An idea for Steem Power delegation for increasing Steem liquidity

in #steemdev7 years ago

A few years ago I came up with a silly idea for a website called FameMarket. It was supposed to be a platform on which you could buy and sell "stocks" not of companies, but of famous people. For example, you could buy 100 Lady Gaga "stocks" (GAGA) or 1000 Kanye West "stocks" (KWEST) and make a profit (or a loss) based on how the "stock" performed. Exactly like on the stock market.

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In a way, this could be implemented on Steemit. How would it work?

Let's say a Steemit user has the option to push a button to participate in this system. Let's call that user a "Delegatee".

Once the delegatee has pushed that button, 20% of each of his Steemit author and curation rewards are put into a "Delegation Reward Pool".

Other Steemit users will be able to delegate any amount of STEEM Power to that delegatee. Let's call these users "Delegators".

The delegators will earn a slice of the Delegation Reward Pool of the delegatee to which they delegated STEEM Power. How much each delegator will earn will be based on the percentage of the total delegated STEEM Power to that delegatee.

For example:

  • Delegator 1 delegates 1000 STEEM Power.
  • Delegator 2 delegates 500 STEEM Power.
  • Delegator 3 delegates 250 STEEM Power.
  • Delegator 4 delegates 250 STEEM Power.

A total of 2000 STEEM Power was delegated to Delegatee 1. Based on these delegations, each delegator will earn:

  • Delegator 1 receives 50% of the Delegation Reward Pool of the Delegatee 1.
  • Delegator 2 receives 25% of the Delegation Reward Pool of the Delegatee 1.
  • Delegator 3 receives 12.5% of the Delegation Reward Pool of the Delegatee 1.
  • Delegator 4 receives 12.5% of the Delegation Reward Pool of the Delegatee 1.

The delegators would have a portfolio in which they can see all their delegated STEEM Power and how much they earned from each delegatee.

The delegators can withdraw their delegated STEEM Power at any time. The delegatees can opt-out of the system at any time.

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So, basically the idea is that Steemians can "invest" in other Steemians and make a profit from this. Also Steemians in which other Steemians "invested" in have an extra incentive to produce better and better content in order to attract other "investors" to "invest" STEEM Power in them. The more STEEM Power they can attract, the more they can earn from both author and curation rewards. It's a win-win situation.

Maybe this systems could replace the current curation rewards system altogether.

Or maybe this system could be developed into a standalone platform built on the Steem blockchain separate from Steemit.

Keep in mind that I didn't think of the ways in which such a system could be abused, which I'm sure it can.

:-)

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Nice post and recommendations.
I just followed and upvoted your post because I find it relevant and would need more of this... @anonimnotoriu seems my latest post correlate with yours
Check out my latest post on steemit and upvote and follow me
https://steemit.com/steem/@mickyscofield/this-is-how-money-is-created-on-steem

Do you have the technical capability to implement this? I think it would work if you could get it up and running.

It should be off-site like Minnowbooster. I'd be interested in using it.

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