Feedback wanted for a new project - Steem Factory.
STEEM FACTORY
Do you want to mine crypto currencies? Do you want to invest in crypto currency?
If you answered yes to either of these questions, the Steem Factory (SF) has been created to provide a solution for you.
Mining crypto currencies is not easy task for most people. It requires an investment in software and physical hardware, in addition to having a understanding of the cryptographic mining process. Another option is to buy a cloud mining contract in exchange for a specific hashrate.
Mining might not be of interest to you, but the possibility of earning crypto currency is. Sure you can write articles and publish them on Steemit.com as well as vote for content. Both of these are viable solutions and are a means to earning Steem. Steem Factory wants to provide another option.
What exactly is Steem Factory? Steem Factory is a project backed by a mining operation consisting of an KNC Titan ASIC Scrypt Miner and a Single GPU Raedon R7 server. The Titan ASIC mines Litecoin, Dogecoin and Viacoin. The GPU Miner mines Foldingcoin, Curecoin, and FolderPepe. Steem Factory wants to share these proceeds with others in the Steem Community.
Steem Factory will create a User Issued Asset or Token called STEEMFACTORY to distribute to the members and voters who support this project.
Let’s say the Steem Factory weekly mining operation profited $100.00 for the month, the STEEMFACTORY Token will be issued to voters and members. The rationale for issuing a token is to link a virtual currency to an income producing business. Thus holders of STEEMFACTORY token could trade in a secondary market on the BitsharesDex.
Future Ideas
In the future, the Steem Factory project could add value by the following activities:
- Buyback STEEMFACTORY UIA to potentially increase the value for existing holders
- Donate to various worthwhile Steem Community projects and causes. For example, contribute funds to Steemprentice Initiative.
- Donate funds on a quarterly basis to Steem newbies and Minnows.
- Sponsor Steem Community Developers on projects that enhance the Steem Network
- Donate funds to various Steem contest
- Long Term Goal - Use funds to buy into ICOs of Blockchain Related Projects. Think the of fund as a Crypto currency Venture Fund.
- Possibly Hire Steem Community Members for Steem Factory tasks
So there you have it. Now I need your feedback:
- I will publish a mining report on Steem to list the income and expenses of the mining operation. I'm thinking about publishing this weekly or monthly. What would be better?
- I'm thinking about offering 3 membership types for this project. What do you think about this?
- Lifetime memberships - reward multiple of 5
- Annual memberships - reward multiple of 3
- Monthly membership - reward multiple of 1
- The reward multiple represents the amount of the payout for members.
- In the Future ideas section, I listed 7 potential value propositions. What do you think about these? Would you like for Steem Factory to support these or not?
Please could you elaborate on a few points?
Will the voting rewards of members exceed the expenses from the mining operation? Is the STEEMFACTORY UIA backed only by the mining profit? Does the excess voting rewards from members go into a fund which you will control in order to fund the extra value activities? What are members required to do? What will your reward be? How will members be able to influence how the excess voting rewards are spent? Is your intention to scale up the mining operation depending on support to generate additional profit? How many STEEMFACTORY units will be created and what is their present market cap based on current mining profit?
Sorry for all the questions and sorry if I've misuderstood a lot of how it will work. It seems like members will be changing their vote rewards into mining returns commensurate with their STEEMFACTORY holdings and for that service you'll take a fee with the excess going into a fund.
I think this business model will become more common and it's important that we are careful the Steemians and the Steem Economy come out with more than they put in and that will depend on the value proposition, management of excess funds and efficiency of the service.
Anyway, I'm interested to know more and if it sounds good, I would love to support your initiative!
This post has been ranked within the top 50 most undervalued posts in the first half of Mar 21. We estimate that this post is undervalued by $5.88 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Mar 21 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Love this idea and thank you for the opportunity for adding my input. Look forward to helping to bring this idea and many others to life.
Thank you information post.
i like it
Thank you.
watching
Thank you.
I certainly like the general idea and I appreciate the effort you've put into this so far.
Once some more of tge details arevworked out, I would consider getting involved in something like this!
Thanks Papa. Hey what about that Japanese Maple Tree?
That will be my next propagation technique. Very soon!
Interesting project. Resteemed :-)
Love this idea. Would like to make it a part of my upcoming Greater fOoLs' Club.
Resteemed and sent you a 5 Steem Tip. Not upvoting anyone any more till N squared gets changed.
Thanks Brindleswan.
brindleswan,
Send me your bitshares dex username and I'll send you STEEMFACTORY. Thanks for your support.
Don't know how I missed this. Better late than never.
@brindleswan on the bitshares dex goes by the handle . . .
drumroll please . . .
shmitoshi
Guys,
Send me your Bitshares DEX username and I'll send you a STEEMFACTORY UIA. Thanks for your support.
Check out the project announcement Steem Factory is Live