KNITRIAS PROJECT: Week 02 (Steem Economy)
Economy and engagement
We are on the beginning of the second week of activities on the Knitrias Project. It's been a start plenty of emotions, conversation and wonderful content. As every first step in our lives, we are testing the ground, creating the first contact and registering the lessons of the path we advance. We have now our first contributions to the challenges Branches of Longevity and Open Source with three publications each one. Great conversations have taken place in the posts of the week by the Members.
This week we will be talking about two important aspects which will be interrelated in the work of this group as they are in general in the Steem ecosystem. The first is the Economy of the blockchain and the second is the value of posting and the engagement on the comments. So, I hope to be brief and clear, there are many numbers implied.
The Steem economy
The economy is conformed by the production of Steem at a certain rate which now is 2.3% annual but it decays with time. Each day this inflation produces which is commonly known as the pool. The other part is the distribution of the Steem on this pool, which is decided by the upvotes and also the downvotes given in a certain day by the users according to their staked Steem, known as Steem Power. Each account has a voting power which dacays ~2% with each 100% upvote (voting percentage), this mana regenerates at 20% each day.
Other part of the pool pays interests in Steem Power to the stake holders and other part is reserved for the development of the blockchain through the Proposal System. As many other coins in blockchain projects, there's a possibility to burn some of these tokens by transferring them to the @null account in order to balance the overall economy and preserve the Steem price.
When a user votes on a post it produces a value known as Steem Token Unit (STU) which constitutes the potential reward of posts and comments, it's the number shown on each publication with the symbol $. During a period known as the 7-day window this number may fluctuate depending on the votes received and the price feed (median value from the past 3,5 days) of Steem. After exactly seven days the payout is released (a post will receive votes only during 6 and 1/2 days). First these tokens are divided 50% as author rewards and 50% as curation rewards for all the voters according to their shares on the vote for the post.
The STUs are converted in three types of tokens:
Steem Power (SP): 50% of the author rewards for the post are staked Steem (The author can choose to receive 100% in Steem Power setting this at the moment of the publication).
Steem and Steem Backed Dollar (SBD): The other 50% of the author rewards are liquid, this means that they are transferable between accounts or to exchanges. According to the price of the Steem at the moment, the blockchain will determine how the liquid rewards will be split between Steem and SBD, a token which price is always near to 1 usd and its function is to stabilize the price of Steem.
All the curation rewards of one post are distributed in SP for the voters.
Any post or comment with less than ~ $0.02 of potential payout will be considered dust by the blockchain and those rewards will be lost.
The engagement strategy
The Steem price is determined by the trust of its investors (every person using and staking in the platform and those who buy Steem) on the value of the content, social interactions and development possibilities for applications and business models that can be implemented on the top of the Steem blockchain.
For the Knitrias Project is important to work in the value produced by the content and the interactions generated by the comments of its Members. In order to receive curation rewards each account has been supported by a delegation of 200 SP (stake assigned now to the Members) to vote on posts and comments by the fellow Members (at least 50% of the daily vote) and multiply this possibility. The author rewards on posts and comments on the working group will increase also with a good voting strategy to avoid dust payouts.
As we see, the Steem Power delegated to the accounts could be used to distribute rewards for the Members if it's used at its best potential, in this way the Members can achieve the goals of the project at a good pace. This in the midterm for the project will bring a good evaluation of the viability of the project and in the long term the opportunity for more people to benefit with the program.
The recommendation for this week is: according to the time and disposition of each member, to give some minutes to the review new posts re-steemed by @Knitrias to vote on those posts and also on comments by the Members generated on the posts. Search and vote for comments on the 7-day window that have some votes but have not passed the dust threshold. If time allows you can add to the conversation thus generating the possibility to be voted on your comments also.
@Knitrias account is trying to optimize the SP at its disposal and it's voting more comments than posts but needs the help of the Members to generate rewards on those comments. This week thanks to the Open Source challenge we will know some tools to help in this searching work.
Contributions of the week
The last week the Members produced 26 posts, 6 corresponding to the weekly challenges of the Knitrias Project:
Branches of Longevity
A Parallel Circumstance/ Una Circunstancia Paralela. Estatuto de la Longevidad by @AdelJose
Challenges of the week. Dr. Maryana’s return by @MyFreeLive
El Ingeniero - The Engineer | Knitrias Project Week 01 by @Jacorv
The pool for the last week was 20 SP and will be divided between 6 contributions:
@Knitrias has sent the rewards as Steem Power for these authors:
Challenges for the week
This week each challenge will have a secured pool of 10 SP that will be divided equally between the participants of each challenge. Each Member can participate with one post on each challenge.
Branches of Longevity (10 SP)
Short stories, developments and re-elaborations of literature, art, design, music, documentary research, kitchen recipes or others, on the characters and themes of The Longevity Statute, the world from which the character of Dr. Knitrias Maryana surges.
Open Source (10 SP)
All the transactions performed by every user remain registered in the blockchain forever but how to find that information if Steemit.com only shows a minimum part of all transactions made by an account. There are some sites realative to Steem to search for these transactions of an account such as steemd.com, but it only shows raw information from the transactions and posts and don´t allows inteligent searches for specific information as transfers or potential rewards. SteemWorld can do it, and in addition to that it offers the possibility of other importat operations as delegations, key management and account creation and recovery.
For this week's challenge the Members are invited to visit SteemWorld and search for all kind of information about their accounts or other users. Search for your potential author and curation rewards, check the information on your posts and transactions, look for you incoming and outgoing votes. In this site you can perform some transactions too, which are those? (Don't perform any operation that involves your keys if you are not sure how it works).
Create a post with your own experience visiting and using the tools for the first time or express how you have used it in the past. You can visit directly your account by writing this url:
The Members of the Project
A new Member has joined to the Project, please welcome @Racarjoal
Statistics of the Project
Steem Power information
Note: Liquid Rewards are generated only by posts and comments.
Upvote and post count information
Last Post: Día de las Madres - Mother's day
Last Post: Instalasi Gawat Darurat (IGD)
Last Post: Viaje a Brasil
Last Post: Alright here goes my post for the #tenfactsonelie
Last Post: Top5/Pollo frito con papas, al mejor estilo de su Chef Futven12
Last Post: Faberge treasure. Golden dentdilion
Last Post: Plus Support, My Weekly Selection, 4th Week
Note: This report will be english only from now on accordingly to the cultural diversity of its Members. Members can write their posts and comments on their preferred languages.