Steem Basic Income - Member Upvotes Drive Sustainability
Steem Basic Income
Steem Basic Income is a social experiment to bring a basic income to as many Steemians as possible. Members join by sponsoring others into the program. Steem Basic Income is delivered through providing regular upvotes to member content.
Many of our members use the #steembasicincome tag for their contests, so check there for contests that we might not have resteemed!
Edited: Emergency Update
It has come to my attention that I may have missed a full day. If your transaction was on April 15 (UTC), I will validate your full share counts as soon as I can. We are working hard to fully automate the enrollment processing, and we will do a full audit of enrollment history as part of that.
Still Going Strong
We are up to six pools, so your upvotes could come from @steembasicincome, @sbi2, @sbi3, @sbi4, @sbi5, or @sbi6. We currently have 1726 members that have posted within the last 28 days, and many more members that have not. Unfortunately the members that are not posting are not receiving upvotes. There are currently 8222 'shares' in the program, and it grows every day.
Enrollments received before the most recent transaction of this type have been caught up.
If your enrollment transaction appears in our wallet after the most recent transaction that looks like this, it will be processed in the next batch, which we will be starting on Thursday. After that batch, we should return to our normal schedule of processing enrollments within 24-48 hours.
Support from Members
Thank you all for your support! Upvotes that we receive from members are an essential component to keep delivering a sustainable basic income!
img source: http://www.steemreports.com/top-voters/@steembasicincome
All members that upvote consistently are rewarded with a bonus increase in their voting weight. To get the best benefit, we recommend using @steemvoter, @steemauto, or Streemian.
You've seen the chart of upvotes received, but how does that drive sustainability? Here are our SP rewards received over the last 28 days:
Even with a slight uptrend over the last month, we've had to return to the delegation markets to maintain our target ratios. More consistent updates help a lot to stop the big dips and start trending up again. Our new enrollment processing system is in final testing, which will make it much easier to process enrollments, provide regular updates, and manage voting rules more consistently. I'm looking forward to the improvements that will come with full automation!
Enrollment
If you want to get involved, or to increase the share of basic income that you receive, enrollment is pretty straightforward:
Just send 1 STEEM to @steembasicincome. Include the name of a Steemian to sponsor in the transaction memo (preceded by @). You and the person you sponsor will each receive 1 share in the program. You can sponsor any active Steemian, it does not have to be a current member.
If you're unclear, please check out our full transaction memo guidelines and then let us know if you have any questions.
https://steemit.com/basicincome/@steembasicincome/steem-basic-income-new-transaction-memo-guidelines
The official currency for enrollment is STEEM. We accept SBD at our discretion (usually when they're very close, or when SBD is stronger) but you do not receive extra value or any partial refund for paying in SBD instead of STEEM. If we choose to accept an SBD enrollment, we accept the entire amount. If we choose to reject it, we refund the entire amount and request you to send STEEM instead.
Steem Creators Conference
We had a great experience last weekend at the #steemcreators conference! Check out the tag for footage and photographs from all the presenters and attendees, and see how many photos you can spot @josephsavage in!
EarthNation
Steem Basic Income has been developed in collaboration with @earthnation. We are grateful for their early support, both in brainstorming ideas for improvement and in providing funding for our massively complex automation requirements. Learn more about Earth Nation on their web page at https://earthnation.world/
Questions?
We broke down the mechanics for how the program works in the complete overview. You can check your share counts and upvoting weight in our spreadsheet explained here. If you have any questions, ask away in the comments section or join us in our discord channel.
Hi @steembasicincome
I sent 1 Steem and sponsored my friend "darlene.kitchen"
Would you please confirm that both of us got a share? Thanks.
do you both get shares or just your sponsor?
Sponsor and sponsee both receive a share.
For each enrollment transaction of 1 STEEM, 2 shares are created. One for the person sending the transaction, and one for the person being sponsored. They can not sponsor themselves, so if the sponsored name is the same as the sender, we assign the second share to somebody else.
Some members get around this by coordinating with other members to sponsor each other (and we are fine with that).
thats great news cool thanks for letting me know!
We process enrollments in batches. Yours is in the next batch. You will both receive a share when your transaction is processed.
dear support @steembasicincome
I have sponsored my friend @shimaro with sending 1 SBD to your account.
when we will receive the upvotes on our posts?! :D
Enrollments are sponsored in batches and can be delayed up to a couple of days.
Got it 👌 thanks and wish you all the best 🤞
@steembasicincome I must congratulate you for this so meaningful program that helps the newbies who have most difficulties ( if you can recall ) during their startup. I think many of the newbie either give up or stay inactive after several trials.
Thanks again for the detailed write-up
Cheers
@digitalmind, the only thing that you need to do is continue to support SBI projects and posts with upvotes and comments as well as consistently post once to twice per day. Once you have gotten that in motion, acquire more shares to SBI through contests, sponsorships and gifting from fellow community members and you will see a dramatic increase in consistent rewards. This is a sure shot thing, as I am making nearly 0.50 sbd per post that I do. Projection wise, my investment will be returned to me in full in 2 months, everything beyond that is consistent income and considered profit. If you work the system properly, it will work for you. As always, view documentation over @steembasicincome. I hope this helps!
Great article by the way!
Thank you |Dev for your advice. I will certainly do what you have mentioned as I wanted consistent upvote as a organic growth in steemit.
I think I have began t attract their notice as my upvote has upgraded from sbi4 to sbi3 yesterday.
Cheers
It's a coincidence that your account moved up into pool 3 after this post. I actually didn't see it yet until today. I'm a little behind on some of the different tasks I have responsibility over because of a conference last weekend.
After catching up the enrollments from when I was gone, I did a major rebalance (not affecting everyone, but about 200 members were moved between pools as inactive members were downgraded and other accounts were upgraded into their place. You were a beneficiary of this activity.
But @terminallyill has great advice, so I don't have much else to add to what he already said.
Playing catch up after a weekend of fun in Vegas...lol. Told you I felt sorry for you for all the work that would pile up.
Quick question, does the group you are part of change if you total shares goes up? You are showing 3 for me right now, think I now should have 14 pending and awarding another 3 tomorrow for the contest that ended today. Week 3 is launched already! So will be adding SBI shares each week as the contest has been going great.
We move inactive members down through the pools to try to keep the %inactive somewhat consistent between pools. Right now it's a little uneven, but we're still catching up.
As we move people down, that creates spaces for active members to move up through the pools. Having more shares increases your likelihood of moving up. There isn't a precise formula at present, but we have one ready for when we launch the new system. At that point it will be driven by a time-weighted share count.
So you will most likely move up through the pools as your total shares goes up.
Keep up the great work you are doing!! Think you really are onto something here and if we can just get enough people to start upvoting your posts the need for leases ends and sustainable long term growth for everyone becomes a reality.
That's right! Toward that end, we will be offering even better incentives to upvote our posts when we finally release the fully automated system that we've been working on. So keep an eye open for that announcement in the not too distant future...
thank you for consistently bring about benefits to members who supports SBI in the form of upvote and comment. I have begun to see this effect yesterday with my account upgraded from sbi4 at 0.00 to sbi3 at 0.02
I'm glad the boost is helpful to you! I think part of that is that there were some enrollments for additional shares for you that we had been behind on. When we caught up, it qualified you to move up on our latest rebalance.
oh. thanks for the potential move up to the ladder. I am at sbi3 now and 0.03 today. Is it to move up to sbi2 ?
cheers
If you must moved into sbi3, it will probably take a little time before moving up again.
Hi @digitalmind. Good to know the results. By the way.. if u could share it in form of article .. would be good for those who still unclear about the program brought by SBI. Just a suggestion.
@esdee your suggestion is great and I have to explore more since I am new to sbi.
To understand what really is, the post above has all the details
Can't wait. Keep up the good work.
Looking forward to that for sure. Getting close to the point that I might need to send over a small delegation too. Trying to arrange another delegation for myself and if that happens I should be able to spare a small amount. My contest is growing and to be able to give a good vote to each person featured I need to get more SP or I run out of VP to early each day...lol.
BTW, if there is anything you want a hand with feel free to message me on discord. Same name as here #6765.
Thanks! Your write-up was really good! I just resteemed it.
Glad you liked it. Been really happy with the program so far and everyone I sponsor has liked getting the shares. Perfect win-win, help others while building my own income stream!
I didn't realize but I was on a 3 month old post from you. I guess I went back in time..... Lol, Anyways I'm in....
I read all my comments, but I wouldn't expect anybody else to still see it.
Hey, may I sponsor my new account (not personal, for work) which has no post currently?
If that is yes, may I decide how much SP (for example, 20, 30, under 100) I delegate after you answer my enrollment request?
And do you mind which language I use on the posts for upvotes?
My posts are usually written in Korean, sometimes in English.
You can sponsor an account with no posts, as long as the account is already live on the blockchain (i.e. you can reach it's profile on Steemit).
You can delegate any amount you would like.
We are more than happy to support non-English content. In fact, I have some plans for some future promotions to help non-English communities to grow in the program!
After I announce the cutover to our automated system, reach out to me if you would like to learn how you can benefit from helping to promote our program within the Korean Steem community.
Hi, I got your memo which confirmed my enrollment.
So I delegate 20 SP to you and could you let me know shortly, what would I get by this delegation?
Delegation awards you with bonus shares, which would increase the vote weights allocated to you for as long as the delegation is in place.
One day I hope to have some extra, to delegate your way.
Just keep plugging away. We actually recommend you target at least 500 SP before you start delegating, and then continue to maintain 500 SP in your account.
Hi @steembasicincome, i send 1 steem to sponsor another. And it is not updated :(
I have you at 3 shares. Please keep in mind that we calculate a weekly weight, and then divide that by your own posting frequency. Since your posting frequency increased over the same time period as you started sponsoring more people, you will not have seen an increase in your upvote weight, but remember you are receiving that upvote on every post (and your weekly post frequency is currently 20 posts, where your monthly average per week is only 8).
Click the Image Below to see the Video!
Thanks for your continued support! I love the idea of supporting all your featured steemians!
I have a question for you (@josephsavage) - I've only been receiving upvotes for my new share of sbi for a day or two. This morning's post, yours (sbi5) was the first vote on my post - for 0.00...
I'm unclear how this is supposed to start paying if the upvote isn't worth anything.
Also, I haven't worked out how many daily posts the sbi is optimized for. I post twice daily, sometimes 3-4 posts in the day - I'd like to settle around 3x daily. I don't know if that is negatively affecting my return - or whether it's the first post of the day that gets all the fun (I couldn't check that one as it got upvoted fairly quickly.)
Thanks for your time and clarification.
Each member is assigned a weekly voting weight based on their number of shares. That weekly weight is divided by your posting frequency to determine the actual upvote value per post.
It is hard for somebody with a low number of shares and high posting frequency to exceed the dust threshold. If you do not have enough other votes to consistently exceed the dust threshold, I would recommend either slowing down your posting frequency or increasing your number of shares.
Please also keep in mind that most displays that show voting value only show two decimal places. So if your weekly reward is 0.06 (about what I expect for 1 share, and you post 25 times per week (3-4 times daily) that averages out to 0.0024 per post, which will show as 0.00 on your post because it doesn't show decimals. The whole value is still assigned to you, and as long as you exceed the dust threshold it would be included in your post payout.
In our new system (under development), the dust threshold will be treated as a minimum upvote value. If you have not had enough upvote weight assigned to you for your upvote to exceed the dust threshold, your posts will be skipped until you do and then you would receive an upvote that exceeds the dust threshold. This will guarantee that every member receives their appropriate level of upvote value, but it will make it look like you're being skipped sometimes.
Thanks!
I did wonder about decimal places... so that clarifies that.
I do have one further question.
I understand that there are a number of pools and that more will be added as needed.
Say that my next couple of shares were to come out of a different pool... does that mean that the dust threshold would have to be exceeded in two different pools? Or will my first 100 shares all come out of sbi5, since that's where my first one came from?
Thanks again!
All your shares are grouped together into a single pool, until you hit the 100 shares per pool limit, and then you will have 100 in one pool and the rest in a second pool, until 200, etc.
That clarifies it for me. Thanks!
I have 3 shares in SBI and my rewards have recently dropped by half from 0.02 to 0.01 even though reward pay-outs are now higher with the rise in value of Steem. I still make the same number of posts per week, so why has my reward been cut in half?
We do active rebalancing to manage the number of inactive members in each pool. I recently moved a lot of inactive members out of your pool, which had a negative impact on the level being redistributed to you from the inactives. I just checked your weight and it had also lagged a little behind some of the moves (i.e. it adjusted down due to inactives moving out of your pool, and that adjustment was entered in the voting rules, but then it needed adjusted up again as the pool settled into its new equilibrium, and the followup adjustment was not made yet.) Rule adjustments lag quite a bit more (manually updating 2000+ rules in steemvoter takes a lot of time) sometimes. I just adjusted yours back up again and you should see a little more upvote value come through. It's possible some delegation expired too (I haven't checked SP levels yet today).
These issues will be resolved with the new fully automated system that is under development, and you will see fewer swings in your weekly upvote value once that comes online.
Thanks for the explanation. I hope the values do go up significantly soon because at $3 steem and 3 shares, that's $9 worth of sponsorship that is being reclaimed at just 1 cent per post or 900 posts. Divide that by 2 because each sponsorship yields 2 shares and we get 450 posts to break even. That will take an entire year!
That sounds about right. Current estimated return is $0.06 per week, which would take 50 weeks to return 1 STEEM at current prices.
Keep up the great work SBI. Soon this will all be taken care of automatically.
I can't wait!