How to Launch a Steem Power Backed Smart Media Token!
- What if every time we upvoted on Steem, we got an upvote back for the same amount regardless of whether we posted 10 times a day or once a month? With Steem Power (SP) backed Smart Media Token (SMT) communities abbreviated SPSMT, we are now able to multiply our voting power 10x every day where 1,000 SP/SMT = 10,000 SP upvote every day or one 70,000 SP upvote a week or one 280,000 SP upvote a month! New to SMT? Take a look at https://smt.steem.io/. As members of larger collective voting communities, we now can leverage our full voting power which provides motivation for authors to focus on quality instead of quantity and to become investors in Steem and SMT instead of bidders on bots.
- When we release a Smart Media Token or SMT, how do we back it with a proven asset to help it launch and increase value over time? We give our new SMT immediate value by powering up a percentage of the Steem received during the Initial Coin Offering (ICO) and using that SP to upvote posts based on the percentage of the SMT held. Note that regulations in the USA are heavy for an ICO which is why I have chosen not to release my own SMT following this system after initially thinking I was.
- How much will the value of Steem rise as new SMT ICOs power up a percentage of Steem received to give the token immediate value to members? Over the next year, imagine how much Steem will flow into SPSMT and get powered up instead of going straight back onto exchanges. Even a small percentage of total will make a huge difference in the supply and demand ratio providing the perfect opportunity for an epic price pump.
- Why will bids to voting bots drop and start flowing instead into powered up collective voting accounts giving all members flexibility and simplicity in earning and helping each other?
Unbeatable Returns for Authors and Investors!
1,000 Steem worth of a SPSMT or 1,000 SP delegated to a community account following the protocol explained here now can return an upvote effectively worth 10,000 Steem power every day or 70,000 Steem power a week or 280,000 Steem power a month to everyone contributing depending on the settings chosen by the SMT creator and how much is given by each member! The actual amount given back depends on what each SPSMT community chooses to provide with the best giving 100% back and only keeping the curation rewards for the development team!
Rewarding and Promoting Quality Posts!
Our goal with this system is to make is easy for anyone joining Steem to get rewarded for buying Steem and creating quality content! We hope this will greatly increase the quality of posts we find on https://steemit.com, https://busy.org, etc. The easier we make it for each of us to simply show up, contribute, and take home our share of rewards, the higher our user retention will be and the more new users we will continue to get. Up until now, getting started and growing on Steem has been extremely challenging.
For those that do make it into having enough followers and upvotes to make Steem a priority, giving back becomes more challenging than getting started. With lots of SP, followers, and/or upvotes on each post, how does one even attempt to give back without feeling like it was not good enough because the day was not long enough to read every quality post and calculate the ideal upvote?
Increasing Active Users on Steem!
User retention is currently low on Steem because most of us join Steem with a lot of excitement, post a few times, and then get almost nothing in earnings, followers, or comments leaving us disappointed. Meanwhile, a few of us join and immediately get more than we can handle only to steadily watch the initial euphoria turn into apathy as those happy to see us arrive go onto welcoming others or stop voting us as soon as one of our posts is disagreeable. A few of us buy Steem and try to get ahead faster with powering up, voting bots, and/or joining communities only to end up struggling to even earn enough to justify not powering down and selling. After all that, many of us making it that far then run into heavy downvotes and decide all this was not worth it to begin with.
Unified Curation and Publishing!
Everything we do getting started and grow on Steem tends to leave most of us feeling like we are not earning enough while unsure of how to best help others. While we have many outstanding curation projects, which of these make it simple for everyone to participate with flexibility in the level of investment without having a low maximum earning potential, difficult membership requirements, and/or a long list of rules?
Is it possible for us to build a system that allows any of us to maximize how much we give to others and how much we get back on our own posts without requiring a lot of what it currently takes to succeed from the list below?
How to Earn on Steem Individually?
- Read thousands of posts and get to know hundreds of authors.
- Write hundreds of posts and comments where we awkwardly try to build new relationships mostly unsuccessfully.
- Join a laundry list full of discord servers we end up mostly not reading or getting banned from when we participate too much.
- Buy votes on voting bots or exchange votes with other users.
- Beg for upvotes from whales.
- Make 10 posts a day and vote ourselves.
- Follow a bunch of rules or meet high membership requirements to join a few of the autovote curation communities.
- Delegate to bid bots to get automatic payouts every day while losing our most valuable asset in our voting power and ability to upvote others.
Stronger Together with Systematic Collaboration!
Imagine using Steem while knowing that when we voted ten people every day, we would always get that vote back with the same power from all ten people! Picture the flexibility to post just once a week or even once a month while upvoting hundreds of people and then having all those people vote our post back. Think of doing all this automatically with just a one time delegation or SPSMT purchase indefinitely. For those of us that love to see the numbers, watch this!
Earning on Steem Simplified!
1,000 Steem power = 10,000 Equivalent Steem Power in votes a day = 70,000 SP a week = ~280,000 SP a month.
This means that having 1,000 Steem power when all votes are made is equal to 1 vote a day from 10,000 Steem power, 1 vote a week from 70,000 Steem power, or one vote a month from ~280,000 Steem power. When we pool our voting power, we then have the flexibility to essentially drop our entire voting power everyone's posts all day every day and then get that much back on our posts based on the frequency we use the collective voting power.
To summarize in a weekly voting example, when 70 of us with 1,000 Steem power come together in one collective voting pool, we can each get one vote a week on a post from 70,000 Steem power indefinitely! This post shares a system for making this a reality starting today!
Incentives for SMT ICOs to Power Up Steem?
Initial Coin Offerings or ICOs generally are a total leap of faith requiring everyone wanting to get the new token to give away cryptocurrency with proven value in exchange for something that might someday be valuable. On Steem we will soon have the ability to launch our own cryptocurrency on Steem via SMTs which leaves us with the same challenge every new cryptocurrency has upon launching in trying to establish value. Fortunately, Steem gives us the unique ability to earn rewards by powering up our Steem and making votes on posts which then gives us a percentage of the new Steem/SBD created based on how much Steem we powered up. This makes holding Steem power valuable for the potential earnings and ability to effectively promote posts with an upvote.
Imagine a new SMT that powers up most of the Steem received from the initial sale into a community account to upvote posts of all those holding the SMT! The SMT now is backed by a proven asset and has a guaranteed method to give back to everyone holding the token via upvotes on Steem. When a SMT powers up a percentage of Steem received from the ICO, we have a cryptocurrency with value we can see just by checking the wallet's voting power! Everyone holding now has a big incentive to earn more when the amount of voting power available is tied to the amount of the SMT held which is likely to create a strong buying demand.
Combining SMT with Delegation!
Our limitation with this system so far is the ability to get started. Who wants to be the first buyer on a new SMT with no voting power? How do we get the initial Steem power to have a vote big enough that will enable this system to run? The answer is delegation!
When we combine the ability to delegate Steem power and get a return with the release of a SMT, we open participation to everyone with SP that might be interested in the voting benefits but might not want to power down to buy the token. To attract delegations, we offer the same voting benefits that those buying the SMT get without the need to actually give us any Steem! For investors seeking to earn passive income by delegating instead of getting upvotes, we offer to give interest based on the Steem power delegated paid in the SMT!
Buy or Delegate?
- Buy the token for the highest investment, return, and community participation. Ideal for most enthusiastic and committed community members, new authors, replacing bids to voting bots, and buying new Steem. I am not creating a SMT because of the regulations in the USA I would be subject to for creating it.
- Delegate to gain the voting benefits and/or receive a portion relative to the delegation in interest INDEFINITELY! Ideal for already powered up Steem, established authors hoping to increase earnings without buying any more Steem, and passive income for investors.
- Buying some SPSMT may immediately provide access to the voting benefits allowing for a full month worth of upvotes upfront if desired!
- Delegations will need to build credit towards the desired frequency and be limited by the voting power contributed instead of the total voting power available because of the ability to remove the delegation
- Instead of using voting bots, additional purchases consistently can continually increase the voting power over time and be used to vote less frequently.
Scale with Automation!
Ideally running this system is done in communities where everything happens immediately based on user input using calculations based on the token and/or delegations combined with the voting power of the community account. While any of us launching prior to SMT release will need to do at least some of the voting manually, with the release of SMT ideally the concept will be done with automation.
How to Buy and Accept Delegations!
- SMT purchase and holding account: For security and accounting, we recommend using at least two separate accounts to handle all of the purchases and delegations. Using one account only for SMT buys and powering up the SP is ideal to maintain a community account starting from zero absent of any personal funds. This account then does not need to use any applications making it most secure for keeping the private keys exclusively for transferring funds for the SMT buy.
- Community voting account(s): For upvoting, another account or several accounts might receive the delegations from the SMT purchase account allowing for all the earnings from the collective contributions to be powered down separately and used for the development team. The community voting accounts would often need to use apps to vote and might need multiple users to manage the total voting power especially in larger communities. Multiple accounts can be created with delegations split for best security or one central account can handle everything while sharing the posting key or being managed just by one person for branding.
- When SMT are available, another account outside of the buy/sell and voting accounts might create the SMT for highest security or it might need to be a voting account depending on how the bandwidth is handled.
While the basic idea of powering up Steem received for a SMT will likely be the same for many communities, each SMT creator maintains the ability to choose how the SMT will function from interest to percentages of author rewards, powering down, downvoting, and any other settings we are able to choose on a SMT. In addition to settings in the SMT, every community can choose which users on Steem can participate.
Launch + Build!
Each SPSMT community is likely to want its own place for members to connect directly on the blockchain on a user interface outside of steemit.com. While using discord is easy, would not we all benefit the most from getting all of the chat there on the blockchain and indexable by search engines to help our conversations be found by others?
SPSMT Successes = Convincing SMT Case Studies!
For any outside company and community interested in adopting a SMT to fundraise and leap forward to a business model that rewards the participants more effectively than display ads, our SPSMT are positioned perfectly to highlight the opportunities available on Steem. Just one SPSMT community building up millions of dollars in value and launching its own successful user interface for the Steem blockchain makes an outstanding case study for every content company patiently watching what happens on Steem and deciding whether to give it a try.
As an example, maybe Bloomberg is keeping an eye on Steem after the interview with @ned. In seeing several successful SPSMT launches, the executives at Bloomberg are convinced that if a few entrepreneurs on Steem can build new tokens worth millions of dollars from scratch, Bloomberg can certainly launch one worth hundreds of millions of dollars. With Bloomberg seeing the success of the SPSMT, the Bloomberg SMT is launched with a SP backing maybe at 20%. When the new Bloomberg Coin brings in $100 million from the ICO and powers up $20 million of it, we can take a guess to what that will mean to the value of Steem.
Our purpose in founding this community is to be stronger together! Ultimately Steem brings us and the world value when it helps us connect and be available for our family, friends, and communities. Together we find it easy to experience that value every day. Together we are making sure every single person on this earth has a place to share and get back the value created with that voice to the point of not needing to work any undesirable jobs just to make money!
Thank you for reading this post today and we hope you enjoyed it!
Jerry Banfield wearing a shirt gifted by @kenmelendez