Steem Basic Income
Steem Basic Income is a social experiment to bring a voluntary crowd-funded basic income to as many Steemians as possible. Members join by sponsoring others into the program. Steem Basic Income is delivered through regular upvotes to member content.
Support from Members
Thank you all for your support! Upvotes that we receive from members are an important component to continue delivering a sustainable basic income!
Here is a visualization of our incoming votes for the last week.
source: http://www.steemreports.com/incoming-votes-info/?account=steembasicincome&days=7
4.2% of our total value received was from our low 0.86% self-voting. 19.65% of our sustainability coverage is provided by author rewards. Ideally it would be at least 33% (or high enough that our self-vote percentage is higher than our percentage of total value received from that self-vote.)
Upvoting Bonuses
Last week we opened a discussion with our membership about whether (and how) to change the upvoting bonuses. Based on the feedback we received, we plan to decrease our main upvote reward multiplier from 1.10x to 0.50x. We will also reduce the bonuses paid on our other voting account updates and comments to half that (0.25x).
These changes will occur over an extended period of 10-12 weeks. The current reward levels are 1.05x for main account updates and 1.00x for comments and voting account updates. These are for upvotes we received over the past week. Upvotes we receive over the next week will be rewarded at 1.0x and 0.90x, respectively.
This is low enough to minimize the amount of abuse while still allowing upvotes on SBI to serve as a VP overflow valve when members have busy periods where life interferes with manual curation.
We expect this change to have a positive impact on our overall sustainability metrics. While the total upvotes we receive may decrease, the amount of VP we spend to return them will decrease even more, resulting in a net positive.
There is already a fallback reward logic where low SP accounts earn a higher bonus on main account update upvotes. As part of this change to upvoting bonuses, we will evaluate and raise the fallback level so that small accounts are not negatively impacted by the change (improving the overall distribution for upvoting bonuses to benefit more accounts.) We believe that a wide SP distribution on Steem is extremely good for the system's long-term health, and wider upvote distribution from our program will help achieve that goal.
(Official SBI Accounts: @steembasicincome, @sbi2, @sbi3, @sbi4, @sbi5, @sbi6, @sbi7, @sbi8, @sbi9, @sbi10, @sbi-booster. Our automated system dynamically selects the best account to deliver your upvote at the time of upvote delivery.)
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Enrollment
If you want to get involved in Steem Basic Income, or to increase your subscription level, enrollment is pretty straightforward:
Just send 1 STEEM to @steembasicincome. Include the name of a Steemian to sponsor in the transaction memo (preceded by @). You and the person you sponsor will each receive 1 unit in the program. You can sponsor any active Steemian, it does not have to be a current member.
In effect, when you enroll, you are 'curating' another account to receive ongoing support, and at the same time receiving curation rewards - an equal level of ongoing support. If you're unclear, please check out our full transaction memo guidelines and then let us know if you have any questions.
@steembasicincome/transaction-memo-guidelines
The official currency for enrollment is STEEM. If we choose to accept SBD without refunding it, you do not receive extra value for it. Enrollments are processed automatically every 144 minutes.
Questions about Steem Basic Income?
Most questions are addressed in our FAQ or in these helpful resources. If you still have questions, ask in the comments section or join us in our discord channel.
