A SUGGESTION to Replace「Buy Upvote with PNUT」with「Bid for Upvote with PNUT」 (2021-08-28)

bsfmalaysia (63)in NutBox • 3 years ago

The Peanut community has always been plagued by a problem: 「Pay PNUT to get Upvote from @nutbox.mine」 is preoccupied by a small number of accounts, and many users cannot enjoy this service.

Many Nutboxers are interested in exploring the possibility of replacing「Buy Upvote with PNUT」system with「Bid for Upvote with PNUT」system. Instead of a fixed price, we allow the price of upvote purchase to fluctuate freely through bidding. This will serve several purposes:

the upvote purchase market will be mainly regulated by the dynamic equilibrium between supply and demand, making it more efficient;
increase the 'fairness' of the upvote purchase process, attracting more users to stake with Peanut;
drive up the price of PNUT;
reduce the number of PNUT transfer taking place between users and @nutbox.mine (i.e. refunds), hence reducing the amount of wasted transaction fees.

Proposed Bidding Rules and Mechanisms

There are many parameters to consider for a dynamic upvote bidding market. On top of system design, technical issues (how difficult it will be to program the new system) will also be looked into with affiliated technicians at latter stage.

Pricing

In the proposed system, users interested in bidding for upvote will set your bid price, i.e. how much you are willing to pay for how many % of upvote from @nutbox.mine. For example, 1500 PNUT for 10% upvote, 2000 PNUT for 12% upvote, 9000 PNUT for 100% upvote, etc.

Upvote Queue

Valid upvote bids are sent to the upvote queue where @nutbox.mine will upvote the posts according to the ranking until its voting power (VP) reached the threshold level. A preliminary suggestion is to rank the bids in the order of bid price (PNUT/%upvote) from the highest to the lowest. Below illustrates how the proposed ranking system works:

Rank	PNUT Tendered	%Upvote Bid	Bid Price (PNUT/%upvote)
1	5000	20	250
2	22000	100	220
3	1050	5	210
4	2400	12	200
5	180	1	180
6	4800	30	160
7	260	2	130
8	2000	20	100
9	720	8	90
10	8000	100	80

Note that the bids ranking system only look at the bid price (PNUT/%upvote) and does not take into consideration the amount of PNUT tendered, %upvote bid or bid time (how early the bid was tendered).

This is a preliminary exploration of a new upvote bidding system and there is much to discuss/debate on the details. Hopefully everyone can join in the discussion and come up with more ideas to improve the proposal.

About Nutbox

Nutbox is a one-stop DAO factory for the community, providing non-technical founders with a series of tools (Crowd-staking, DApp factory, and DAO governance factory) to facilitate the creation of their own DAO platform.
For more information, please visit https://nutbox.io