SteemInterest - Updates + bugs fixed
Hi Steemians,
SteemInterest got more attention than I expected so I decide to give it a quick update and many bugs fixed. This service is proud to have subscription of high profile Steemians like @steempower, @pfunk, @riverhead (@rocket.chat), etc...just to name a few.
The first subscriber was notified by the service today to get his SBD interest payment on time is @minergate123. SBD estimation was also 100% accurate. Thanks for using.
The next one:
Since a lot of users don't aware the need of SBD compounded interest, I will list a few short explanation here: (Thanks to @jesta and @bitcalm)
Why SteemInterest?
Steem pays interest on your Steem dollars every month at 10% APR; however, the interest doesn't appear in your account until a transaction is made. If you don't make transactions often, the accrued interest will not be used to calculate the next interest amount, hence it will not be compounded.
This service, once you register, automatically transfers 0.001SBD to your account ensuring interest is compounded, maximizing your profit without you having to think about it. It costs 0.002 SBD per month to use the service where 0.001 SBD is the cost of the service.
It's called trustless because you don't need to give the service any keys. By transferring a small amount to the service and providing the given MEMO, the service knows who is registered and can transfer to the given account at the right time to ensure interest is compounded.
Save up to 4.7% per year on your interest, all automatically.
Why SBD interest doesn't trigger automatically ?
- To make interest pay automatically, SteemIt would have to do that check constantly throughout the day, or during some sort of batch processing once a day. These processes if done automatically would consume resources on the machines running the blockchain. So in order to optimize the blockchain slightly, they only check when funds are transferred.
Disclaimer
- The software is nowhere finish. It's an one-day code so unexpected error might occur. If you get trouble, just contact me here or in steemit.chat.
- Changing of fee or other structures could be applied as well.
If you support what I'm doing, don't forget to vote for witnesses here.
That still blows my mind and can't seem to make sense of the maths behind this... Wow! thanks for sharing. Namaste :)
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Hello
Uber new to Steemit here.
Can someone direct me to where I can find info on how to bring STEEM or SBD into my wallet here on the site from an outside exchange. I have purchased some but no clue where to add them. Thanks in advance.
You have to send them from your exchange. Go to transfer or send and it should ask you for an address, type your steemit username. If not then use blocktrades
I transferred 1sbd to @steeminterest few days ago and nothing happen. Am I doing right or I was wrong?
Thank you, very helpful!