HF21 - SPS Proposal: SteemFest - Travel Reimbursement Fund @t-r-f funding

in #sps5 years ago (edited)

Dear Steem community, with HF21 just around the corner in a couple of hours (!) an exciting new chapter in the 3.5 year old Steem chain is about to enter. Not only will the economics regarding author and curator distribution change, will the chain see a separated downvote resource pool, but also another new exciting option arises, namely:

william-white-TZCppMjaOHU-unsplash.jpgPhoto by William White on Unsplash

Steem Proposal System: Community voted funding distribution

Steem has a -slowly declining- inflation (printed with every new block) which is used to pay authors, curators, witnesses. From HF21 onwards, 10% of this inflation will be allocated for community voted distribution. The idea is that anyone can propose projects and request funds for the projects. Then people can vote on those projects to receive projects.

This is a democratic way where stakeholders decide what happens with those 10% of inflation. To prevent abuse, a so-called "refunder" type proposal (vs a "paying"- type proposal) can (and most certainly will) be created (see @gtg's recent post) and voted on to set a threshold. If everybody thinks it is good to not fund any projects, simply vote for the refunder proposal to raise its bar vs other voted projects. You can't vote against any proposals, but if you don't like a project-proposal, you can just decide to not vote for it.

Proposed Project: SteemFest Travel Reimbursement Fund 2019 @t-r-f

The SteemFest Travel Reimbursement Fund, hosted through the @T-R-F account is a fund which every year is open to community donations for SteemFest go-ers. The idea behind this fund is to make it possible for as many people each with their own specific economic status to come to SteemFest, by having these cost-reliefs funded by the community. Anyone can donate to @t-r-f by sending Steem or SBD - or even other Steem-engine tokens, which will be distributed right after SteemFest to all applicants for the donated funds.


During the SteemFest days, on-site only (proof of attendance), attendees can apply to get their part of the donated funds. How much everyone receives is calculated based on the single-leg distance from originating airport to destination (Bangkok this year). Everyone can choose to apply or not. Applying is required should you want to receive a part of the donation pie, and if you decide not to apply, you basically give up your piece, which will result in a bigger piece for the applicants.

A couple of days after SteemFest, all calculations and fund distributions are done on-chain and the @t-r-f will be emptied through the distribution:

  1. Base-pay: Allocating 10% of the donated funds to distribute evenly to every applicant for the Reimbusement Funds. Formula: 1/total_applicants * (total_funds * 10%)
  2. Adding up all single-leg distances from the applicants.
  3. Per applicant share formula: user_single_leg_distance / total_single_leg_distances * (total_funds * 90%) (+ the base pay (1)).

Announcing the SPS Proposal for SteemFest's Travel Reimbursement Fund @T-R-F.

To leverage the new SPS feature of HF21, introduced today on 27 August 2019, the user @steemfest applies for receiving funding to be distributed into the @t-r-f account, to be given to applicants of the SteemFest Travel Reimbursement Fund in Bangkok during SteemFest 4 (see details in previous paragraph).

ryan-tang-mvdgoX3AsKA-unsplash.jpgPhoto by Ryan Tang on Unsplash

The Steem Proposal System is meant for projects enhancing the Steem blockchain, taking it to the next level. The idea behind SteemFest is to connect people from all over the Steem ecosystem together to enable that goal of enhancing the Steem blockchain, through fostering relationships and creating meaningful connections.

Daily pay request: 77.777 SBD
As an hommage to Link777 @steemfest/@t-r-f applies to receive: 77.777 SBD (seventy seven Steem Based Dollars and seven hundred seventy seven micro sbd cents). (At current prices this is about 5% of the total daily inflation available for SPS payments.)

For a duration of 77 days:
Start payments: 30 august 2019 (you can already vote now)
End payments: 15 november 2019

Escrow / payments receiver: @t-r-f
To separate the annual Travel Reimbursement Fund from the SteemFest budget, this dedicated account @t-r-f has been used since SteemFest 1 in Amsterdam and been relieving people's SteemFest attendance costs thanks to community donations!

Immediately after 15 november 2019 all funds will be distributed to the applicants of the Travel Reimbursement Fund.

Should this proposal get voted in, it would receive a maximum total funding of 5988.829 SBD, all distributed to SteemFest attendees. Please note that the SPS is constructed in a way that only 1/100 of the total funds under management by the SPS-fund (via the special @steem.dao user) can be paid out daily, and that the balance sheet starts with 0)

The received funds will 100% go to SteemFest attendees to relief their travel costs
This fund runs completely independent of the SteemFest event

  • Please understand this is only a proposal. Only if enough stakeholders vote for it, it would receive funding.
  • Please use the comment section below for constructive discussions about this proposal and whether you will support it.

Like every year, the SteemFest Travel Reimbursement Fund is also open for generic donations. Simply donate by transferring any amount of SBD / Steem / tokens to @t-r-f

arnaud-jaegers-IBWJsMObnnU-unsplash.jpgPhoto by Arnaud Jaegers on Unsplash

Like the proposal? Here are the voting instructions:

Cast via:


Is there an irreversible explicit opt-out? It would be good to see large accounts proactively disqualify themselves from claiming the refund ahead of time. I'd be more likely to support if I knew bigger accounts could not claim.
I say opt-out rather than an SP cap because we all know that staked and liquid are different: asset rich, cash poor.

Posted using Partiko Android

yes there is already a refund proposal in place. It has proposal id: 0, and is already the number 1 voted so currently everything goes back to the treasury.

will i support it? No. I will help with / support donations though

It's easy to contribute to @t-r-f - last year I made it a beneficiary with 10% of all my posts from September till Steemfest began (and plan to do something similar this year). But not enough people know about it, perhaps the account should make a post every now and then to remind the community.

I really don't think that this is what the proposal system should be used for. I think steemfest is great and have no problem with people being supported to get there through individuals users choices but the proposal system is taking a portion of funds from the system with the intention of upgrading, developing and marketing STEEM to increase it's use and usability. I think that using it to subsidize people's ability to party would be a terrible waste of funds that have been diverted away from the main pool. I don't see it adding any value to the chain which is my measure of supporting any new proposals.

If you think Steemfest is just about partying, you are completely wrong. If you think the Steem community getting together, bonding, networking, working and showing off projects etc is of no value, I don't know what to say. You should look into what Steemfest actually is before you make such a criticism.

Disclaimer: I've been to three Steemfests and never taken money from @t-r-f. I have bought subsidising tickets to pay for other people to be able to do Steemfest.

Posted using Partiko Android

I'd love to go and would have this year if it wasn't at the other side of the world to me. I wasn't able to make it to any of the European ones as I had other commitments at the time. I see great value in Steemfest and people forging connections and sharing ideas as well as having a good time. Every year I see the posts and would love to be in the middle of it.

I think steemfest is great and have no problem with people being supported to get there through individuals users choices

I wouldn't however expect to see my trip to steemfest funded by the STEEM development fund which is badly needed for the development of the eco-system, adding tools for developers and marketing the different projects being built on STEEM.

That's just my opinion on the matter.

Creating event like Steemfest is highly recommended to grow steem and steemit community..And if this project will help steem and steemit community grow grow and grow for mass adoption..
I wish i can go and afford to come and experience an event like steemfest.

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This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.

Great initiative! I hope this can help a bunch of attendees!

I will support this proposal. I believe community building is a key factor in making Steem successfull.

Great.. I wish I could travel there!

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