SteemSense.EU: A money-supply-burning ad-revenue-sharing facility for STEEM.

In this post I want to introduce a project I (@pibara) am currently working on. This idea was born out of frustration with the communications by Steemit Inc and by some top witnesses with respect to the upcoming hard-fork. Look at this projects' aim to be a proof of concept of the viability of a money-supply-burning ad-revenue-sharing facility for STEEM.

I think enough has been said on how the Economic Improvement Proposal (EIP), as part of the upcoming hard-fork, is supposred to work, and how it could potentially backfire This post is not about that. What this post is about, what SteemSense.EU is about, are two economic challenges that I feel are way more important than anything the EIP could currently improve or disrupt. These two challenges are:

• How can we rid STEEM of its reputation of a money-printing-machine.
• How can we get STEEM to compete with ad revenue sharing platforms for top content creators?

The money-prining machine that shouldn't be STEEM

The STEEM reward pool, as well as the upcoming Steem Proposal System (SPS) are funded by inflation. On top of those, STEEM inflation is increased even further by the concept of interest on stake. You can spin it any way you want, but inflation leads to devaluation of the coin and as such undermines the competitive value of STEEM against other alt-coins. While we could debate the (in)sanity of using inflation to fund interest in the context of crypto-currency, there is not much any of us can do about that part of the equation. The printing of new STEEM and SBD is a blockchain thing ,and we as a community have zero to little influence on the whim and duct-tape mentality of Steemit-Inc and top witnesses in that respect. But there is another way to reduce inflation: burning.

You can burn STEEM by transfering it to @null. There is (or used to be) a platform feature that burned currency: the promoted tab, but that feature, while a great idea in theory failed to deliver on its promise.

Top content creators.

If we look at STEEM as a platform rather than a bare coin, then we can say the intrinsic market value of the content platform STEEM is a direct reflection of the quality and reach of the content that makes up this platform. When it comes to valuable high quality content and high reach content, STEEM and ad revenue sharing platforms are in direct competition for top content creators. And if we are honest, despite sounds from some stake holders claiming content creators are already making too much money on the platform, STEEM is losing out against add revenue sharing platforms at this moment and onboarding top content creators currently is a rather huge failure.

At this moment, DApp owners (like Steemit Inc) are making marginal amounts of money from advertising, but there is zero revenue sharing going on that could help onboard top content creators, and none off the advertising revenues flow to decreasing inflation.

SteemSense.EU

Now what if we combine these two problems into one and look for a single solution that could help bring in content creators with the promise of a highly competitive add revenue sharing facility, and in doing so reduce, or if things go really well, eliminate inflation?

This is what the SteemSense.EU idea is about. The creation of a proof-of-concept ad-revenue-sharing platform that burns STEEM in order to decrease inflation and improve the STEEM economy.

The below numbers aren't set in stone yet, and just a rough indication of what future numbers could look like, but the current idea would be to go for an ad revenue sharing split that looks something like this:

• 1/2 of revenues as add-revenue share to the owner of the page to what the click-through can be attributed
• 1/3 of revenues burned by sending it to @null
• 1/6 of revenues for infrastructure and maintenance cost.

Ideally SteemSense should play nice with the existing promoted facility. Advertised STEEM posts could be used as memo field in the burning of STEEM to give a little of extra exposure for SteemSense.EU users.

On the other side, while the platform is still young, promoted posts could get some extra clicks when no click bids are available. More on this below.

STEEMSENSE tokens

SteemSense.EU is meant to become a two coin economy for advertised content. Regular STEEM can be used to buy advertising budget, but next to STEEM, it is also possible to have a budget in STEEMSENSE tokens. STEEMSENSE is a steem-engine token meant specifically for the SteemSense.EU platform.

The current idea is that 99% of STEEMSENSE will come into existance at a rate of one STEEMSENSE a day over a period of 990 days. This would be done using a combination of payments for clicks towards non-steemsense content for when no bids are available, and partially through a daily airdrop that uses burning of STEEM by accounts other than @steemsense-eu, the day before, as weighing factor for the air drop.

You can than trade STEEMSENSE, or use it as advertising budget for an advertising campaign.

Note that most of the first 1% of the max supply of STEEMSENSE is currently available on the steem-engine market. If you support the idea of SteemSense.EU, consider buying some STEEMSENSE to help fund development and possibly better hosting than the currently projected home QNAP-NAS docker installation.

For the content creator.

The current idea for content creators is quite simple. Add a tiny snippet of HTML to the bottom of your post and start earning STEEM and or STEEMSENSE tokens.

<center>
    <A HREF="http://www.steemsense.eu/click">
          <IMG SRC="http://www.steemsense.eu/ad">
    </A>
</center>

After adding the snippet of code, you should see something like the below ad showing up in your post

Note the code above is not yet working, there is still a lot of code that needs to be written before SteemSense.EU is fully operational, but this is what you should add to your post to start making money with clicks. Nothing more, nothing less.

It is likely though that SteemSense will use some form of account accreditation. This is a detail we still need to work out. It is likely accounts with an above threshold in SP and reputation will get auto accredited and others will either require manual account accreditation or manual post accreditation. More on this later.

For advertisers.

Advertisers shouldn't need to be STEEM users, but those that aren't will need to buy STEEM to create an advertising budget. The current idea is to allow log-in with either a Google account or with Steem Keychain, but this is still open for discussion. For advertisers, SteemSense.EU should allow the possibility to create bids on click-throughs using tags, accounts, STEEM reputation, account SP, and combinations of these three as attributes of the bid.

Bids are made either in STEEM or in STEEMSENSE.

Feedback and support

If you like the general idea of SteemSense.EU, but have some nits you would like to see addressed. If you are a Python developer with some spare time on his/her hands who would like to work with me on this project, please drop me a message below. If you like the idea and would like to offer some financial support for the project, please go to steem-engine and get yourself some of the first 10 (1%) STEEMSENSE. Support and input of any type is currently welcomed.