In this article we will explain how the upcoming BuildTeam bidding process will work and how you can physically exchange your BUILDTEAM tokens for a percentage of BuildTeam revenue in the form of Steem. This process can be compared to that of a bond holder deciding to trade in their bonds (promissary notes) for FIAT currency.
The BuildTeam bidding process represents the largest current use case for the BUILDTEAM Token. In addition to participating in the BuildTeam bidding process another option is to simply buy and hold BUILDTEAM tokens and use them as you would another cryptocurrency as a form of payment or an investment to be used at a later point in the future.
How does the bidding process work?
BuildTeam generates revenue from its various services such as @minnowbooster, @steemvoter and @steemsports. The company has been structured in a way where the profits from each individual service are collected and amassed into the BuildTeam General Fund, in the form of Steem cryptocurrency.
Every month BUILDTEAM tokens can be used to bid on a portion of the General Fund and users who bid on these funds will receive an amount of Steem proportional to the amount of BuildTeam tokens each bidder has bid.
For example:
If the entire bidding pool is 1000 Steem. The total amount of bids is 100 BUILDTEAM Tokens.
1.) Joe bids 35 BUILDTEAM tokens
2.) Mary bids 45 BUILDTEAM tokens
3.) Fred bids 20 BUILDTEAM tokens
The payout would result in Joe receiving 350 Steem, Mary receiving 450 Steem and Fred receiving 200 Steem.
Submission Deadlines and Payout Process:
The bidding process will end 3 days after the official announcement is made by BuildTeam. A similar announcement will be made on the 2nd or 3rd of each month. Payment in the form of Steem will be sent to your Steemit account within 48 hours after the bidding process has ended.
How do I bid?
Send the quantity of BUILDTEAM tokens you would like to bid to the account buildteam on the Bitshares DEX. Add a memo with your steem username to that transaction.
If you would like to increase your bid, send an additional transaction along with your steem username in the memo field.
You are allowed to specify other usernames if you want to gift a Steem payment to someone else.
How big is the pot?
Every month the pot will change but based on the current state of operations with BuildTeam for the next few months it should be between 1500-2500 Steem.
Is the BuildTeam bidding process profitable?
We want this process to be as transparent as possible. You will need to review the bids and make your own calculations as to the profitability of bids each month. You can see current bids in this google sheet but be aware that we fill this manually. You can see latest transfers on cryptofresh.
Summary
BuildTeam is an exciting new organization implementing a revolutionary new business model based around valuable blockchain services. BUILDTEAM-Tokens are a remarkable new cryptocurrency which can be used to bid on profits generated by BuildTeam. Consider becoming a part of our movement and taking part in this process by visiting the Bitshares DEX, purchasing BUILDTEAM-Tokens and then bidding for a percentage of our profits. If you have any questions, please drop by our discord support room at: https://discord.gg/EuKunFG
Be ready for our first announcement scheduled for August 3rd, 2017.
Best of luck with your bids!
The BuildTeam
This is a @steemvoter subscription payment post. Thank you to Steemvoter customers for allowing us to use your Steem accounts to upvote this post by virtue of your free subscription to the Steemvoter.com bot service. @steemvoter is proudly a @buildteam subsidiary and sister project to @minnowbooster and @steemsports.