PALnet Updates: PoI is Live and Decimal Precision is Coming

in palnet •  3 months ago 

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I wanted to post a quick update to fill you guys in on a couple of development updates. First and foremost, please believe that we hear you all on the decimal precision issue and it's the highest priority to have fixed. That being said it requires an update on Steem-Engine and that will take a bit of time, we're expecting it to happen within the next week. This update will allow for voting and Proof of Interaction to earn smaller amounts of PALcoin than 1 and should make it much easier for smaller PALs to earn curation rewards. I repeat this is our highest priority and it will be fixed.


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On to more positive news, we just launched Proof of Interaction, which is something we felt was important to replace the old upvote bot. This new method of distribution will allow us to award tokens to active members of the discord community and will be distributed daily, which provides one of the easiest ways for new users to get involved and earn PAL yet. Just come in, make some friends, and get involved in the conversation.

Last but not least, with the introduction to Proof of Interaction, we are finally ready to unveil the next evolution of the Minnow Support voting bot. You can learn all about it here, but I'll give you my thoughts on it. Users can now earn PAL through multiple avenues and are no longer forced to post frequently or spam to earn tokens. The tokens come from being active in the community. PALs can stake up those tokens to earn more curating or trade them in for a much larger STEEM/SBD votes from the @minnowsupport account.

Ultimately, we hope to create the best interactive social community and rewards platform throughout the cryptoverse and here on the STEEM blockchain. There are going to be some growing pains as there always are when creating something new, but we are working every day to make sure that we are learning and reacting to developments as they come up. Thanks for all the feedback, you've been heard and we appreciate all of you. Much love.


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Excellent move! I think the shift to how the main voting bot works is awesome. I've been a delegator to that (and other MSP bots) for nearly two years. Community growth was reward enough. Now, if I'm also going to receive PAL for delegating then I'm sure I can put them to good use. Exciting times.

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I'm glad you like it. We felt it was a good move all around. It removes the incentive to just "shit post for votes" and it increases token liquidity and gives back to delegaters. It took longer to get the project released than I initially wanted, but I think the quality and thoroughness will really shine through long term.

It's going to be interesting to see how this develops. My pal stake isn't very big yet, but hopefully it will keep getting bigger with time. I need to get some liquid steem to buy more PAL...

You could also just delegate STEEM to the @minnowsupport account and get PAL daily. :)

I've delegated 100 SP to minnow support since the 5th September 2017 on the premise that I was helping out new guys - is it now a bidbot?! 🤦🏻‍♂️😂

It's not a traditional bidbot by any means. People can bid for votes with PAL, yes, but there is zero profit in it for us. It actually acts as an economic sink because it burns PAL. If you delegate to it though, you'll start getting a share of the PAL sent to buy the votes.

Fair enough, well I'll just leave the delegation as is and not tell anyone about the day I found out I was delegating to a bot. As it's only 100 SP, it looks like I'm not delegating enough for a share anyway - conscience cleared!

!ENGAGE 100

Here are your ENGAGE tokens!

To view or trade ENGAGE go to steem-engine.com.

How much?

All of the PAL that people spend to buy votes gets split based on who delegated what. The portion of tokens that would go to the native SP on minnowsupport gets burned. It's a no profit model bitbot, the only "profit" comes from burning stake, but the delegators can earn PAL for their delegation, which offsets what they could earn delegating to a profit-based bidbot.

Thank you for the quick answer but now I know even less.
What can one expect for 10K delegation? That would be much better answer for a non-technical guy like me.

Right now the bot has approx 116k SP. If you delegate 10k SP, you will receive 8.6% of all PALcoin it receives every day for upvotes. That amount will vary by the amount being sent, but it will always be split according to how much you have thrown in the hat so-to-speak.

There isnt any way to know, it all depends on how much people send for bids. we might have a better idea of an average in a few weeks or a month maybe

I do have a small amount delegated to MSP, but probably not enough to actually do anything in this case.

That's really cool !!!

I myself recieved some PAL too for being active :)

Awesome!

Very interesting, Adding the decimals will certainly be a substantial improvement. It will also be interesting to see the new Minnow Support Bot, I understand that the goal is to promote quality posts, I would like to see how that develops.

  ·  3 months ago (edited)

POI stand for Proof Of Interaction! 😜 (it isn't a mistake in the title, LOL 😂)

Yeah xD I had associated it with Pal and I thought it was a mistake, I did not realize the Capital "i" because of the font, hahaha. Epic Fail.

lol PoI = Proof of Interaction, it just looks like a lowercase L due to most browser fonts.

Oh!, I didn't see that coming hahaha, all right.

Thanks for all of your hard work on PAL! You guys are the best!

Awesome love what you guys are doing.

Please know that all this hard work is sincerely appreciated. Much love and best wishes to you to and a on a more personal note, thanks for being a absolutely lovely human being.

I appreciate the kind words, truly. The PAL community has so much love for STEEM, it's hard to imagine it existing anywhere else or at all without STEEM in the first place. I'm glad we have these community tools now and I think it's going to really make the chain grow.

waiting for a small stake on the miners right now so I can claim my first upvote! Thanks

This is an important update to fix the 3 digital after the dot. Keep up the good work. :)

This is very quick reaction and response to people! Great move!

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I think that PALnet is going to be an Amazing Place to Grow on the #steem #blockchain. I think it is a fabulous project and I am doing my best to learn more about it. Unfortunately, at this moment, I don't have much time in a day to get into discord channels but I do my best to engage with the community on the platforms and within the #steem #dapps. Great News from the PAL team and you @clayboyn. Thanks for sharing. May You Always be Happy and Blessed...

Thanks for the well wishes and hopefully we build something truly great for the community. That is our primary goal and hopefully it shines through.

So great to hear the good news. I really needed that.

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Will there be a Steemnow or Steemworld for PAL soon to see voting power and value off course in fraction similar to STU? From @holger80's post, it looks like doable with simple backend.

It's something that could certainly be done. Ultimately I would like to see a tool like Steem World that maybe has a dropdown for the different scot instances to show relevant data. Since I'm a fan of Steem World, maybe @steemchiller has this in mind for a future update? I'm sure the community would love it.

How does proof of interaction actually work? Is it just looking at the discord channel and selecting people or is there some automation behind it?

It's more complex than just randomly picking people, I'll say that much. Maybe I'll break it down in the future, but it has a lot of thought put into it to prevent people from gaming it, so I don't want to exactly spell out every detail of how it works as that will just make it easier for the unscrupulous types that will inevitably look for attack vectors.

Interesting development and good to see you looking into new algos.
BTW both POI and PoI look odd and, as you say, the standard web font makes it ambiguous - what about PoInt? The brain doesnt have to keep flipping as "POLINT" isn't a real word.

LOL, I like it, maybe we'll adopt the terminology and call it a PoInt system. :D

I get what you are saying, but it seems like a lose-lose proposition.

Either it's objective and people game it or it's subjective and people get butt-hurt.

The one thing I can guarantee is that it rewards the most active and loyal people in the Discord community and it determines who those people are by examining the entire day. There are some pretty smart ways of dodging spam and it doesn't matter what timezone you're in. Maybe just try it out for a few days and see what you think.

So consider to write an specific post about that, if possible, because from my point of view isn't clearly about prof-of-interaction. Mainly that are many people that don't like to use discord channel but use comments. I guess that's a prof-of-interaction. Don't?

PAL is a group that grew out of Steemit and the Discord server is a crucial part of the community. No one has to participate in the Discord group, just like they don't have buy miners. 10% of inflation goes to miners, 10% of inflation goes to PoI, 75% goes to PALnet.io. It's all in the white paper.

This new Palnet project and token seems very interesting. I tried out some limited trading on Steem-Engine just to see how the system works and managed to purchase some PAL.

Happy to have you on board!

I know that these changes will be great for all PAL users overall, but I can see how the decimal change is particularly encouraging for new members of PAL and Steem. Also Proof of Interaction is a great way to earn when you don't have funds to buy PAL Tokens.

And delegation is great for people with a philothraphic and/or investor mindset. Great job PAL team! Keep up the good work.

I think making it viable for everyone to get involved and feel like they have opportunity is what's important. Hopefully they want the opportunities :)

Thankful to see the fractional vote being given the utmost importance. Can't wait to see it in action.

I have to admit, and I doubt I am the only one feeling this way, as someone who has purchased PAL on Steem-Engine and staked it, it is a bit disheartening to click on the 100% upvote button and not see the payout value of the post move at all.

It will be good to see some action on this front!

I agree with ya and it's funny because I do a ton of 1 PAL voting so I'm actually not earning any curation at the moment on those posts either. It should be fixed before too long though and then everyone will get to start stacking.

Wow, i love the development so far. I just asked this same question on the discord page. But i bet my question has been answered. Thanks for being awesome

This is really a great news. Am been trying hard to convert my steem to pal so I can start curating, but will really be waiting to see the decimal part integrate into the system

We all are, happy you're liking it so far!

Yes I really am, even do I saw many selling their pal maybe because there isn't any decimal added and there vote doesn't worth it. I have to keep mine and stay with the community because it will surely worth it

Proof of Interaction

Can you give details of this? How much discord talking do we need to get this? What kind of criteria makes for a good "Proof of Interaction" over there?

I do not normally spend time interacting in discord, but if I need to make 5 comments a day to get PALS, or something like that, I will.

We're not going to detail how it works at this time.

Haha! Why am I not surprised?

If you ever do tell your secret, I will try to comment there per whatever scheme you have going. Discord is often a place of chitter chattering mean girls who think they are in a private place as far as I have seen. I usually avoid it unless there is a reason to go there such as rewards or meet up planning.

Congratulations @clayboyn!
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Hi @clayboyn, as an existing MAPX token stakeholder, just letting you know about the new Tokenomix Contest where you can win some more tokens. Anybody can take part but will require a minimum of 1 MAPX token staked. Good luck and please let me know if you like the questions set. Thanks!

I am yet to receive my pal token. Why?

Can I get a link to the discord?

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