Steem & Steemit
Krzysztof Szumny
@noisy
1. Steemit and Steem
2. Economy of Steem Blockchain
3. Technical Details
Steemit
Blogging Platform
which rewards people for creating content and curation
- free to use
- no fees
- no microtransactions
- no tipping
Steem vs. Steemit
Steem Blockchain
- distributed
- open source
- public, belongs to all users
- censorship resistant
- built-in economy model
- tokens: STEEM, SteemDollar (SBD)
steemit.com
- blogging platform
- built-in web wallet
- owned by Steemit, Inc (USA, Virginia)
- can be shut down by authorities
Steem Ecosystem
steemit.com
blogging
busy.org
blogging
messaging
eSteem
blogging
mobile/desktop wallet
built-in exchange
Steepshot
clone of instagram
SteemTools.com
List of all Steem-related applications and projects
Currently: 120
Economy of Steem Network
Details can be found: https://steem.io/SteemWhitePaper.pdf (44 pages)
How to build an engine for new generation
social media platform
Solution:
Goals:
- people should be rewarded for their work
- people should have freedom of speech
- people should have access to platform
blockchain!!!
DAC/DAO
Decentralized
Autonomous
Company/Organization
What is a DAC/DAO?
Problems:
- how to pay them?
- how to convince people to reward others?
- how to make paycheck of an employee stable?
- how to convince investors for long term investment?
Goals:
- people should be rewarded for their work
- people should have freedom of speech
- people should have access to platform
Foundation:
- recognized employees:
- block producers
- developers
- recognized employees:
- block producers
- developers
- users (content creators, curators)
How to pay them?
- how bitcoin pay own employees (miners)?
- how receive block reward in Bitcoin network?
- block rewards are designed to be spent
Solution:
-
dailyweekly reward pool - users receive block rewards
- proportionally to recognized value of their work
(Subjective Proof Of Work)
- proportionally to recognized value of their work
- stack-based voting
- to prevent sybil attack, rewards curve is not linear:
How to convince people to reward others?
How to make paycheck of an employee stable?
- Bitcoin is not used as every-day currency because of its volatility, that is why people prefer to receive salary in FIAT rather than Bitcoin.
Solution:
- smart contract worth exactly 1 USD
- STEEM Backed Dollar (SBD), SteemDollar for short
- Precaution:
- SBD is created only if network debt is less than 2% of Steem market cap, otherwise users are paid with STEEM
- witnesses can add interest to SBD balances
- currently 1% APR
How to convince investors for long term investment?
- cryptocurrency price volatility scares investors
- panic sale, FUD
- there is not additional incentive to become a hodler
Solution:
- Vesting (locking funds) in form of SteemPower
- SteemPower is a measurment of your influence for network
- committed shareholder has stronger vote
- SteemPower→Steem convertion takes
10413 weeks - SteemPower grows as user hold it
- drastic reduction of STEEM inflation for SteemPower holders
- SteemPower is a measurment of your influence for network
Additional goal:
- financial investment is not required to be participate in the platform
How block rewards are split after HF 16
- Fixed annual creation rate of 9.5% (aka. inflation)
- Allocate 75% of the created Steem to the Reward Fund.
- Allocate 15% of the created Steem to the Vesting Fund as interest on Steem Power.
- Allocate 10% of the created Steem to the Witnesses.
Text
How rewards from posts are split?
- 25% of post rewards are distributed among curators
- people who early identify valuable content earn the most
- 75% of post rewards goes to author(s) of a post
- 50% in form of SteemDollars
- 50% in form of SteemPower
http://bytemaster.github.io/
Accounts Worth To Follow
@steemitblog - official Steemit blog
@ned - CEO of Steemit, Inc
@zurvanic - Steemit VP of Marketing
@andrarchy - Steemit Community Manager
@busy.org - official Busy blog
@ekitcho - CEO of Busy.org
Skilled Developers among community:
@xeroc, @abit, @jesta, @gtg
Mine account: @noisy