Steem Basic Income - Managing Voting Power

in basicincome •  2 years ago 

Steem Basic Income

Steem Basic Income is a social experiment to bring a basic income to as many Steemians as possible. Members join by sponsoring others into the program. Steem Basic Income is delivered through providing regular upvotes to member content.

Managing Voting Power

Imagine a massive water tower. Each week a specified amount of water is pumped into the water tower.

img src pixabay

Staggered around the bottom are 500 spigots or faucets. Above each spigot is an indicator that shows how much water is supposed to flow out of that spigot each day. Below the water tower is an engineer whose job it is to make sure every spigot releases the right amount of water, and that the water tank stays close to full, but without ever filling all the way. If the water pressure gets too low, the water barely trickles out when the spigots are open. If the water tower gets totally full, then the money spent on a ensuring a generous flow of water into the tower is wasted. It's a complicated job...

But there's a catch. The engineer cannot activate the spigots himself, he only controls how much water comes out each time the spigot is activated. The spigots are remotely activated by people that have paid in advance for water rights. But customers pay for general access to a spigot, not for how many times their spigot is activated. Each person has an incentive to activate their spigot too frequently and get more water than their fair share.

So the engineer moves systematically around the water tower, checking each spigot to see how much water has been released. There is no way of knowing how many times the remote user will activate their spigot, but history is a reasonably reliable guide. So the engineer checks the number of times it was activated over the last week and the last month, and adjusts the flow rate accordingly.


img source pixabay

Some users never activate their spigots, and the engineer doesn't want the water tower to get all the way full. So he identifies how much water should be consumed by each of the inactive spigots, and reallocates that portion to the active spigots to keep the water tower from getting full. If it still gets too full, he may increase everyone's flow rate temporarily, to let the water drain out to below 80%, and then reduce the flow rate again to let the tank begin to refill toward full.

Now imagine that there are 5 tanks of water, and 2500 spigots, and the engineer isn't just controlling the flow rate out of the pools but also making sure that the right amount of water is flowing into each tank. He is also responding to queries from the water customers, many of whom don't understand how their water flow rate is set. And providing general updates to the customers, so that they know that the water is clean and isn't growing life threatening algae...

So now you have some understanding of the complexities of managing the @steembasicincome program. It all seems really complicated, but it's actually kind of basic. There is a flow of water in, and a flow of water out, and I'm running around the five tanks trying to make sure each customer gets their fair share, while keeping the water towers mostly full but not all the way full.

I'm really grateful that we have a plan for full automation that will also resolve some of the flow issues with the current design.

img source pixabay

Enrollment

If this sounds interesting and you want to get involved, or to increase the share of basic income that you receive, enrollment is pretty straightforward:

Just send 1 STEEM to @steembasicincome. Include the name of a Steemian to sponsor in the transaction memo. You and the person you sponsor will each receive 1 share in the program. You can sponsor any active Steemian, it does not have to be a current member.

The official currency for enrollment is STEEM. We accept SBD at our discretion (usually when they're very close, or when SBD is stronger) but you do not receive extra value or any partial refund for paying in SBD instead of STEEM. If we choose to accept an SBD enrollment, we accept the entire amount. If we choose to reject it, we refund the entire amount and request you to send STEEM instead.

It's fine to send a list, but we prefer a comma after each name. If you send a list, please specify share amounts for each or we will assume equal distribution (e.g. 15 STEEM with 3 names means 5 shares each and 15 for you, unless you specify otherwise).

As we get close to automation for enrollments, we will tighten up the transaction memo guidelines, but we will make plenty of announcements. Please bear in mind that enrollments are currently processed manually, and we are prioritizing regular updates over new enrollments right now, so there may be some delay before you receive confirmation or adjustment to your voting weights.

Steem Creators Conference


We are pleased to have been invited to speak at the Steem Creators Conference in Las Vegas next month. Learn all about it at https://www.steemcreators.com/ Mark your calendars and book your tickets, this is going to be an awesome event! (Look for our name on the registration page to get a $25 discount on your tickets.)

Questions?

We broke down the mechanics for how the program works in the complete overview. You can check your share counts and upvoting weight in our spreadsheet explained here. If you have any questions, ask away in the comments section or join us in our discord channel.




Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I like the post. Lets hope that the new automation works well. This should streemline the operation and give people more confidence to invest.
You said that the full power of all accounts adds up to $180 a week. Is that 500 shares plus 500 bonus??

That's the full voting power of the program (10 full upvotes per day at 100%). We're still growing. 500 shares plus 500 bonus would currently get you about $20 per week.

Do all the pools have equal voting power? Because I've noticed that SBI4's vote doesn't even give me .01 SBD so it's not enough to get a payout. With SBI4 and my vote together, it doesn't even meet the minimum. Lol

You shouldn't be self up vote so much, if you use your vote to gain followers and support others they will support you and you can make a lot more in the long run.

We actually allocate our entire 7000% weekly voting power for each pool to the member base, and then reallocate the the voting power from inactive members to the active members (meaning we allocate as much as 10000% weekly to the members).
It still results in getting close to 100% voting power sometimes, so we use self-votes on updates and comments as a final run-off valve so that voting power is not wasted. Over Easter weekend, for example, a lot fewer members posted than normally would have over any three day period, and we went from below 90% voting power in each pool to 100% in a very short period of time.

When the new system is released, it will much more dynamically respond to changes in user posting frequency and activity rates, so we shouldn't have to do the extra upvotes on comments anymore. We will still upvote the main updates for visibility.

When is the planed roll out of the automated system?

We will automate and test the enrollments first, and use it to automate the data management process to calculate upvote weights. The management of weights in our current system will continue to be manual while we develop the fully automated upvote engine.

We will try to keep the membership updated on key milestones, but I don't want to promise any roll out dates only to see them go whooshing by.

I was talking about Captain Jack Sparrow there who says with your vote and his he can't get up to a penny payout

I think he must have looked at a low point in the STEEM cycled. We reviewed our vote history on his content, and none of our votes on his blog had less than a penny payout.

I bet everyone will love their sbi shares as steemit blows up! Just hopin for $10-$20-$100 per steemit soon!!

That would be a fantastic outcome for all of us!

Minimum payout should be 0.001, which you should be hitting even with your posting frequency.

Since you've only been a member for 8 days, your only paid post with an @sbi4 vote on it so far is this one:
https://steemit.com/@cpnjacksparrow/manna-the-voluntaryist-solution-to-providing-basic-needs-to-the-world

Your upvote on that is where I would expect for the current STEEM values.

Similar votes on your posts since then have you at about $0.08 per week, which is currently too high for only 1 share. Your flow will be adjusted down when I make it around to your side of the water tower...

edit: missed the actual question. The Steem Power for each pool is set to a multiple of the effective shares in the pool. So the voting power allotted to each share is relatively consistent across the pools (slightly higher in the higher pools, but not enough to notice unless you have a lot of shares).

Ok, I kind of understand. I just know on a post that didn't get many views or upvotes because I don't have many followers yet that my sbi4 vote and my vote together weren't enough to get a payout. If nobody else voted on it and I didn't pay for a service. I just wondered if that was normal. I guess it should grow stronger in the future as voting power increases through rewards.

BTW, where can I find that information?

The data tab of the member record spreadsheet has a table with the total shares in each pool, along with their target SP levels, curation returns, and current ROI on enrollment fees.

https://steemit.com/basicincome/@steembasicincome/steem-basic-income-membership-update-pulling-back-the-screen explains the sheet and has the link to it.

Ok Thank you!

Eye eye captain

Great explanation! Get back to work and open my spigots!

You did an excellent job explaining SBI. Thank you and have a Happy Easter 🐰

Thanks!

Thanks for reminding me about steembasicincome, social experiment of which I plan to take part in...Have a pleasant day everyone.

You're welcome. If you're not ready to commit to enrollment yet, you can always enter the awesome contests that our members hold and pick up shares that way.

I committed to a small trial amount...thank you.

You're welcome! Thanks for giving us a shot.

Great explanation it was rather funny to:)

I'm glad you enjoyed it!

Sounds like you're keeping busy. :) It all kinda works out in the end. I used to post a bit more, but haven't been for a while, so when I posted now, the amount was lower. I'll just have to get back in the rhythm of posting daily.

Posting daily can be a real challenge!

Yeah, that has been something that I've had a hard time with. I come up with ideas sometimes, but other times, I don't really have anything to say. I don't want to make a garbage post just so I'm putting something out. That's not a good way to keep followers, and it's just a waste of my time. I need to get better about being intentional about coming up with ideas. Thanks for commiserating. ;)

Have you tried perusing the contest tags for inspiration about what to post?

That's a really good idea! Nothing like a potential prize to get the brain box moving on an idea. Thanks for the suggestion.

Someone just reminded me that I haven't published anything in my series about The Man With No Name, so I'm going to look at that again and see what I can come up with. Already have a few starting points, just need to start working at one of them. Thanks!

  ·  2 years ago (edited)

Your simily is enlightening Joseph 👍 so basically if my posting frequency will slow down, the vote will adjust and increase accordingly? And If I increase the number of blogs the vote per blog will become lower due to the increased number? This is done by you ad of now but you're going to automate it.. correct? Happy easter dude! Hope that the massive water tower leaves you some time to relax and celebrate with your family

Thanks! Happy Easter to you too.

Yes, you have the right idea. You've seen those swings on your posts before, but you might not have noticed. When you've taken a few days off, your votes have been higher when you came back, and then gradually started to drop again as you resume posting regularly.

Right now it's all tracked in a massive spreadsheet, but automation is underway!

That account was recently moved into pool 1, so it's near the very bottom of the SBI1 page. If you're looking where it was listed before, it would have disappeared.

Ok, why he was moved ;-) ? Thanks for your answer

In order to keep a good balance of how many inactive members are in each pool, we move people from pool 1 down into 2 at 30 days inactive, from 2 to 3 and 60 days, etc. Since each pool has 500 spots, that creates room for other accounts to move up and we picked @aidefr this time.

Congratulations! Your post has been selected as a daily Steemit truffle! It is listed on rank 19 of all contributions awarded today. You can find the TOP DAILY TRUFFLE PICKS HERE.

I upvoted your contribution because to my mind your post is at least 13 SBD worth and should receive 171 votes. It's now up to the lovely Steemit community to make this come true.

I am TrufflePig, an Artificial Intelligence Bot that helps minnows and content curators using Machine Learning. If you are curious how I select content, you can find an explanation here!

Have a nice day and sincerely yours,
trufflepig
TrufflePig

Hiya truffles!

GREAT Info! I started following you to get more awesome tips!