📌 [Steem Power Demand Improvement] – 10 Easy Steps To Expand The S...

These 10 Steps will build The Steem Based Economy to new heights.

Step 1 –

Implement a mechanism that allows users to power down fractional portions of their Steem power, and in turn, remove the voting power of Steem that is being powered down. This will provide a much stronger incentive to remain powered up, and to clearly ensure that long term vested Steem holders are those deciding the allocation of author rewards.

Step 2 –

Build a new post section showing the users who have powered up the most Steem in the last 7 days, with a link to their most recent article post. This would act similarly to the promoted section, but would be based on Steem powered up over the last 7 days. People would be able to compete for the top spot in order to gain large amounts of exposure for their new posts as they are released.

Step 3 –

Give users a temporary voting power increase for 2 weeks on recently powered up Steem. Any Steem that is powered up has an effective voting weight of 2 times the regular voting power, for the first two weeks after it is powered up. Also, a 10% overall voting power increase could be calculated when the user powers up any amount of Steem, which applies for 2 weeks.

Step 4 –

Build a mobile wallet app (or update an existing one E-steem @good-karma) that allows for Steem and SBD transactions from one account to another to be generated using QR codes like other Cryptowallets, instead of having to input the username of the recipient. This would improve merchant SBD usability greatly, as it is not feasible to tell customers to type in the account name every time.

Step 5 –

Build an API allowing website hosts to embed a rotating ad scrolling banner in their sites that show the top 10 promoted posts on Steemit, and pays them automatically to their Steem account for each person that clicks through and views, comments, or votes on those posts. This should be made as easy as possible and can act as a simple, plug and play advertising solution.

The payments could be made from an allocation from the blockchain called the promotion reward, exact amounts should be witness feed parameters. Half of all Steem dollars spent for promotion of posts would be would be sent to the promotion reward pool, and the other half burned to @null.

This would drastically improve the utility and demand for the promoted posts feature, and improve demand for SBD.

Step 6 –

Build a referral system, whereby new accounts can enter a referral code from an existing user to receive a bonus amount of Steem power from their referrer when they first sign up, out of their referrers Steem balance (To prevent spamming). All referred accounts would then distribute 1% of all their lifetime SBD earnings to their referrer. There would be no second level earnings distribution, only liquid SBD author rewards are distributed to the referrer.

After a referred user reaches a certain amount of Steem power (e.g. 250 SP, SP earned from the referrers own votes does not count) eligible referrers are given a Steem power reward allocated from the blockchain in the form of a referring reward, exact amounts should be witness feed parameters.

New users would compete to find the referrer that is offering the highest amount of bonus Steem power to join Steem. Referrers would compete to find the authors with the highest creative earning potential, and refer them for 1% of their future payouts. Referrers would then be incentivised to promote the users that they refer, and help them to make high quality content.

Step 7 –

Introduce an on-chain Steem Marketplace where products can be listed and sold for SBD. Implement an Escrow System where accounts with a minimum reputation and Steem power can act as transaction escrow, and charge a small fee on the transactions that they administrate. This would work like a normal blockchain escrow, with funds places in a multisig address, with 2 of 3 signatures required to transfer the money from the account. The Buyer places the money into the address, the escrow acts as arbitrator over the transaction, and releases the money when the seller has completed the transaction. buyers and seller can raise disputes with the arbitrator, who should then transparently distribute the escrowed funds to those believed to be in the right.

High Steem power individuals would be able to be trusted by the community, as they have a lot to lose if their account is brought into disrepute. Any escrows that act maliciously or incompetently can be flagged, and lose their ability to be escrows, as they will not be chosen for future transactions, and will lose reputation.

This would improve the utility of the promotion feature, as the sale of products on Steemit would be profitable when exposure is gained. This would also improve the demand of Steem power for those wishing to become escrows.

Step 8 –

Build a Steemit membership system that gives users benefits for regularly automatically powering up fixed amounts of Steem every week.

An example could be (higher tiers inherit all lower tier benefits):

Platinum Steemit membership – [100 Steem/month]

Platinum member icon next to username
30% boost to voting power, and voting power recharge rate
30% boost to the value of promoting posts (i.e. pay 30 SBD to null, counts as promoting with 39 SBD)
All posts receive an automatic featuring on promoted posts for a value of 5 SBD
Steem Dollars pay out a bonus interest rate of 1.2 x the normal interest rate

Gold Steemit membership – [25 Steem/month]

Gold member icon next to username
Steem Dollars pay out a bonus interest rate of 1.1x the normal interest rate
20% boost to voting power, and voting power recharge rate
20% boost to the value of promoting posts (i.e. pay 30 SBD to null, counts as promoting with 36 SBD)

Silver Steemit Membership – [5 Steem/month]

Silver member icon next to username
Ability to set Custom Blog cover photo
Ability to be eligible for blockchain referring rewards, and be eligible for blockchain promotion rewards from embedded Steemit advertising
10% boost to voting power, and voting power recharge rate
10% boost to the value of promoting posts (i.e. pay 30 SBD to null, counts as promoting with 33 SBD)

Step 9 –

Allow users to effectively borrow Steem Dollars using their Steem as collateral. Similar to the way Bitshares allows the usage of Bitshares as collateral to back the borrowing of smart coins into existence, Liquid Steem could be used to collateralise SBD creation by locking the Steem into the blockchain, and increasing the account’s SBD debt, just like Bitshares does. Positions would be force liquidated if the collateral ratio falls too low.

This would increase the usability of liquid Steem, increase its demand, and add additional stability to the Steem based dollar. Additional smartcoins could then be added in the future, such as the Steem based EUR, Steem based AUD, or Steem based CNY. Authors could be free to elect which smartcoin they want to be paid out in from their author rewards, improving the international scalability of the Steem based economy.

Step 10 –

Create an easy to use direct Fiat to Steem Dollars gateway exchange, that allows users to buy and sell Steem Dollars using Fiat directly, without worrying about Bitcoin as an intermediary, or having to worry about any difficult cryptocurrency specifics. The exchange rate of Fiat to Steem dollars should be floating on the open exchange, with an option to instantly buy or sell directly from the exchange at fixed rates locked in for a week at a time. the exchange would act as a market maker, and would provide stability to the Steem Dollar.

Steem dollars are already the easiest and cheapest cryptocurrency to use as a transactional medium. They sell themselves. They also pay out a substantial interest rate, which is enticing to even the most fiscally conservative savers. We just need to open up the fiat pathway, and the money will follow.

These 10 Steps will go a long way to seeing the price of Steem and Steem dollars not only stop falling, but rise to new heights like we all know they should be doing. We are the first to market with blockchain based social media, Synereo and Yours.network are still in development, and depend on the micropayment tipping model, which we all know does not work at scale in reality, because it directly costs users to tip.

We have in our hands the first truly blockchain based social media platform that does not depend on ads or tipping to pay its users. What it does depend on is the ability for Steem, and the Steem based dollar to provide a genuine value that is worth holding them for.

We can make that happen, if we work together.

Shout out to my favourite whales, creators, and legends of Steem [Best platform ever] - @dan @dantheman @ned @roelandp @jesta @berniesanders @stellabelle @smooth @blocktrades @roadscape @piedpiper @xeroc @dragonanarchist @fyrstikken @dollarvigilante @good-karma

📌 [Steem Power Demand Improvement] – 10 Easy Steps To Expand The Steem Based Economy