Thanks to the really great way that the current rewards pool works (more on that later), I decided that I'd contribute half of the post payouts that my monthly 2,020 km Challenge reports generate on PeakD to my JustGiving Page. The last time I did this was after March's post where I added £20.20 to the pot, this time, we have a few more posts to look through:
|Month||Post Payout||Amount to JustGiving|
|June||$8.65 + $1.20 (tips)||$5.53|
Converting $ to £ using XE for the exchange rate at time of writing of $1 = £0.75344, it's given me a total value of £12.16 that I have paid in just this moment!
Thanks to everyone who's supported the blog posts about the challenge and the motivating words of encouragement to get through so far! I've managed to reach a milestone for the year of 1,250 km earlier today and although I could do with a soft tissue massage in my feet (any takers? Don't worry, I've showered 😜), I'm very happy with the progress so far and I'm 11% towards the target sponsorship of £2,020! Wooo!
So what else has happened today? As if the above wasn't awesome enough, I managed to step in to the furnace known as my music studio (it was 34 Celsius today which toasted the room nicely) and, as requested by fellow EMA Co Founder, I recorded a 1 hour special DJ Mix featuring all my tracks, past, present and future which will be getting aired soon - I'll have an update on that nearer the time but tomorrow (10th August 2020), we have the Heliocentrism release coming and it'll be all eyes on that!
What's Happening With The Rewards Pool?
So I have caught wind (stop giggling) that something is changing with the rewards pool and a few top witnesses are thinking of removing it on the "global scale" and this idea is gaining popularity?
As far as I understand, the plan is to not have the global rewards structure that we're currently familiar with and as content creators, probably drew us in to post here in the first place. This is where the whole rewards structure is integrate in at the base level of the code that runs the chain and upvotes and downvotes distribute 65% of the HIVE that's minted daily to content.
Instead, the proposed method is to have a set up similar to how Hive-Engine tokens work or LeoFinance where a 2nd token is given to content depending on what front-end or "tribe"/"community" (whatever they are called these days) you are using. For example, with LeoFinance, they have the Leo token that's given and I think Creative Coin also has it's own front-end with creativecoin. There may be others but I only know about these two.
Is This A Good Thing?
It's certainly going to be a massive change to what we are used to, especially as HIVE and HBD can be traded on big exchanges and so it makes you wonder if these new tokens can provide a utility or not. I'd imagine that will be up to community leaders to decide if they want to have a token and how they'd give it a use.
We have seen how this might work with Steem-Engine and Hive-Engine tokens where you have an additional exchange to swap out tokens with others and get HIVE but if there's going to be tokens that will be built in to Hive's "base layer", like what the Smart Media Tokens (SMTs) would do, it could be a good thing. Of course, SMTs were meant to be introduced years ago but that never happened so who knows?
If there's no SMTs and the rewards pool is removed completely... well, I'll leave you to think about that scenario 😃
Keep your eyes out for the updates and conversation going on at the moment though so you know what's going on 🙂
When Will The Rewards Pool Change?
It seems to me to be very much in the discussion stage and I'd be very surprised if this sudden MASSIVE change to the mechanics of the chain would happen in the upcoming HF24 so I'm thinking HF25 some point in 2021 but what do I know, I'm just a drum & bass music producer and DJ who sometimes writes travel blogs and does ridiculous fitness challenges for charity 😁
So, what do you boys and girls think? How do you envisage these changes to the rewards pool? How was your Sunday? Are you doing any exuberant challenges this year?