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RE: New Value Creation Initiatives Steemit - What I took away from Steemfest 2017

in #steemfest2017 • 7 years ago

@demotruk, great to hear this feedback! Excellent suggestions! I like the way you have thought of the nuances of delegation allocation, long term investment reward and how to split the reward pool should we end up allocating some to projects. I think it is important to be clear with people that this method of funding projects is NOT the same as eutopian and is a community driven directive. It looks like we need to spend some time together on these issues, rip them apart a bit and come up with several suggestions / options as to how these changes can be implemented. Additionally I know that u and @eroche had some other great suggestions for improvements. It would be great to find a way of capturing these into one place... maybe call it the steemit project funnel or something....

7 years ago in #steemfest2017 by
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     7 years ago (edited)

    How about #project-funnel for ongoing projects and proposals and #business-platform for discussing Steem as a platform for running co-operative but for-profit businesses?

    Edit: Or #business-blockchain, #bb

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     7 years ago 

    great names, tags already updated ;)))

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       7 years ago 

      This is exactly the sort of thing I would like for @minnowmentor and my new dev project for #promo-steem. (which I have spoken to Matt about in depth) which I am hoping will create an on-board for promo-steem (and potentially other things) with a clever guild curation system for ensuring that members can assign an amount of their voting power to upvoting posts which fulfil specific criteria (in this case, they are promoting steemit with a view to raising the price of steem). Using a kind of manual guild system, with a streemian type of auto-vote system, and a new way of visualising the promo-steem (or whatever) tags, it provides a solution for those of us who are wanting to put our voting power into places where it will ultimately support Steem and the Steemit ecosystem. I'm already on with the designs, which I expect to be releasing to the community next week, but what will really help me, and others, is something like this.

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       7 years ago 

      awesome, I am really looking forward to this!

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         7 years ago (edited)

        Another way we could do ongoing projects, without requiring a hard fork:

        1. Create an account for an ongoing project. The account should have minimal SP (0.2 Steem is the minimum creation fee now) of its own, and should never be powered up.
        2. Supporters delegate SP to the account.
        3. The account automatically posts every day, and self-votes to obtain funds from the reward pool. The post is an explanation of the project and the funding process.
        4. Run a voting process to determine how much money should be allocated to the project per month. The final amount should be a weighted median based on the stakeholders who delegate to the project.
        5. Use the median to set a payout limit on the daily funding posts. Thus the project never takes more from the reward pool than was intentionally allocated.
        6. Any SP it gains from post rewards should be perpetually powering down to turn it's own Steem Power into liquid funds.

        A quirk would be that the project could get more delegated SP than it needs to fund the project. We'd need to determine what the right thing to do with any excess voting power the account has. We could make the excess power overflow into a 'Steem Bonds' fund, if such a thing doesn't happen via hardfork.

        As long as we stick to the rule of never powering up the account, the project is 100% accountable to the stakeholders that support it. If/when such a project begins to misuse funds, stakeholders can remove support immediately.

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           7 years ago (edited)

          Yes, this is certainly an option! Although this pushes it more along the lines of eutopian. Certainly a great suggestion for avoiding hard fork. Another way to fund would be to lobby witnesses to donate a certain amount of their rewards to this type of community driven project. This would get them more votes in the long run. I know Jerry banfeild would be interested in this type of funding solution

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