Why Give A HOOT About The HoboDAO?
The HoboDAO is going to be the very first DAO (Decentralized Autonomous Organization) built on Steem. It is a strategically interwoven federation of multisignature accounts dividing responsibilities and control between three classes known as Casters, Auditors and Senators.
Together, these three classes coordinate to provide to the Steem community a daily contest reward system for independent journalists and informative bloggers/vloggers/podcasters on Steem.
HoboDAO Reward System:
The HoboDAO reward system is powered by its partnerships with other community tokens such as Engage, Natural Products, Trendo and others. It is also powered by its many delegators known in the HoboDAO system as Delegation Miners that mine rewards in the form of Hobo tokens by delegating to the HoboDAO main curation account: @hobo.media.
The first 33 contests will reward the winners of the daily contests with Hobo tokens (ticker symbol: HBO), tokens from our partners (Engage, Natural Products, Trendo) and a 100% upvote to the content author by the HoboDAO's community delegated Steem Power.
In the early stages we will be rewarding the daily top 5 contestants with:
1st Place - 100% Upvote / 5000 HBO / 100 NGA / 100 NATRL / Trendo Upvote (Possibly more tokens...)
2nd Place - 100% Upvote / 2500 HBO / 80 NGA / 80 NATRL / Trendo Upvote (Possibly more tokens...)
3rd Place - 100% Upvote / 1250 HBO / 60 NGA / 60 NATRL / Trendo Upvote (Possibly more tokens...)
4th Place - 100% Upvote / 625 HBO / 40 NGA / 40 NATRL / Trendo Upvote (Possibly more tokens...)
5th Place - 100% Upvote / 312 HBO / 20 NGA / 20 NATRL / Trendo Upvote (Possibly more tokens...)
Our sustainable model will allow us to regularly reward the top five contestant submissions with a 100% upvote from the HoboDAO and Hobo token rewards. Here are the sustainable rewards for our daily top 5 submissions:
1st Place - 100% Upvote / 5000 HBO / + Potential Tag Specific Upvotes
2nd Place - 100% Upvote / 2500 HBO / + Potential Tag Specific Upvotes
3rd Place - 100% Upvote / 1250 HBO / + Potential Tag Specific Upvotes
4th Place - 100% Upvote / 625 HBO / + Potential Tag Specific Upvotes
5th Place - 100% Upvote / 312 HBO / + Potential Tag Specific Upvotes
The Hobo Token:
As more and more tokens come into existence many people wonder what uses there are for the tokens. The daily contest and reward system operated by the HoboDAO is fueled by the utility token HBO, which is used to satisfy submission fees for entering your content or someone else's content that has at least 3 days remaining for curation (upvoting) the content.
The submission fee for entering a daily contest is 500 HBO and it will be sent to the Steem account called @hobodao. Sending tokens to this account is similar to burning tokens because this account requires all Casters, Auditors and Senators to agree and sign for tokens to be transferred out of the account.
What Is The HOOT Token?
In order for the HoboDAO to sustain itself with the operators of the HoboDAO known as Casters, Auditors and Senators to continue willingly giving their time and effort for the decentralized community there must be an incentive program. Several models were considered but this is the model that has been decided on:
The HoboDAO has 10 available 100% upvotes per day, 50% going to the top 5 contestants for each day, while the other 50% goes to incentivizing the operators of the HoboDAO to continue participating in operations.
HoboDAO operators will be airdropped all the HOOT tokens in existence (36,500 total HOOT), and the operators will send the HOOT to @hobodao to submit posts they would like to have curated by the @hobo.media account just as a contestant would submit their 500 HBO to @hobodao to enter the daily contest. However, with HOOT tokens the curation is guaranteed so long as the sender of the HOOT token is still on the HoboDAO's whitelist.
It is important for you to note that HOOT tokens are not tradeable. HOOT tokens are meant to incentivize operators of the HoboDAO, but also to keep them honest. The HOOT token is intended to improve the security of the Hobo token and the HoboDAO by being an exclusive whitelist token.
Please never buy HOOT on the Steem Engine market! You can only send HOOT to @hobodao and receive a curation reward from the Casters if you meet the requirements of the HoboDAO. HOOT hodlers (holders) are operators of the HoboDAO, their activity is monitored and their ability to use HOOT depends on their participation and integrity within the HoboDAO.
HOOT tokens are not sold to the HoboDAO operators, all HOOT tokens will be airdropped to the HoboDAO operators from the beginning. When HOOT is sent to @hobodao the Casters will put the qualifying senders in an ordered list and five (5) 100% upvotes will be allotted to the list each day. The HOOT senders are responsible for making certain that the post they want curated is not SPAM, plagiarism or offensive to any other rules commonly accepted by the Steem community.
HOOT holders are required to remain active in the HoboDAO community in order for their HOOT submissions to remain valid. Only 5 HOOT can be rewarded each day, so HOOT is intended to be a low liquidity long term asset owned by the operators of the HoboDAO and to be redeemable only by sending it to the HoboDAO for curation. This serves as an incentive for the operators of the HoboDAO to remain interested in the long term health of the HoboDAO and its utility token HBO.
Sending more than one (1) HOOT per day by any HoboDAO operator is not allowed and the additional HOOT will be invalid and lost. If the collective HoboDAO community permits, the @hobo.fund will be willing to purchase 1 HOOT for 500 HBO every day or 30 HOOT per month, and will exclusively use these HOOT tokens for obtaining curation on post specifically related to the HoboDAO by the @hobo.fund. This will happen only if the HoboDAO members find it acceptable.
HOOT Distribution
There are a total of 36,500 HOOT in existence and when the HoboDAO operations initiates all operators (Casters, Auditors & Senators) will be issued 500 HOOT tokens. 5000 HOOT will also be sent to @hobo.fund, which is going to remain a centralized account, however, these 5000 HOOT are not for the @hobo.fund's personal use but to give out to Casters, Auditors and Senators for activity.
An action called roll call will be done and when a Caster, Auditor or Senator is present within a 24 hour period they will be rewarded with an additional HOOT out of the 5000 HOOT until all of these 5000 HOOT have been given away.
So, the question is, do you give a HOOT about the HoboDAO? If you do, come join us in our discord server:
https://discord.gg/sgHyY6c - HoboDAO Discord Server
This post is translated in hindi:-
https://steemit.com/hobodao/@sumit1998/6psxab
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