The Magic Frog: About Rewards

in themagicfrog •  5 months ago


avatar.png

About the Project

the-magic-frog.com

The Magic Frog is a Bot/Website utilizing the STEEM blockchain to reward everyone involved in a collaborative storytelling project. By submitting small pieces of text (and even images), that the community can vote on everyday, the story evolves and sometimes takes quite strange, funny or interesting turns.

The Magic Frog is currently available in English, French and German and more languages will follow!

The Procedure:

  • A story starts with the words: Once upon a time,...
  • Everyone can submit an idea how the story should go on.
  • The community votes on these submissions.
  • After 24 hours the submission with the most votes gets added to the story.
  • Again people can submit their ideas and the community votes on them. This happens every day.
  • The story evolves day by day, sentence by sentence.
  • A story can end, when someone suggests that to happen and the community agrees (by voting).
  • Generated rewards are distributed (to storytellers, curators and delegators) and a new story starts, again with: Once upon a time,....

How are rewards generated and distributed?

First of all... this project could live without rewards. Because it is great fun to read the stories and even more fun to participate in telling them. But since the project lives on the STEEM blockchain, it generates STEEM/SBD. These funds are given back to everyone who participates in this project, be it by telling the stories, voting on posts or delegating Steem Power to the project.

Generating Rewards

Every time a new piece of text is appended to the story, usually and at most every 24 hours, a new post is published. This means, the longer a story becomes, the more posts are published, thus more rewards can be generated.

The rewards for those posts are set to 50 % liquid SBD and 50 % Steem Power. The liquid SBD part makes the story pot while the Steem Power results in higher rewards, long term, since the respective account upvotes all the story posts it publishes.

The Fine Print

I think it's just fair to mention at this point, that all the story posts have beneficiaries. Namely me and the community manager of the localized version of The Magic Frog. Currently I manage the English and German version and @helo manages the French one.

LanguageBeneficiaries
EN5 % @mkt
DE5 % @mkt
FR1 % @mkt
4 % @helo
??1 % @mkt
4 % ???

This should serve as a support for maintaining the project and as a reward for the people who help me with the other languages. I think the numbers are modest enough to be not considered as a pure try to gain money from this project. Although I would not complain about a little revenue.

Distributing Rewards

When a story ends, by the decision of the community, we have gathered some SBD to distribute among everyone involved. Participants, Curators and Delegators and you can be all of it at the same time of course.

Now let's say the story was told over the course of 50 days, thus 50 posts on the blockchain that generated rewards. Let's assume there are 40 SBD in the story pot. Those 40 SBD will be split into four equal pieces, for the following groups/people.

  • 10 SBD go to the winning storyteller: One lucky participant - The more you contributed to the story, the higher your chance to win.
  • 10 SBD go to all other storytellers: Everyone else who helped telling the story. The more you contributed to the story, the bigger your share.
  • 10 SBD go to all delegators: The more you delegated to the project, the bigger your share.
  • 10 SBD go to all curators: The more powerful your upvotes on the story posts, the bigger your share.

All submissions get upvoted!

Apart from the story pot, you'll always earn a little something just by participating in the fun. If you make it into the story or not does not even matter.

The frog accounts do not only upvote their own story posts but also all submissions (technically comments). The frog accounts try to use their 20 % voting power per day. This is how this voting power is distributed.

TargetVote WeightRemaining VP
Story Post (raising the pot)100 %98 %
Winning Submission100 %96.04 %
Other SubmissionsLook at the code!~80 %

There are two 100 % upvotes before all other submissions get upvoted. So they share ~16 % of the account's voting power before it reaches the daily minimum of 80 %. This means if there are just a few other submissions, they will also receive a 100 % upvote and the account's voting power might not even go down to 80 %. If there are more submissions, the voting weights for them are reduced to not go below 80 %. (See the code!)

Delegate and Upvote!

Delegate to:

AccountLanguageCurrent SPdelegate
@the-magic-frogEN41.487 SP (+642.513 SP)delegate
@der-zauberfroschDE10.221 SP (+50.033 SP)delegate
@grenouilleFR30.765 SP (+802.29 SP)delegate

To auto-upvote the story posts use your favorite service. I use https://steemdunk.xyz for this but I'm also considering to implement this as a feature on the website.

Participate!

By talking that much about money you can easily forget what's still most important. The stories! This whole project was really just a quick idea born out of boredom and the urge to play a little bit with the Steem API. But the result is truly fascinating! People from all over the world tell stories in multiple languages (more will follow soon), and nobody knows what will happen next. I hope that, over time, we will have a rich archive of interesting, funny and/or bizarre stories that are simply entertaining to read.
I love to see what such a collaborative effort can bring forth and I hope it won't stop anytime soon.

So please, visit the website, choose one of the three languages, read the current story and participate in continuing it. You can participate by logging in via SteemConnect to be mentioned in the story with your username and to be involved in the reward distribution at the end of the story, or you can participate as a guest! In any case...

Have Fun!
Happy Storytelling!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Great and very creative project, thank you @mkt & @helo for making this possible!
It is always exciting to see what turn the story takes. So many creative people, a real party! :)

WARNING - The message you received from @sanjugangber is a CONFIRMED SCAM!
DO NOT FOLLOW any instruction and DO NOT CLICK on any link in the comment!

For more information about this scam, read this post:
https://steemit.com/steemit/@arcange/phishing-site-reported-steem-link-premium

If you find my work to protect you and the community valuable, please consider to upvote this warning or to vote for my witness.

Love it! Thank you for all you and your peoples are doing for Steemit.
Regards. V.

Hello, as a member of @steemdunk you have received a free courtesy boost! Steemdunk is an automated curation platform that is easy to use and built for the community. Join us at https://steemdunk.xyz

Upvote this comment to support the bot and increase your future rewards!

Un très bon travail mon grand maître.