A twitter like revenue model could be applied to steemit/busy
I know what you are thinking. ADVERTISEMENT? NO WAY
What if on twitter you could decide whether you wanted promoted posts on your feed or not ? what if you could get paid for all these twitter promoted posts you get on your feed?
That’s exactly what my proposal is about. Here is how it could work
Every users will have an option to activate or deactivate promoted posts on their feed.
When the option is activated their username will appear instantly on a public list of users who accept promotion on their feed. This list will be watch by advertisers around the world.
Each user will be able to set a minimum price so that they don’t get unwanted content on their feed for cheap.
Users could also set up the kind of promoted content that they want or don’t want on their feed
The price set by users will be for 1 promoted post on their feed.
It’s going to work like an auction.
24 hours before the promoted post will be published , advertisers will bid each other to try to get their post published on this particular user’s feed.
A smart contract will be needed for that, similar to an escrow where all bidder will send their money to, when the 24 hours limit is reached the advertiser who sent the most money within that 24 hours period will have his promoted post published and the rest of the bidders will get refunded all their money.
The money from the winning bidder will go 50% to the users who accepted the promotion on their feed and 50% to the @null account.
What are the benefits?
Advertisers can target a very specific audience.
Attractive to people who have a lot of followers, because advertisers want to reach the highest numbers of customers. These people with a lot of followers are key as they will bring all of their followers with them.
Creates demand for steem and reduce steem supply.
Creates incentives to build a strong following on busy/steemit
I’m a bit surprised that there is no mention of any kind of revenue model on the 2017 roadmap because this is what is holding investors back right now . Steem has a superior technology, a great community, lots of development going for it yet the volume and price is very low . The explanation is simple, investors are very skeptical when they see all these payouts without any revenue model, it’s hard to explain to them that steem is no different than bitcoin and that the inflation is used to pay for the reward.
Creating a solid revenue model should be a top priority for 2017.
I’m curious to know if such system could be build at the blockchain level . I really don’t know why it could not.
Even as a second layer this promoted system will be beneficial for steem as it introduces a much needed revenue model. I also believe that all promoted system should coexist and that we should keep the one we currently have, the more option for advertisers to get visibility the better for the ecosystem.
Any developers eager to build this? You will do steem a massive favor
On a separate note: I don’t think 7 day single payout is a good idea, you can read here why
https://steemit.com/steem/@snowflake/a-single-7-day-payout-is-not-a-good-idea-imo
Benefits of integrating tipping https://steemit.com/steem/@snowflake/let-s-get-tipping-going-on-steemit not in the roadmap :(
Twitter itself has serious problems with generating revenue. Probably not the ideal role model.
Is their promoted feature not generating good revenue?
I don't know the details in the weeds but I constantly hear about how Twitter is a struggling company that hasn't found good ways to monetize the way other social platforms have.
The blockchain can't force you to look at ads, that's why. Either the advertising goes into the blockchain like regular posts (and people downvote it for spam), or the advertising gets injected by the UI.
Any UI that injects advertising will lose marketshare to a different UI that doesn't do that.
I forget the exact number, but it turns out that something like 95 or 98% of all votes on posts were within the first 7 days. The real reason that the change was made was not to go from 30 days to 7, but from a 24h payout and a 30 day payout (two windows) to a single payout window for scaling purposes. It was shortened to 7 days because in practice, basically nobody was voting beyond that period anyway.
The more stuff that
steemdneeds to keep in memory to process the blockchain, the fewer people who can participate in this decentralized network. It is critically important that we keep the IO and RAM requirements down for running a full node as we scale the size of the userbase and blockchain, otherwise unwanted centralization will occur.ok that make sense, I didn't know there was some memory issue there.
That means the idea to have many payout periods (1 week, 1 month, 6 month,1 year ) is pretty much dead right?
One thing a lot of authors have complained about is that their work is only valuable for 1 week, and that they should be able to be rewarded indefinetely for it..same as youtube videos for example
Yes. I wish very much we could have an extremely long payout period (6-12 mos, for example) but the amount of blockchain processing required over all active-for-payout posts becomes prohibitively large.
We have some ideas about perhaps resurrecting posts for a new payout window if they get voted on again later, but it's still in the research phase. I would love to see long tail perrennial content get paid over a longer period.