While our blockchain team has been hard at work on SMTs (the end is in sight!) and our applications team has been making rapid progress on Hive Communities, we’ve still been getting amazing contributions to Condenser (the open source software that powers steemit.com) from community developers.
Reward Splitting
Today we want to tell you about two such contributions relating to beneficiaries (a/k/a “reward splitting”). Beneficiaries is one of the many undervalued features of the Steem blockchain that many Steem applications are reliant on for funding. This feature enables users to direct a portion of their STEEM rewards to other Steem accounts. Applications can use this to generate revenue without charging fees, and content creators can use this feature to split rewards with collaborators.
Set Beneficiaries
Thanks to pull requests submitted by @blockchainstudio and @eonwarped, it is now easier than ever to take advantage of this feature directly through steemit.com. @eonwarped submitted a PR that enables steemit.com users to set beneficiary accounts and the percentage of their rewards they want to direct toward those accounts. You can set as many as 8 beneficiaries through the UI.
To set beneficiaries on a post, select "Advanced settings" when you are creating your post.
View Beneficiaries
@blockchainstudio submitted a PR that enables steemit.com users to view the beneficiaries information that was set on any particular post below the payout information
Steem.DAO Funding
Beneficiaries can be used for two other important purposes; funding the Steem.DAO and reducing the token supply. Because the Steem.DAO is technically just an account on Steem, by setting @steem.dao as a beneficiary on your post, you can send a percentage of the rewards you earn on a post directly to the Steem.DAO to help fund great proposals. Rewards sent to that account via beneficiaries will automatically be converted to SBD.
Burning STEEM
If you wish to simply “burn” a percentage of your rewards, thereby lowering the total amount of STEEM in existence, you can simply set @null as a beneficiary. @null is a special account on Steem that no one owns or controls. Any funds sent to @null are removed from the token supply.
Steem Feature of the Week:
Human-Readable Account Names
These features also highlight one of the other undervalued features of Steem which are human-readable account names. On other blockchains utilizing these features would require using wallet addresses which are just random strings of letters and numbers.
Human-readable accounts makes it easy for ordinary users to interact with blockchain accounts by making it easy to remember and input addresses. This is only one of many unique features of Steem that are critical to making blockchain technology accessible to everyone and onboarding the masses.
This feature is now live in production, so don’t forget to set some beneficiaries on your next post!
The Steemit Team
Thanks for the mention, happy to contribute!
Would have been a good opportunity to accept rewards and make blockchainstudio, you, null and steem.dao as beneficiaries eh?
But these votes for your comment are also good
I was definitely thinking this in the back of my head hehe.
lol, your comment is making it up the trending page
Ah great idea, next time!
great idea :)
Dude im so happy to see you getting recognition! I hope they see your work on https://economicstudio.github.io/vp/?a=ackza&t=pal
I hope people also check out your @steemfinex project that lets you exchange steem for steemp. https://steemfinex.com i was sitting there liek a doorman on steem engien discord once when the frontend was not working for deposits/withdrawls for a few mins, and had to tell everyone to use steemfinex to exchange their steemp for steem and they were all using it :D i hope you got some nice business there, its cool how its onbly 0.25% or free if you wait 25 hours and put 25 in the memo, but yeah i just send at least a couple steemp to @steemfinex (minumum 1 right?) and i get steem in my account! and vica versa.
Maybe @steemitblog will se what i did with eonwarped with my steemsandiego and asstoken.app tribe nitrous sites where I changed promoted to PROPOSALS and eonwarped even let me change my promote buttons top say propose, i loaded 1 M of my 10M max supply SAND token into @sandiegocoin and it now votes on proposals, :D Once i get @dpoll polls on the proposals to control the curation of this sandiegocoin, i can package it off as a nice little Steem Engine Tribe proposal system :D
Is it just something weird happening for me, or is this comment appearing on the trending page for everyone?
Has SteemPeak always done this, and comments just haven't been voted up so high before?
Or is this new?
EDIT:
Looks like Steemit.com does this too, so I'm assuming it has always been like this.
since when have comments been on trending? i guess it was weird we could resteem a comment...
flagged for vote farming
@steemflagrewards
They are rewarding him for the coding effort he has put in.
Thank you for mentioning my work :)
Upvote goes above👆
Oh, you DO use the comment section of this blockchain!
Now that I've got you, please stop taking my money. I don't want liquid STEEM, I want it powered up. And I want all of it. Thanks!
LOl what? Your asking likwid to stop taking ur money??? hahaha ppower up your pposst 100% then? is it cuz ur using @threepseak ? Thats forced likwid i think @themarkymark said maybe thats why? or do u have liwkdi enabled on @steempeak? u can turn it off in settings
It's probably because it's forced on 3speak posts. I've stopped posting through there for now, so I'll deal with the issue after @MediKatie and I have our baby and bring it home. Kinda living out of a suitcase at hospital until that happens! Thanks.
Thanks!
It would really help if steemit would use reward splitting for their website. This would allow other UI's to compete and get a revenue stream.
They could always do that and make the beneficiary @null @knircky.
hahah we do! thats what this is! beneficiary rewards!!! wait u have a 71 rep like me u must know this, what are you actualy talking aboiut i must be confused
Love to see this project grow step by step, keep it up errrryone
ive seen you grow step by step man good work keep it up
See all these blockchains are coming out with names for wallets, and they act like it is some new feature, but Steemit has been doing this since 2016!
Like they say.. The crypto projects that will grow into the future will be the ones that even Grandma can use like human-readable account names!
I love gram-mama (-:
Me too!! It’s actually mines birthday today. Happy birthday granny Barbara!!
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100%
To be fair, Bitshares was the first blockchain to do it. Although it's no surprise since both projects had the same lead developer at the start.
It might be worth adding a note to this post that you need to go to Advanced Settings under the rewards to open up the box for setting the beneficiaries...
Great point, thanks!
"If you wish to simply “burn” a percentage of your rewards, thereby lowering the total amount of STEEM in existence, you can simply set @null as a beneficiary. @null is a special account on Steem that no one owns or controls. Any funds sent to @null are removed from the token supply."
If Steemit did that with their massive stake, instead of selling it onto the market, STEEM prices would finally recover. "Onboarding the masses" would actually be possible once we had a stable currency again. Instead, sounds like they are encouraging everyone else to do so, but they could (and should) be the ones burning up their stake to save the platform.
It certainly doesn't help us onboard new users and encourage them to power up when the currency just goes down and down and down, though to be fair not all of that is due to the Steemit,Inc dumping, but it is a big part.
As we saw in 2017 and 2018, the easiest way to onboard new users is a soaring steem (or SBD) price. Our goal should be to base most of our decisions around making that happen and the rest takes care of itself.
Source : https://steemit.com/steem/@tarazkp/social-steem-capital-and-transactions-of-relationship
A hundred million accounts? I would take just a couple million of active ones at this point. Besides, they can always ratchet down the RC requirements if needed. Not having enough steem is basically the last thing I would be concerned about at this point. We are more likely to die and whither away than we are to ever have "too many people", especially with people running people off of here like it's fun for them.
Even with your 2 million active accounts (provided my proportionsl math is right) there would still only be 300 STEEM per account as opposed to 6 with 100,000,000 accounts. Not even enough to make minnow. Buy while supplies last! 😎
That is not a problem. That would be a feature!
But I digress, we are so far away from that ever being a problem, I will worry about it then.
we can scale steem with a third payer solution like @liquidapps https://liquidapps.io does for eos and eth, and ive already asked them about adding steem, and getting steem on scatter and newdex adding SMts.
@steemitblog,
Honestly this is a good news! Thanks for this development!
$trdo
Cheers~
Congratulations @theguruasia, you are successfuly trended the post that shared by @steemitblog!
@steemitblog got 6 TRDO & @theguruasia got 4 TRDO!
"Call TRDO, Your Comment Worth Something!"
To view or trade TRDO go to steem-engine.com
Join TRDO Discord Channel or Join TRDO Web Site
Not a bad idea for people who want to fund the proposals. We need to encourage more ways to reduce the circulating supply of Steem though.
Steem to the moon
Go @eonwarped!!! Nice to see concrete progress.
Awesome! Great improvement! #newsteem rocks!
Awesome..
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actually that's pretty damn good idea both for burning steem and thus keeping a balance and for the funding purposes. To tell you the truth i am more excited about the dao account that if used correctly will uplift the platform for good as many awesome ideas will get some starting funding.
Does that also include let's say marketing-ad like proposals in order for steem/steemit to reach bigger audiences?
Yes! The proposals system can be used for anything, it does not need to be software development.
Really? I made a post the other day proposing "flooding" the internet with Steem ads or even commercials between radio shows etc. I have no idea how to create a proposal though, let alone that I am not much a "tech" guy. I wonder who should I contact with in order to discuss it. A specific witness maybe? A dev?
I would appreciate a reply and thanks in advance.
I believe that currently steemproposals.com is the most user friendly way of walking you through that and it allows creation of proposals now.
Disclaimer: that site is not run by Steemit 🙂
This is a good tool, STEEMIANS now can support there fav content creators some more 😎
Posted using Partiko iOS
This is really a great news to hear about i must say
Is setting beneficiaries to @null an idea for @steemitblog? I guess more people would upvote the post and we can see some of them on trending - especially under #NewSteem.
Cool
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This is a good move of SteemIt. Love it. Go Steem!
Regards from Indonesia.
This is nice improvement in steemit platform
That’s an great development. My interest is backing in steem again.
Where is @nerd ? :P
Damnnn.... Fuck yeah I'm gonnA try it!
I think this is a welcome development ... Authors can now earn more, and decide to share little to curators ..... Well done steemit team
Isn't it the time to give a chance to this poor button?
Pft!! ¡Wadda malarkey!
Finally activating the "Reward Splitting & Set Beneficiaries" feature on steemit.com UI basically promoting and pushing that this shoulda be used to set @steem.dao and @null as beneficiaries in order to help fund great proposals & lowering the total amount of STEEM in existence with the 'hopes' that "in that way" the value of Steem rise in the markets.
¿Is this perhaps because it wasn't enough or it isn't enough for the same purposes if one just adjust: "Power Up 100%" each and every one of our posts?
¿Would 'they' have been so diligent to develop & activate this feature in steemit.com to otherwise benefit only the community in an exclusively peer to peer fashion?
Yeah! think about it. I'm just saying!!
What a great idea and an easy way to help others get started and understand the rewards program.
haha, and when can I apply for medical insurance too ?? (-:
Hi would it be possible to setup a permanent beneficiary without doing it on every post?
I'm liking these additions from the community. Really useful.
SMT in sight. Meanwhile:
Great update team. I've never used beneficiary feature before but it's seems handy. I've used many Steem dapp which of course takes a share without me knowing haha!
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www.steempeak.com is way better in regards to adding beneficiaries than any of the other sites like Steemit dot com.
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minus for minus...
You can also skip the 3 month power down by setting
@likwidas a beneficiary and receive your reward in liquid STEEM instead of SP. (for a fee)More details.
You can also skip the 3 month power down by setting
@likwidas a beneficiary and receive your reward in liquid STEEM instead of SP. (for a fee)More details.
This is pretty good, but why would you skip the 3 months power down though?
Nice, to have that option!
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