Hi Steemians,
Sorry for the long delay without any real update for my witness part. Life has been crazy for me recently. I'm on the last period of my job, meanwhile hanging on the thread with three steem-related projects which I hope could be announced very soon. So basically, busy as hell.
While coding for Steem is very fun and I enjoy that, other obligatory duties could cause quite a stress. And stress could cause and effect your other activities like a big domino. Sometimes you even hate what you love to do a few minutes ago. LOL.
That's why I want to take a little break from all that I'm currently doing. Looking around at steemit for ideas and I found @abit's proposal actually isn't half bad at all. Credit and thank of course go to @abit.
Playing around with the idea on the weekend and SteemInterest was born.
Short explanation, special thanks to @bitcalm:
Steem pays interest on your Steem dollars every month at 10% APR; however, the interest doesn't appear in your account until a transaction is made. If you don't make transactions often, the accrued interest will not be used to calculate the next interest amount, hence it will not be compounded.
This service, once you register, automatically transfers 0.001SBD to your account ensuring interest is compounded, maximizing your profit without you having to think about it. It costs 0.002 SBD per month to use the service where 0.001 SBD is the cost of the service.
It's called trustless because you don't need to give the service any keys. By transferring a small amount to the service and providing the given MEMO, the service knows who is registered and can transfer to the given account at the right time to ensure interest is compounded.
What is SteemInterest?
- It is a service that will trustlessly automatically compound your SBD interest monthly, so you don't have to worry about it anymore.
- Save up to 4.7% per year on your interest, all automatically.
How does it work?
- You give your account and send the fee with the instruction from the website to @steeminterest. Every month when your account balance is due to take interest, @steeminterest will send you back 0.001 SBD to trigger the compounding of interest.
- It costs 0.002 SBD per month, so if you sent 0.024 SBD, the service will notify and trigger your balance for 1 year.
- The service is actually almost like free, I only take 0.001 SBD as collateral. It doesn't even cover the server's cost for 1 month.
- You don't have to worry about giving your keys to me, because I will not need it.
- The service daemon will run once per hour to scan every registered accounts to trigger the compounding.
Disclaimer
- The software is nowhere finish. It's an one-day code so unexpected error might occur. If you get trouble, just contact me here or in steemit.chat.
- Changing of fee or other structures could be applied as well.
Okay enough talk. Please try it yourself @ SteemInterest. I'm happy to see any feedback.
@xeroc: Sorry for taking your account as screenshot here but it's the first one which came to my mind. If you don't like I will remove it, of course.