Hive Sponsorship
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 |
|---|---|---|
| April | $10.00 | $5.00 |
| May | $4.83 | $2.42 |
| June | $8.65 + $1.20 (tips) | $5.53 |
| July | $6.38 | $3.19 |
| Total | $16.14 |
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!
Sunday Shenanigans
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?
Nicky
There won't be any changes that take out of the pockets of the higher ups or else it would have already happened.
edit: My bad, it did happen, and now we have HIVE 🤣🤣HA!
Haha, well if this all goes through they'll have an additional 65% of the HIVE generated each day which will likely go to witness rewards. Does seem like a move to centralise things doesn't it?
How much was moved into the Hive Fund? 80 million or something?
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Ok, then that leaves me with the question: what is the point of creating content here? Unless I'm missing something. As it stands, I'm in, but far from wedded to communities...
You'll still be able to earn whatever token is present in the community you want to post to. Otherwise you can just post your content here to an audience of about 3,500-4,000 active users and "get exposure" 😀
I wouldn't worry about it just yet, keep an eye on the debate though
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I don't think the idea is gaining popularity per se. I think the interested parties are pushing the narrative that it is gaining popularity so that users think that it is inevitable and resist it less. I don't like it. The successes on hive engine seem to be the exception not the rule. Content creators would not feel incentivised to stay. But what do I know. I'm just a handsome man with a penchant for story telling :0D
Yeah I've removed my witness votes from those who are pushing these changes as I don't like this idea as well. The argument that "it's not worked for 4 years" doesn't fly because there hasn't been any marketing to consumers (or any proper marketing from a dedicated team at all) and I find it a little rich that this is coming from folks who ran bid bots previously.
As for the successes on Hive Engine, well, we can see how many tokens lost value on steem-engine, not really sure any have kept their value on Hive-Engine when they swapped over to Hive?
I can't argue with your last sentence at all 😃
Yeah, totally agree. In essence, started with a product, tried to destroy it via tinkering with the curve and rewards algorithm and standing by or actually running the bid bots which made it all look as scammy as fuck which in turn either chased people away or put them off joining is not 4 years of progress!
Them side tokens, worth fuck all in general!
I know mate, it hurts a lot to see how such a great concept can be so badly managed, portrayed and abused like it was for at least 2 years by those in charge - I'm pretty sure it wasn't "all on steemit" as the narrators would leave us to believe...
The potential of rewarding content creators who in turn can reward their fans, or even just consumers themselves getting rewarded for doing just that, is massive.
Can't help but wonder if a company with big pockets is looking at the tech here and thinking of developing a totally consumer friendly content site/app adopting aspects of the open source tech... 🤔
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Keep on racking up those miles and dollars...I mean kilometers and pounds! ;) Well that explains the rewards thing a bit better. Perhaps I'll finally understand it before they try to make any big changes...
Haha, it's weird in the UK, we price our petrol (gas) in pence per litre but measure fuel efficiency in miles per gallon! Flicking effortlessly between various measurement systems!
The day you understand all the nuances with the rewards will be the day they change it completely haha
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