UpFundMe Update: Progress Report + Mining
Creating a tribe through Steem Engine has a few hurtles, costing 100-1000 ENG each.
Token Creation - 100 ENG (per token creation) - Complete
Staking UFM - 1000 ENG - Complete
Proof Of Brain - 1000 ENG + 1 staked ENG per user - 55% Complete
Website - 1000 ENG + 100 ENG (featured posts sink) - Next Priority
Miners - 1000 ENG - After Website
Bidbot Sink - 1000 ENG - After Miners
We still have a few hurdles to jump over but progress is being made towards the final goal.
Temporary Mining Solution
Starting today, miners will start earning fixed rewards for each purchased miner until staking and SCOT mining can be purchased.
1 UpFundMe Miner (UFMM) will earn 2 UFM per day.
This will be manually sent to each wallet holding UFMM.
UFMM for sale on the market will not earn rewards.
This will allow miners to immediately start earning rewards with their purchased miners giving them value now instead of later.
You can purchase UFMM Here on the Steem Engine exchange.
Importance of Sinks
Here at UpFundMe we take the need for sinks very seriously, and plan to implement as many as possible.
Featured Posts - For a fee (that is burned), users will be able to have their post featured on the site. This will give that post priority in feeds without increasing it's post value. We feel burning this fee will be best for the UFM economy.
It's the way post promotion should have been from the beginning.
Bidbot - A bidbot will be set up that takes UFM as payment to upvote posts on Steemit.
This bot will hold no UFM so it won't work for UpFundMe promotions.
Payments will be split between those who delegate to the bot.
Delegation leases will be purchased by UpFundMe, their share of UFM will be burned!
We have a few other creative ideas for taking in UFM and burning it, but we don't want to give those away just yet. However we plan to go beyond your average SCOT when it comes to sinks!
Crowdfunds and Charity
20% of sales of UFM will go towards long term Steem Power leases to directly upvote crowdfund and charity posts on UpFundMe, fundition.io, Palnet and across Steemit.
80% of curation rewards earned from this will be split between those staking UFM, 20% will remain on @upfundme to increase Steem Power and upvote potential.