Steemit's Prize Portal - Prize Selection Process

Prize Portal aims to use the reward potential from Steemit and BitShares to power a giveaway system that goes beyond cryptocurrency. Internet Money, Real Prizes... The lure of real physical prizes instead of magic internet money is something Steemit has a short supply of.

Prize selection will happen in two phases, the 1st to determine if a prize is worth giving away and the 2nd to determine what prize will be given away first. Voting in both phases will be steem power stake weighted. This is for multiple reasons including Sybil protection.

Phase 1 will start by the Prize Portal team selecting an item, and posting it's details for the community to vote if the item should be added to the prize pool or not.




The comments section will have a place to vote


If the community decides Yes, the item moves on to Phase 2.



A phase 2 post happens shortly before a draw post, and is used to allow the community to decide what item will be given away from a selection of items that passed phase 1 (Determined by amount of BTC available in the Prize Portal Bank). This will once again be a stake weighted vote. The winning item, with the post pays out will be next in line for the giveaway draw.



The Prize Portal Bank is the pp-bits account on the BitShares network, this will be used to exchange and store SBD and BTC to be used for Prize Portal giveaways. The liquid currency rewards from posts are sold in small amounts, then stored as SBD, to be sold in small amounts, then stored as BTC. BTC will be the final crypto product used to pay for the items given away.
Current Balance:
0.00352994 BTC
0.00 SBD



Soon we will try a test of the giveaway system, go over rules in more detail, possibly have a logo design contest, and work on the Prize Portal facebook page.





Prize Portal is a TaskManager project