The present and future of Devcoin+STEEM integration

in witness-category •  last year  (edited)

devcoin.png

@devcoin witness reporting after a long break.

For the steemians reading this, meet Devcoin, one of the oldest altcoins still alive as a Proof-of-Work cryptocurrency and community. For the fellow Devcoiners, meet STEEM, a Proof-of-Brain DPOS cryptocurrency and web publishing community. Have you ever heard that there is no age for love? Well, it is true for Devcoin and STEEM, since both projects have similar purpose:

  1. To actively reward creative minds: Writers, Photographers, Musicians, Programmers, etc. (See: http://devtome.com/)
  2. To make the world a better place
  3. "World peace" (just kidding... but... why not?)

Of course, each project has its own way to make things. Organization, source code, infrastructure, market cap, etc. are way different but lets focus on what is essential: To reward creative minds.

What is the current state of Devcoin+STEEM integration?

We had a good start as witness, managing to run a proof of concept by rewarding writers using the #devcoin tag. Unfortunately had almost no funds and STEEM nodes are really demanding in terms of RAM, it is not cheap to rent a VPS with 32GB of RAM with good SLA. In short, our witness node crashed silently to never come back.

Hopefully, the Devcoin+STEEM integration is of particular interest for the Devcoin project, so that we got support from Unthinkingbit (the father of Devcoin). This integration project has got 12 shares from the Devcoin Generation Pool (which is defines how new Devcoins are distributed). The person on charge of managing the funds is @develCuy (same nickname in both projects). Here is the plan proposed by @develCuy:

- Infrastructure & Apps: 4 shares for hosting - Capital: 5 shares for buying STEEM POWER - Marketing: 3 shares for collaborators (one for each)

Note that STEEM POWER generates more STEEM POWER and SBD, and my policy is to buy more STEEM POWER with those generated earnings, since our goal is to speed up the growth of our @devcoin whale. Also, this is a Devcoin project so we will always pay our collaborators with Devcoin.

Marketing efforts are key here, because we have to be campaigning actively in order to gain support from STEEM community. Every vote for our @devcoin whale will get us closer to our target.

The other good news is that people from the Devcoin community publicly stated their interest on contributing to the project, they'll help with Marketing efforts so expect some healthy noise from them to happen very soon!

To summarize our present state, this project is alive, with funding, with a team of volunteers and a simple plan. The purpose is to To reward creative minds.

How does Devcoin+STEEM works?

The basic idea is to allow Devcoiners to earn STEEM and the reverse. So far we only have support to reward STEEM writers with Devcoin. During the proof-of-concept the reward was ridiculously low: 1 Devcoin per 1 SBD (remember that STEEM has SBD as well), but with our new funding we plan to use Marketing funds to give more attractive rewards.

The other way STEEM -> Devcoin is under evaluation. We could use Curation Rewards to create an SBD fund, then use it to buy Devcoin which then should go into a pool for Steemians that promote and/or contribute to Devcoin.

What are the future plans?

My-future-is-so-bright-I-need-to-wear-my-shades.jpg
Source: "My future is so bright, I need to wear my shades" @ Flickr

We might be starting with a very simple plan but things tend to get more complex as they grow. So far we realized that there is no urgent need to run an STEEM node in order to implement an automated integration, yet it is not a long-term solution and we are aware of it. Rome was not build in a day, right? Let's make it step by step.

Then, for the future we expect to have community wide support, whale size STEEM POWER, top 20 witness status and lots of fun. But, speaking realistically, it would HUGE if we ever manage to have just one of the previous (along with lots fun of course!).

How to join the cause

We need all available upvotes and resteems, so please don't mind to do so. Also, please vote for @devcoin witness and consider to delegate as much STEEM POWER as possible to @devcoin. Last but not least, talk with your friends and contacts about our project. After all, we are working to give everyone an extra income source, share the good news!

DevSteem on!

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Very cool article! I can see how this project will grow fast!!! Way to go Devcoin!

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  ·  last year (edited)

Those without any Devcoins may be interested in this faucet, which is run by a DevCoin Admin:

http://faucet.d.evco.in/

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This is pretty cool @novacadian! I think this deserves a whole new article... just saying!

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I was just testing the facet to make sure it works and I always get an Invalid captcha error message. Anyone else able to confirm it working or is there an issue? I can see if I can set up a facet if it cant be fixed easily

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Thanks for the check @FuzzyBearbtc. Will contact the Admin.

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Emfox reports, "now it should be working. please contact me back if there's other issues."

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by develCuy from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

DevSteem

Great hashtag! Nice post as well!

#DevSteem On! 😎

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P.S. Sent a 30SP delegation your way.

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Thanks for your support @novacadian!

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The other way STEEM -> Devcoin is under evaluation. We could use Curation Rewards to create an SBD fund, then use it to buy Devcoin which then should go into a pool for Steemians that promote and/or contribute to Devcoin.

P.P.S Although the proof will be in the pudding, my hope is that your concepts will fit well will SMTs which should be in steem's next fork.

I just wanted to draw your attention to https://www.minnowbooster.net/ There you can request to rent delegated SP for a fee. I only know it from the point of view of the one renting out the SP (and collecting payment) but I know a lot of people use it to boost their voting power early on.

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  ·  last year (edited)

Although that sounds like a wise business decision, @wiser, there is the political hot potato issue of non-proof of brain voting in general. My feeling is a witness may value their record more than the short turn gains, by not taking advantage of such services but relying only on supporters' and steem cash flow projects like utility bots.

P.S. Imagine if delegating became an issue surrounding a fork vote in the future for example.

P.P.S. Self voting is another issue which may be best avoided for its short term gain, as well, for example.

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  ·  last year (edited)

Those are good points and I agree that to use or not use that option is something that needs to be carefully thought through. I was merely mentioning it to make aware that it's an option. My observation is that Steemit is filled with vote buying of various kinds. There are lots of people with SP who do not feel like personally curating, so they delegate out their SP, and very often to the highest bidder. Minnowbooster.net serves as a way to bring people with SP to delegate connected with people who want more SP to boost their votes--I guess not connect the people, really, just get the SP traded for Steem payments. Anyway, like it or hate it, it's kind of the way Steemit is. And I would encourage this project to take its time in deciding how to approach things and what options to use.

I remember the self-upvoting dilemma. I personally don't have a problem with it, but enough people made it an issue and even programmed bots to punish self voters that I decided to quit upvoting my own comments, though I still upvote my posts when I write them.

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  ·  last year (edited)

Steem's supply is based on the Proof of Brain method of mining. Non-Brain Proof Mining causes counterfeit steem, in my opinion. Counterfeit causes inflation if not removed from the economy.

If one could delegate only one step and not be able to delegate delegations, it may put more Proof of Brain back in the mix.

Regardless if it is a good idea business-wise with perhaps having some ethical issues, a witness is a political beast as well as an admin. For that reason a successful one needs handle themselves differently than your average user.

P.S. These views are my own. This witness project is being run by another admin, as you would know @wiser, yet others may assume wrongly.

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  ·  last year (edited)

My understanding of delegation voting was mistaken. It seems that 'brokers' arrange an exchange. Pairs the delegators and delegatees only. Delegation can only be passed in that one step. So this is where Proof of Trust enters the picture. Never liked karma points yet they may have an unobserved purpose here. ;)