Notice: Steem-Engine leveling up. New abilities unlocked: staking & mining!
I'm pleased to give notice on some forth coming new tools for Steem-Engine and Scotbot. We're giving you more flexibility than ever. Here's a taste to whet your appetite.
All token economies have faucets and sinks. The real value of a currency comes from the number of people that use it, which is mostly dependent on the number of sinks for it, but distributing it into many hands remains important.
Crypto has a few major faucet types:
Selling: List a token for sale and people can buy it
Mining: Product A mines Token B
Staking: Staked Token A can receive more of Token A
and Steem introduced the concept of Proof-of-Brain distribution.
Through Steem Engine you can create a Scot and simply sell it. You can also distribute it with Proof-of-Brain distribution through Scotbot. Now Scotbot is getting two new abilities and we'll get them on the site for public use soon.
Delegated Proof of Stake Mining
Token(s) A mine Token B
When mining started it started with cpus, then moved to gpus, and now asics do the work. You're performing the same calc, but because of efficiencies you're able to mine faster and better.
The challenge with the mining equipment is that it's incredibly resource intense, and that's not great for the long term sustainability. So, we're digitizing mining and combining it with delegated proof of stake.
If you own Token A and stake it scotbot can now distribute token B based on your percent ownership (or delegated) amount of Token A.
If there are 200 token A in the world. 100 are staked, and you own 40 staked token A and 10 staked token A are delegated to you then statistically you'll get 50% of the released token B.
We go a step further because we're allowing various miner types to be sold.
CPU version mines at 1X
GPU version mines at 2X
ASIC version mines at 3X
Now how much of the token inflation you get is your overall stake weight of the various miner types divided by the total amount of mining possible. Also, the difference in efficiency is a variable users can set. How often it releases and how many ways it's split are all configurable. We're packing a lot of user control into how scotbot functions so you can fine tune it for your operation, business, or community.
I'm pretty sure you guys are gonna come up with some excellent way to use mining to mint tokens that have interesting use cases. Can't wait to see what you do.
Delegated Proof of Stake Staking Tokens
If you own staked token A you will earn inflation of token A.
There are all kinds of sprouting token riffs. If you own stake you get more stake. That is a cute idea in itself, but the real power is introducing a little bit of staking to a coin. It punishes the people who don't stake it and encourages everyone to stake the coin or miss out on inflation. Steem does this. It's not talked about much, but if you're not staking the token not only are you missing out on voting, but you're missing some of the inflation that goes to your account.
So, like everything else on steem-engine it's optional/voluntary to use. But you can set an inflation pool specifically to allow staked token A to receive more of staked token A while those who didn't stake your token miss out.
Going beyond the SMT white paper
While scotbot was initially inspired and used the SMT white paper as a guide for what we create we're moving beyond the tech specs Steemit released and creating more tools and utility for token distribution. We'll keep adding new cool stuff to the bot, to nitrous, and we have some more new things that we have coming up soon (wink sound).
Should be fun.
Now you're looped in. Backend on scotbot is done. Working on the front end through steem-engine. Shouldn't be too long before this baby is ready for public use. We'll update pricing for everything. We're eliminating monthly costs and replacing them requiring staked ENG based on services used and active users. I think you guys will dig the changes.