What Will I Learn
- How to create an invite to automatically exchange upvotes between Steemit accounts for an agreed upon duration on the newly developed web app SteemAX.
- A deeper understanding of the auto-exchange process.
- Some of the benefits of using SteemAX over bid bots.
This tutorial has been purposely formatted and outlined to be compact and concise yet very informative. Instead of asking the reader to laboriously examine paragraphs of instructions this tutorial is laid out in a bulletin, step-by-step format.
- In order to use SteemAX you must have a Steemit account. Sign up to Steemit and start earning cryptocurrency for your quality content right now!
- Basic. It can be a lot of information to take in when it comes to understanding the exchange process, although this is unnecessary to know in order to use SteemAX.
Let's Get Started
1. Visit SteemAX.trade and Login with Steem Connect
This is pretty straight forward. Use your Steemit password to login to SteemAX via Steem Connect. If you've never used Steem Connect before, just know that's it's owned by Steemit Inc. and it's the safest way to authenticate a Steemit account outside of Steemit. Once you've logged in you'll be at the Create Invite form.
2. Enter a Steemit Account Name
First, enter the Steemit account name that you'd like to send an invite. This can be any valid Steemit account. Once you've entered an account name, click anywhere or press the Enter key and that account's vote value will be displayed. This will let you see the difference between your vote value and the account you'd like to make an exchange with, which will become important when choosing a ratio.
3. Enter the Percentage of Your Vote Value
Now, enter the percentage of your upvote that you'd like to exchange. This must be a whole number. It's the very fact that you cannot upvote less than 1% of your vote value that a whale and a minnow will usually have to adjust the ratio to a disproportional value just to achieve an exchange that is allowed by the blockchain.
Note that after entering the percentage an error appears. This is only because you have not yet entered a ratio.
4. Enter the Ratio Between Vote Values
The ratio is always adjusted as X to 1, where 1 is the other party (invitee). X can be any value between 0.001 and 1000. In other words, ratios can be anything from 0.001:1 to 1000:1. For example, let's say you are a minnow with a vote value of just $0.001 and you want to invite a whale to an auto-exchange that has a vote value of $10.00. As explained in step 3, after setting the percentage to 100% of your upvote, you will need to set the ratio to 0.01:1 ($0.001 to $0.10) at the very least since this whale would not be able to vote less than 1% of $10.00 ($0.10). Of course, the minnow could go for a ratio of 0.001:1 ($0.001 to $1.00) hoping the whale thinks this is a good exchange.
Notice in the example above the ratio is set 1:1, however @outwork has just a slightly higher vote value allowing a ratio like this one:
5. Set a Duration
This is pretty straight forward. Just select from the drop down menu how long you would like this exchange to last.
6. Do the Captcha and Click the Invite Button
The captcha is necessary to prevent spam. Once you have the form filled out, click enter.
YOU'RE NOT DONE YET.
7. Click Start
Once you've created the invite you must actually send it. To do this, click the start button which will reveal the unique Memo ID Code. This code is associated with this exchange and will be used for all commands sent to @steem-ax
8. Send $0.001 SBD or more to ▶▶ @steem-ax ◀◀ (Notice the hyphen!)
SteemAX takes no fees and the amount you send is directly forwarded to the other party.
In order to securely authenticate a SteemAX command, open your Steemit wallet and click transfer on SBD. Do not send Steem, only SBD. Paste that memo code into the memo field. Be sure to send it to @steem-ax.
Once SteemAX has processed your request (please wait up to 15 minutes) then you will see that the exchange has changed status.
After this the invitee will receive an invite in their Steemit wallet.
They can also see their invite by visiting SteemAX.info/@their-steemit-account-name.
For more information read "How to Accept a SteemAX Invite To Exchange Upvotes".
SteemAX takes no fees
The entire SBD amount is forwarded to the inviter along with a message indicating the exchange has been initiated. Because the inviter also had to send SBD, you are guaranteed to have enough SBD to accept the invite.
Keep your Steemit wallet open side by side with SteemAX.info/@your-steemit-account-name to easily cut and paste start codes for multiple exchanges.
SteemAX was designed this way because:
- The only polite way to send a message to another Steemian on the blockchain is via the memo field when sending funds.
- Requiring a monetary send deters spammers from using SteemAX to gain exchanges for spam accounts.
- SteemAX only has permission to vote on behalf of your account, and never has permission to transfer funds.
See Your Exchange History
Once your invites to a number of exchanges have been accepted be sure to:
Here you will see a history of your recent exchanges, which include details about the exact vote values exchanged (which depends upon the current vote power of both accounts), the account you made the exchange with, and the exact time the exchange took place. By putting your cursor over the account name (or by clicking the account name) you can see the post which got the upvote.
Why Should I Use SteemAX?
A deterrent to self upvoting
Since Steemians can trade their vote at disproportional ratios, they can seek profits above and beyond what self voting could achieve, thus eliminating the temptation to self vote.
Whales get better curation rewards
Whales that exchange at ratios favorable to minnows stand a better chance of receiving curation rewards, plus a substantial return on the value of their vote.
Better relations with your fellow Steemians.
The very act of negotiating and sending invites causes Steemians to interact more. To determine if a Steemian is worthy of an exchange One will need to study their blog and get to know their content. A whale will want to know if a disproportional exchange will bring a profit in curations. All in all, the more exchanges running the more likely it is that Steemians will be looking at the overall performance of an account and not just individual blog posts.
A better mechanism for supporting minnows long-term.
Of course a whale could go to SteemAuto and just have their account upvote a minnow on a regular basis. But they would receive nothing in return. With SteemAX, even at disproportional ratios a whale will still get back something in return for their upvote.
A better way for whales to distribute upvotes.
Whales generally have the problem that it's impossible for them to sit at a computer and constantly upvote content. Imagine a whale with a $100 upvote that wants to go on vacation. That's a lot of Steem in the Reward Pool not being distributed while they're gone. It also makes no sense for a whale to simply upvote 10 times per day. That's $10 upvotes going to only 10 people, making something like 9,999,990 other Steemit users perturbed with the system. Not a good idea if you're an investor. So it makes sense that whales need to generate a LOT of upvotes per day.
Thus were born bid bots.
SteemAX is a better way of automating upvotes not just for a whale but for the whole of the Steemit community.
An avenue for minnows to seek support without feeling like they have their hand out.
This one is pretty big. Right now I know of only a handful of legitimate ways for a minnow newcomer to earn their way into some Steem Power, utopian.io being the biggest one I know of. However, for the most part, it's really a crap shoot whether a minnow gets noticed enough to get a sizeable upvote for their effort. Although it should be more about a Steemian's overall campaign rather than just a single post, from a psychological perspective it's still completely understandable why so many turn to bid bots to get noticed in the first place. Now minnows can actively seek support on their own without feeling dependent on whales. Instead, a sizeable number of disproportional exchanges with lower-middle-dolphins could do the same or better.
This is just one of three tutorials planned for this series. Although the other two tutorials have not been written yet, the full curriculum list is listed below. I will convert these to links once they are written:
This tutorial includes information on understanding the exchange process and the basics of the invite parameters such as percentage, ratio and duration.
2. How to Create a SteemAX Invite
This tutorial includes a deeper understanding of the exchange process such as how posts and votes are determined as eligible, and goes over the benefits of using SteemAX in greater detail.
3. How to Barter or Cancel a SteemAX Invite
This tutorial also explains some of the strategies to use when creating and accepting invites, so that both a whale and a minnow can benefit the most from using SteemAX.