Many a minnow swims into the Steemit stream confused and confounded by the basic economy. What is this Steem Power?How does this relate to voting and vote port? Why can I run out of it? I just came on here to blog! Please just let me blog! Below, I've tried to list out a fitting metaphor for how this all works and how to make the best of each value type.
So, the metaphor I'm using is going to build off a previous one I wrote about in which Steem Power is equivalent to an investment account. Within your investment account, Voting Power is allotted amount of trades. Ideally, you will then easily see how Voting Power and Steem Power interact within Steemit.
STEEM POWER
VOTING POWER
SteemPower / VotesPerDay
So, this means, on a busy day on Steemit, you can vote until you run out of Steem Power to invest. Don't worry though, voting power regenerates 20% per day. This means, you can consistently have near 100% voting power by using your voting power wisely. Also, if you don't vote for a day, Steemit will reset its moving average to the default, which is 20 votes.
Example:
- 10 dollars in your investment account,
- You want to make 10 trades.
- Each trade would be worth $1.
This means, if you have 10 Steem Power, and make roughly 10 votes a day, Steemit will try to make sure each is roughly worth $1. And every day, your account will refresh 20%, or 2 Steem Power for new votes.
Earning Steem Power
How do I find out what my vote is worth?
- Check out this Handy Tool written by @mauricemikkers
- http://www.steemdollar.com/dollar_per_vote.php?name=<insert_your_username_here>
How do I find my Voting Power?
- https://steemdb.com/@<insert_your_username_here>
- https://steemd.com/@<insert_your_username_here>
SUMMARY
So, if Steem Power is how much money you have in your investment account. Voting Power is how many trades you can make in a day, and how much each one is worth. Hoepfully, this metaphor can help you better understand how the Steemit economy works and how to use your Voting Power wisely! Remember, you are an investor, and you are trying to reward and encourage amazing Steemians.
New To Steemit? Check out the Minnow Support Project
The Minnow Support Project is a 3000+ strong community of Minnows. It was created by @aggroed and is sponsored by people like @ausbitbank, @canadian-coconut, @teamsteem, @neoxian, @someguy123 and @theprophet0 to be a community of Steemians that wish to help each other grow. We advocate the sharing of great content to help increase your audience as a minnow. We also help with basic questions, guidance and general Steemit camaraderie. I recommend checking out the topic or the step-by-step starter guide created by @discordiant
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