How can we increase the utility and benefits of holding Steem Power?
This morning I read this post from respected Steemian @therealwolf. Reading through the comments, one statement caught my attention.
In response to the comment from another Steemian:
"Steem has too many sellers and not many reasons to attract buyers."
@therealwolf responded with the following:
Correct! And not enough reasons for people to keep their Steem on this platform, instead of selling it. It's all about incentives.
This statement got me thinking...
How can we improve the utility and benefits of holding Steem Power?
With a declining Steem price, especially against Bitcoin, it's natural that people are cautious with powering up Steem and locking it in for at least 13 weeks.
But what if we worked together to increase the utility and benefits of holding Steem Power?
Below are some features that I think could boost the demand for Steem Power:
- Airdrops - Regular airdrops based on amount of SP could be a way to encourage people to power up, especially when SMTs are developed. We've seen how EOS airdrops have been a good way to encourage people to continue holding EOS in the past. I particularly like the model crypto.com have introduced with monthly airdrops of CRO tokens for holding their MCO tokens if the amount held didn't decrease over time.
- Access to exclusive functions on Steem Dapps - This could be very interesting when communities come out. For example, to create a community or be a moderator for a community, a certain amount of SP might be required.
- Unlock features on Steem Dapps at different SP levels - This idea is more in terms of gamifying the Steem experience. For example, on Steemit, reaching particular SP levels could change the visuals of your blog, and could unlock extra features to customise your blog.
Now it's your turn. What are some ideas you have towards increasing the utility and benefits of holding Steem Power?
I look forward to reading your suggestions in the comments below.
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I like all 3 ideas but Airdrops for sure. I’ve powered up 20k steem this past week.
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Well done on powering up 20k Steem!
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What about a central community pool that delegates to users based on tiered levels of SP held. Automatic and for all.
Maybe it could go up as you reach certain levels. Maybe bonuses for using 100% powered up posts.
But the delegation gets withdrawn as and when you power down....
I think this would incentivize people to keep powering up to avoid losing the delegation.
Have a cap at say 10k SP (after which you longer benefit, but you should be so bought in by that stage that you're more likely to stay powered up).
I think that there's mileage in 100 % power up posts that could be explored more. I don't know why more isn't made of it? This is a win win, isn't it?
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Very interesting. Yes, I like the idea of doing something with 100% powered up posts. Thanks for the ideas.
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The first two ideas sounds cool to me. But honestly not the third one. It will increase the mental distance more between minnow/plankton with whales. But yeah, implementing this in a more wise way (I'm not sure what that would be) would be a great idea to influence more people to power up.
Yes possibly. It’s difficult to get the right balance, but worth trying something. I think the key is to encourage users to power up small amounts.
i like the CRO / MCO token model as well. Not very creative tonight, maybe tomorrow:)
Look forward to reading your ideas, maybe tomorrow.
I like where you are going with this. We already have the airdrops kind of through delegation to earn other tokens which comes from SP but the next two seem like great ideas.
There are already enough POS tokens out there, Steem doesn't need to reward whales anymore just for holding sp. They can already self vote and delegate. We need to onboard more small people and stop criricing those who are posting low quality. Not everyone is a writer and we have to let people know they can earn steem in many different ways.
Maybe bots can be set up to upvote active users. It can be funded from a small transfer out premium or from inflation. Once you have a few thousand steem, earning pennies is no longer crucial, we should give that support to new users, just make it so they can't transfer out steem until their accounts reach 50 or something.
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I like this idea. This is also similar what i am talking about always. That we need to atract and onboard more people.
Some others they keep forceing that we need more investors. But without a very active user base how we wanna atract the big investors?
More new accounts more sp holders are the secret i am sure.
Lets be honest. Nowdays if you are new here and you dont know how to buy a promotion or you dont have some steem you are lost here. This have to be changed.
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Yes, agreed, we need to do a better job with onboarding new users.
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I saw many times that maybe the curration rewards will grow in the future.
I think that will be a great oportunity for a new users to grow faster. Even i see that many people disagree with it but i think it will be good.
But somehow we have to let the people know about that.
Like now steem inc. Is also advertise on twitter. But FB will launch they crypto in the future i think it will be more profitable to advertise also there.
But this is just my opinion😊
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Yes, agree we need to reward different forms of content, but I understand it’s a tricky balance in retaining genuine users and falling victim to spam bot trails.
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Airdrops based on the amount of steempower - another excellent way to make poor people feel like worthless pieces of shit and want to jump ship.
Let's face it guys this whole system is fucked. Facebook has an endorphin boosting like system and this place has a demoralising upvote system that only works for people with a large following or a whale in tow.
This place has become a closed shop for the most part, it's working for people with a ranking of about 62-63 and higher but it just doesn't work for small fry.
Personally, I think the curve of influence that SP gets you is way out of skew. Whales are incentivised way too much, while minnows don't see that the little steem they've invested is getting them any vote power at all. It also discourages open debate and discussion when one person can downvote to offset probably 10,000 minnow votes.. (obviously I'm just throwing up numbers but I think you get my drift)