[Proposal] to improve demand for Steem: add burning steem feature to increase reward fund of a post directly

in #steemit8 years ago (edited)

All we need is demand!

The most frequent question of Steemit's critics is: where demand will come from for Steem and Steem Dollar?

Let's ponder it. So with Steemit.com becomes more popular it will be well paid by people's attention because of abundance of a good quality content. And what is people's attention? Right, it is money! But how could we monetize this attention in the way that helps the whole community to grow faster from that money?

Ways to advertise on Steemit

For now if some advertiser want to show an ad (or even regular user which wants additional attention to his content) on Steemit.com he propably will contact some whales unofficialy and try to pay them in fiat to vote for his content which has ad in it. So this deal is not transparent and it harms ecosystem of steemit because only some whales turn out to be paid, and at the same time the whole community will watch annoying ads.

Second way to advertise something on Steemit is buying directly steem and power it up in an account which will then be used to upvote posts with adds in it. It is more transparent but much less effective scheme. As you know in order to get $1 worth of upvote one should power up about $44000 worth of Steem. If you want to get your advertisement in hot section you need at least $50 worth of upvote which lead to $2.2 million locked in Steem Power. This is insanely uneffective way to advertise something. Yes, you can use then this account multiple times to upvote some other ads but what if you don't have any others?

Proposal

So, my proposal is to add a direct way to increase reward fund of a post in order to get it more visible, e.g. get it being showed in hot or even in trending sections. In order to achieve this you will need to buy some Steem and burn it on chosen post. These Steems will be burnt out of the system increasing showed reward of that post and getting it promoted. Note that this additional reward isn't really a reward because it sould not be distributed among the author of promoted post and its curators as it is burnt actually.

I know that people hate ads, but this could really improve the demand for Steem. Personally I can stand one or two posts with ads in hot or trending being sure that my SP won't crash some day to zero because there is low demand and high supply due to many people decide to cash out simultaniously. We can make even that one burnt steem would be equal to a half of steem from voting or something like that.

What do you think?

Please, leave your comments and suggestions of more intellegent ways to improve demand.

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@everythink Thanks for up voting Steemit Ads over at my blog. I appreciated. And as for you article, I like what you are thinking. I actually never looked at that way, but advertiser could buy STEEM POWER to up vote their own posts. It does make sense. Some is going to happen, and at least between your post and my post, we have begun to open a discussion.
Full $teem Ahead!
@streetstyle

I think burnt Steem should be added on to the mined Steem and then distributed accordingly
Your idea reminds me of the Synereo AMP, I suggest you look it up

No, I didn't. Honestly)

Great post. Doing a search on Google, I can already see that there is a lot of interest from advertisers in Steemit. I think putting ads on the platform would benefit the entire community in the long run.

I'm thinking of about burn fees when transacting. Ie you have a fee that is is burned if any transactions are done on the network. Just to mitigate the inflation a little bit. Or all of the burn fees collected each hour goes to a random post as a lottery, to incentivize people to participate.

Don't hesitate to upvote, btw ;)

Hi! This post has a Flesch-Kincaid grade level of 8.0 and reading ease of 73%. This puts the writing level on par with Tom Clancy and F. Scott Fitzgerald.

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