come to it. But you don't have to agree with me.
Do Steem Witness proxy votes automatically set up a proxy for the SPS system? That is something I hadn't realised and seems to be what is going on here. I have some secondary accounts that already point to my main one and didn't realise their existing witness proxy votes feed through to the SPS system.
I accept your point of view on the @jpbliberty case, as we go along perhaps we'll change some hearts and minds on how transformative this could be for both Steem and the rest of the crypto and Web 3.0 world.
Yes. I tried to explain that in the post. You can only have one proxy and that proxy will both be able to vote for witnesses and proposals on your behalf.
I'm always open to having my mind changed and this is for sure nothing personal. I wish you all the best on that road!
There's something I don't understand then: I have accounts which are set to proxy witness votes. I am able on those to go into SteemPeak and independently vote for any of the projects. Is this in addition to anything the proxy may have voted on?
This post has been resteemed by @witnessnews.
Follow @witnessnews to keep up with active witness updates.
I get the point, still turning from Direct Democracy into a Representative System. I guess most States work like that, but do you think that is the better way of governance?
I if delegate my steem power to someone, is my proposal vote power still the same or does it go away with my voting power? Same question for witness votes, does delegating reduce my influence on witnesses (through my own votes).
Delegating your Steempower & voting is differentiated.
This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
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