Steem related apps with YOUR POSTING KEY, and beneficiary percentages. What you need to know.

in #steemit7 years ago (edited)

This is a personal decision each user must make. Miscommunication or misrepresentation needs to be kept to a minimum with clarity and transparent intentions.

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First and foremost, I need to state how I feel about this issue, prior to writing this article, so you can understand my bias simply because I've thought about how I feel about this issue.

  • I believe if I entrust my posting key to anything, I better know all about the app or website before I provide it. That's just common sense. I don't cut/paste my posting key anywhere and then find out where it went, or how it is used.

Most people would agree with that... if an app or website asks you for your posting key, you don't just blindly put it in without knowing who they are, what they are, and why they want it.

Now, I'm currently a fan of a cool app named eSteem (found at eSteem.ws) because it's a well designed app that is feature rich and helps bring the Steem blockchain to your phone.

I'm also learning about a new ChainBB system called eostalk.io which appears to be a traditional "forum" format... (much like SMF, or phpbb, or discourse) centered around the new EOS system that Dan Larimer is building.

Both are useful and can do neat things...

However, I admit, I only learned about beneficiary features of steem-related apps in the last 24 hours.

What is a beneficiary feature you ask?

https://steemit.com/howto/@abit/hard-fork-18-how-to-use-author-reward-splitting-feature

It was brought in by hardfork 18. Most people read about hardfork 19 because it impacted rewards so much. What happened with hardfork 18 though?

Read that link well written by @abit - it explains it. Then come back here and finish reading. No sense repeating it.

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-> Did you read the @abit article? https://steemit.com/howto/@abit/hard-fork-18-how-to-use-author-reward-splitting-feature
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Good. I'll assume you did, and now what I write will make more sense to you.

So basically an app using your posting key, can transmit your content for you to the steem blockchain.

Quote from @good-karma: "No one has access to the posting key but user, just like on Steemit transactions are generated locally and broadcasted to the network!"

What a lot of people may not realize, is that the rewards that posting key may generate for the posting user, can be divided and shared with the app developer as well.

eSteem for instance, originally set it at 1% for the app, and 99% went to the user. It was then bumped up to 5% for the app, and 95% for the posting user.

chainbb forum, much like eostalk.io uses, is 15% for the app, and 85% to the posting user.

It appears @l0k1 aka @elfspice sees the author of eSteem app this way:

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https://steemit.com/steem/@elfspice/did-you-know-when-you-post-using-esteem-5-of-rewards-are-disbursed-to-esteemapp-also-self-voting-witnesses#@good-karma/re-personz-2017716t115638855z

Quote: "You are a liar, like the rest of them, hoping that nobody will look closely enough to figure out the racket this whole thing is. But I'm not just gonna run away. I'm gonna dig up such fantastically comprehensive dirt on all of you."

WHOA!!

What's going on?

@L0k1 aka @elfspice (from my understanding and what I've read) is especially concerned about these two points:

  • The user may be forfeiting a portion of their due author reward without realizing it
  • The portion of the reward that was forfeited to the app user could be used for things like upvoting witnesses or other posts, etc.. which could be used in a way the user may disagree with if asked.

I understand the concern, and while I wouldn't come out of the box and call people "liars"....

I think it is instead important to educate users on how their posting keys and rewards may be used.

If you trust the app, and you like the developer of the app, you may not even care how they use that 5% or 15% of any rewards your posting key earned while using the app.

If you trust the app, but not the developer of the app, you probably shouldn't use the app in the first place.

If you innocently use an app, without knowing how rewards from your posting key is split. Then that's a problem too.

NEVER HAND YOUR POSTING KEY OVER unless you know what you are doing, or how it will be used.

With that being said, I personally trust eSteem and eostalk.io, but that is a decision I have made for me.

You must decide on your own if you want to do it yourself.

@good-karma was pretty upfront when he commented to @elfspice and said:


QUOTED FROM @good-karma, developer of eSteem.ws

  • Anyone can check stats about apps here: https://steemdb.com/apps

  • Many apps have beneficiary feature implemented and at the stage of figuring out if it is sustainable and viable model for the further development of project... Note that apps are in constant development stage and not all of them had incorporated/documented it


So there you have it.... naturally this is going to be a very controversial topic, and it should be...

...as more and more websites, mobile apps, and things like this pop up that REQUIRE a posting key.... you have to consider if you will use them, and if so, if you trust they aren't using the portion of the earned rewards to do unethical things with it.

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I wish I could thank @l0k1 aka @elfspice for bringing this to people's attention...

However the name-calling and abusive accusatory language and threatening is not a style of communication I appreciate. I suppose I'll be the next "liar" and "just like the rest of them too" that has now earned my spot on his hit list. I hope not. But if I know his personality, I will be.

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C'est la vie. This community in-fighting really needs to stop. Once it does, this will be a more friendly place.

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Small correction: 95% of the rewards goes to user and 5% is allocated to the further development and expenses of the project. 5% is also used for give back rewards to users with #esteem-spotlight and many various programs like encouragement and feedback loop etc.

Also to note: No one has access to the posting key but user, just like on Steemit transactions are generated locally and broadcasted to the network!

Fixed the correction. Thank you for commenting. I know your app never actually transmits the posting key anywhere. It stays on the user phone. Just the transaction gets sent with the posted content from that user.

Thank you brother! I will make eSteem FAQ post asap to address some of the concerns

Excellent. :)

I've made some additional corrections about the posting key on my post. [updated]. Please look again. I also quoted this: " No one has access to the posting key but user, just like on Steemit transactions are generated locally and broadcasted to the network!"