Backfeed Magazine is similar to steem in how value creation is incentivized. Lots of amazing original articles.

in #steem • 9 years ago

https://magazine.backfeed.cc/the-backfeed-protocol-a-brake-down/

If I understand it right, they are taking a different approach with development. They start with a nice user-interface and gradually try to figure out how to decentralize. I might be wrong.

9 years ago in #steem by
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     9 years ago 

    This if from the FAQ

    Tokens signify the value you’ve contributed to the BACKFEED magazine in form of articles, ratings, comments and shares. They represent the stake you hold in the collective editing process of our crowd-sourced magazine. Since this is the alpha version of the BACKFEED Magazine, at the moment, they serve as a temporary placeholder for future crypto-tokens, which will be issued with later versions of the Magazine.

    The final cryptographic Magazine Tokens will be used to temporarily promote content to higher positions on the Front Page, or alternatively – to block such promoted content in order to see only community curated articles. Anyways, Magazine Tokens will be tradable like any other cryptocurrency, so even if you’re not interested in promoting or blocking promoted content, you’ll still be able to sell them to someone who is – ensuring that you’ll be able to access their monetary value.

    In addition to that, Magazine Tokens will be redeemable against Backfeed Tokens, which Backfeed will issue during its crowdfunding campaign, later this year. The Backfeed Tokens themselves will be redeemable against Ether, Ethereum‘s crypto fuel. So basically, Magazine Tokens will be indirectly backed by Ether.

    I think this advertising model could be good for steem to, if any advertising model is ever considered.

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