Steem Basic Income

Steem Basic Income is a social experiment to bring a basic income to as many Steemians as possible. Members join by sponsoring others into the program. Steem Basic Income is delivered through providing regular upvotes to member content.

The Future of Steem

Right after #hf20, @josephsavage posted about the future of Steem on his personal page. (I'm Joseph, it's weird talking about myself in the third person...)

I'd like to share a single quote from that post, and then talk about our current outlook and how it relates to SBI.

The future Steem direction is a blockchain built for platforms and programs. For front-ends like Utopian-io. For dApps like dTube, Partiko, dSound. We see this with RC's, with Hivemind, with SMTs.

Condensers will have their own front-ends, SMTs, and RC's. You will create a new account with that website as recovery; they track your keys on their end and you have a normal login/password on your end. They may have normal advertising, sponsored content, or maybe even subscription models as independent revenue sources and use that to ensure that their users have a seamless experience.

At the heart of this model are SMTs, which allow dApps to establish their own reward models and show post values in their SMT - to use their SMT rewards for Trending pages and content discovery, and only show posts that are by people with stake in their SMT.)

Great SCOT!!

And then SMT development was delayed. Steemit, Inc laid off 70% of their staff, the community panicked, etc. Most of you were along for that ride.

Steem-Engine's team stepped into the void and took matters into their own hands. The picked apart the SMT white paper and creating a road-map to tokenize on a second-layer (non-consensus) protocol instead of built into the core protocol.

Exactly as predicted, we now have https://www.weedcash.network, a new front-end that only shows posts from a short list of tags, presents rewards in WEED, and follows its own reward distribution system that is independent from SP/SBD system. @richardcrill is a pioneer in blazing this trail, and I commend him for being the first mover in this new space!

SBI and Tokenization

We have a short-list of required features that still need to be completed (either in SCOT or SMTs) before we can tokenize. At present, the scotbot model is cost-prohibitive for Steem Basic Income's existing distribution model. Once it is full-featured (or when SMT's are actually delivered) we will reevaluate before making a final decision on tokenization. It's an open possibility until we do it and then it's very difficult to go back. It's much better for us to err on the side of caution.

Stacking Tokens

One of the features that Scot allows in their configuration is the ability for issuers to identify whether they can be rewarded to any posts using their tags, or only rewarded to posts using their front-end.

We consider any groups that are distributing based on tags to be holding up a 'welcome' sign inviting us to enrich their members with bonus tokens from SBI votes. If any issuer decides that they would prefer we not stake their token and reward their community with our regular upvotes, then we will accept that and liquidate our stake.

Until we are 'unwelcomed' (by limiting distribution to front-end only or by asking us to leave), we will evaluate top SCOT tokens, include extra keywords in our updates on a rotating basis, and hopefully build some stake that allows us to give their community members a little extra from their SBI votes.

Enrollment

If you want to get involved, or to increase the level of basic income that you receive, 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 (except for yourself), it does not have to be a current member.

If you're unclear, please check out our full transaction memo guidelines and then let us know if you have any questions.
https://steemit.com/busy/@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.

Sustainability Coverage and VP Management

Sustainability Coverage is currently at 98.87% and rshares reward rate is 781,049,630 per SBI unit per day.
The rshares reward rate for bonus units (delegation reward) is not decreased. It actually is higher, to return curation rewards to our delegators. You can help increase the sustainability coverage (and thus the rshares reward rate on regular units) by delegating to @steembasicincome.
For more information, please read Into the Heart of Sustainability.
Upvoting Reward multipliers are currently at 1.10x until our Voting Power recovers to 80%.

Questions?

Please read our FAQ. If you still have questions, ask in the comments section or join us in our discord channel.

You can look up your current membership levels by using !sbi status in a comment or post, or by using the lookup tools in our discord channel.

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