STEEMIT AND THE CURIOUS CASE OF "NULL"!
Have you ever seen "Null" pop up on you feed before since you came on-board steemit? Well, today is that day.
What does the account do and why do people keep sending funds to this strange looking account? Below are some of our findings and be sure to take your time to go through it to the end.
If you are as curious as a Cat, you would or must have asked one or two people what it means to send funds to null account. Like the name sounds and implies, null means void; so irrespective of the funds that goes in there, the account still has no value. For illustration purposes, check out the screenshot below and see how funds enters per seconds and minutes but never increase the worth of this account in Vest and it's reputation.
SO WHAT DOES IT IMPLIES?
From our research, the first conclusion reached was that the "Null" account was created to return all burnt tokens(steems/SBD) back to the Eco-system. This simply means all amount spent on promoting a post is returned. Doing this means you have sent funds or assets into an account that is inaccessible by anyone i.e locked up, which is a prove that a user actually invested resources to promote his or his friends articles.
This null account could be considered as a Steem Black Hole that sucks all Unclaimed assets off back into circulation and either with direct or indirect process; it goes back into the whole community i.e the Rewardpool where its is distributed again both evenly and unevenly.
This special account is not claimed or controlled by anyone, all funds(SBD) sent to it is locked away forever, the SBD is added to the payout of each promoted posts that had transferred to Null so as to increase the ranking on the promotion page. Simply put, the goes to no one; not even Steemit.Inc!
The money is distributed to all stakeholders. Since all payments are made in Steem Dollars and Steem Dollars are similar to the debt of the network, it means all payments made to promote posts serve to reduce the debt load on Steem which increases the value of Steem.- @steemitblog
So if you are in doubt and wondering where all the money sent to Null goes, keep calm and be rest assured no one is taking your funds; it's coming back to you just as you have promoted it.
DISCLAIMER
The @null account is a special blockchain level account and does not belong to Steemit, Inc or any other individual. Sending money to @null does not constitute a contract between you and anyone else. Steemit, Inc can and will change how it chooses to display, filter, and sort posts in the promoted section at its sole discretion.-@steemitblog
Follow @oluwoleolaide, @lucashunter, @peman , @jotmax , @sweetestglo-eu @sammie85 and @cwen for more updates and details on @Steem-Lagos Nigeria-Africa-World!
I recently promoted a post and was very curious about what "null" meant. This helps a lot, thank you! Keep up the good work! :)
You are welcome.
Good post... And good articel... I follow you