GM PhotoFeed Community!
To be fully honest with you guys I have to tell you that on the end of 2021 I was at a point where I had thoughts about stopping the project entirely after working daily on it for the past 2 years. There is a strange phenomena where the higher the quality of the post gets the lower the engagement/interest in our Round-Ups got.
PhotoFeed is a project which exists since over 4 years on the Blockchain and I think it would be really sad to just let it go as I really put all my passion into this project to offer a nice place for photographers.
So the 2 options I had were either stopping the project entirely or going all in on it. As you probably already guessed I chose the second option! Since then I've spend pretty much every second of my free time on thinking about concepts and ideas to push the project forward without giving up on it.
Implementing the first new feature was just the most logic next step - Adding delegation rewards!
What are delegations?
Most of you may know it already but I try to explain it as short and quick as possible:
Trough delegations you can “stake” tokens from your wallet into another wallet and receive
rewards calculated by the amount of tokens you delegate. You can remove your delegations at any time (It takes a time period of 7 days to fully remove the delegation without any risks involved)
“Person A delegates X Hive to Person B and receives daily sum X in rewards*”
Why should you delegate?
To support a project you like + receiving a passive income by daily distributed token rewards. This might also be interesting for people who are not that active on the chain but still want their vote power to be used.
With enough staked power we have way more possibilities to add cool new features for all the photographers on this blockchain. The more delegations we receive the more photographers we can support!
How do you delegate?
That's super simple! There are a few ways how you can delegate to an account but the most easy and comfortable one definitely offers peakd.com where you just go into your wallet and click on delegate below your staked hive tokens.
Daily distributed token rewards
First of all I need to give out a big shout out to @lemouth who provided the script for me and also helped me for a few weeks setting everything up and also answer all my annoying question. Again, thank you so much, Lemouth! Without you all of this wouldn't be possible!
To give out the best possible share on rewards I have decided to set the rewards at 80% of the original voting power. This may be one of the highest shares around the curation projects (please correct me if i'm wrong).
I was running the script for the past 8 days to receive enough data to work with for adjusting things and getting an overview over the distributed rewards. Analyzing this data made me realize that the voting behavior of PhotoFeed isn't great at all. We gave out 8 x 100% votes for our daily round-ups + 50% votes for all contest comment entries.
Fixing the voting behavior will ultimately lead to higher voting rewards which means our delegators will receive more token rewards in the future. Working on this issue will be Phase 1 of our project development.
Current Reward Ex:
Ex: A delegation of 300 Hive would give you on avg. 0.04 Hive/day (14.6 Hive/year) which would
be a 5% APR with the current voting behavior.
In Phase 1 we will fully focus on voting behavior. That means, we give out more votes in a bigger variety as in the past. By adding new features, contests and formats this issue should be resolved quite fast.
To speed up the process a bit I have decided to give out votes to all posts which are posted directly into our community (except to obvious farmers or extreme low effort/quality posts)
PhotoFeed will post 1x a month an Update Post where we will show the current progress of phase 1 and all new features.
We need you!
to end this post I want to mention once again how important it is that we as a community work together to develop this project further + to provide a great place to be for all photographers!
As always - Any critique, feedback and ideas are more than welcome! Let's have a discussion in the comment section or on discord!
Any Reblog would help us to get the most possible attention. Cheers!