Retroactive SPS Proposal - Steem Power APR Revealed!
Some of you may or may not know that by holding Steem Power you earn passive stakeholders' interest. I have known this but didn't know exactly how much, from old literature I guessed it to be around 1.8% per annum but, never was sure.
Even the media has no clue and as such, the native Steem Power interest rate was misrepresented as low as 1 % in a news article when compared with Tezos.
WAVES had the second-largest return, with a 4.8% annual yield for staking the token. The decentralized social media platform, Steem (STEEM), offered the lowest income returns, at 1%.
There was literally no easy way to check this, not even on existing block explorers, which was a particular bugbear of mine.
So I decided to do something about it, I consulted with Justin, the Head of Development at Steemit Inc, who indicated this would be a welcome feature but their team are already working hard on this hard fork and the upcoming SMT's and agreed they would seriously consider merging a suitable community Github pull request.
Knowing that such a feature would have a good chance of being merged, I created a Github issue and since I have been very impressed with developer @quochuy and his contributions to Condenser in the past and his involvment within BuildTeam, I asked if he wouldn't mind coding it up.
@quochuy being the awesome guy he is, did so and engaged with Justin for extra parameters, the whole process was fairly painless and @quochuy issued a pull request for the change, which to my delight was merged today by Steemit Inc,.
This is the result on the https://steemitwallet.com balances page:
We now know that the staking APR is 2.25%, I had no idea it was that much. This means the media can get our staking figures right and perhaps in a world of negative interest rates, powering up STEEM may be a cool option, when added to Steem Power leasing rates as high as 26.5% as is currently on order on the dlease.io platform, signifies a 28.75% APR return possible on Steem today!
There was no talk of money for this proposal, @quochuy was so nice that he did this at no charge and it isn't just a simple text addition, it is, and I quote:
Computed based on dynamic global properties from the blockchain.
I thought this would be a great way to test the new Steem Proposals System and reward a developer who has already done something at the time of the SPS to encourage him to do more for the community in future.
While there is no central body keeping track of whether the proposal promises are being followed through, retroactive proposals like this one are totally risk-free for the community as the value has already been provided.
I asked @quochuy if he would be happy for me to submit a proposal with him as the recipient for $200 and he was grateful and even humbly said I should reduce it to $150.
I am really proud of the honour and belief in Steem that @quochuy has shown and am pleased that he is working with us at BuildTeam on the @ginabot project to bring you a brand new interface and features.
So Tl:Dr, the proposal is being created very simply on https://steempeak.com/me/proposals
PROTIP: You have to create your campaign post first and use its permalink to create the proposal, the permlink is the last part of the url after the author name, also known as a slug, in this case it was 'retroactive-sps-proposal-steem-power-apr-revealed'.
This is my first test so I did it at 70 SBD per day over three days because SBD is currently trading at 0.82 USD to make sure it is enough.
EDIT: Due to some ambiguity on the Steempeak proposals creation page, I selected 4 days in error because it seemed like the last day would not be included, hence the proposal will be for 4 days @ 70 SBD per day, but @quochuy deserves it, he has done many free community PR's in the past.
Sometimes the little things can make the biggest impact, the weapon that fell Goliath was merely a stone; what if the catalyst to bullish STEEM price is something as simple as showing the world what our stakeholding interest rate is?
The value of the proposal isn't really isn't much and isn't about the money for us, it is more to prove a concept, that influencers and change-makers, who are not inherently developers, can still get their ideas realised by playing to their strengths and issue proposals on behalf of great developers and help get them approved to make Steem great together!
It also shows that in #newsteem, Steemit Inc, is a collaborative entity that wants to engage with community developers and merge reasonable pull requests.
#newsteem is a breath of fresh air, and is not at all like the old Steem.
Please go ahead and vote for this proposal via the following link:
PROTIP: Ensure you enter your title and info correctly, once submitted can't be changed, only deleted and resubmitted, the original 10 SBD submission cost will be lost.
Also check out https://joticajulian.github.io/steemexplorer/#/proposals which updatess the vote value more regularly.
Steem Consensus Witness
Or use the quick SteemConnect link: https://app.steemconnect.com/sign/account-witness-vote?witness=thecryptodrive&approve=1