Understanding Steemish And The Equitable Proof Of Stake Model

The founder of SteemThat.com and Steemish Tokens, Eric Binkley envisioned a fair and equitable rewards platform for works performed. Unlike some platforms where members earn rewards based on how many tokens they hold already, EPOS was developed as Equitable Proof Of Stake. Equitable Proof Of Stake rewards for tasks,needing to be performed, are set as needed and clearly published and defined and not determined by how much you already possess. EPOS is more fair to women and minorities who might not have the advantages of the primarily white male developers and miners of most other currencies using the POW or Other systems.

If Person A writes a post and Gets 5 SteemThat Tokens then Person B Can Write  A Post And Get 5 SteemThat Tokens. The community shows their support through comments and likes. When members comment they earn rewards and so does the author of the post. With The Steem That Social Portal members also earn from posting short messages on their stream or in the social community stream. Members earn rewards from commenting, making friends, joining groups, sending direct messages with caps that limit how much the rewards pool will send per person per day to prevent abuse and to help control the flow of Steem That Tokens. An Over Supply Can Cause Negative Fluctuations In The Value Of The Tokens. SteemThat.com and The Equitable Proof Of Stake System is the most fair rewards system for social media. We tested in beta the configuration of the EPOS model for 6 months. We still may from time to time need to adjust settings as needed.

With regards for their purpose I believe the EPOS will create a more even disbursement of  tokens to the most amount of people. For smaller gross token amounts that are wanting a fair and balanced distribution to avoid unbalanced allotments EPOS is an effective strategy.  Other models have advantages with large amounts of tokens and a large amount of members as the founders can almost assuredly control the largest voting share.

With Equitable Proof Of Stake using a hybrid centralized and decentralized build model we lessen spam, plagiarism and scams. Members Have Proof They Have A Stake Because They Hold Tokens. Additionally I feel that stability will be with the Steemish token from day one of the exchange launch and throughout it’s lifespan as there will be an evenly distributed amount of Steemish tokens and the utilization of the Steemish will play a big part of this.

We use in our centralized system a special hash and wallet and our own ledger system for distribution of the Steem That Tokens that reward members for works. The Steem That Tokens Can Be Exchanged For Steemish Tokens That Are Built On The Ethereum BlockChain. We built Steemish as a method to decentralize and tokenize our existing platform without having to completely re-code an amazing and effective working platform.

Currently Steemish is built on Ethereum Using The ERC20 Protocol. This means that an ERC20 compatible wallet is needed to accept and send the tokens. This isn’t a big deal but if not familiar with Ethereum one might need a tutorial in setting this up. We do have such a tutorial and there are plenty online if one does a simple search for ERC compatible wallets. There are fees when transferring Ethereum and Steemish from one wallet to another wallet. The fees are called gas fees. They are not always easy to calculate but there are gas fee calculators. Whether you are buying or selling Steemish you will need to understand the basic concepts of the wallet and gas fees.

We feel that putting our whole social media platform onto a blockchain would be a bad idea. Some concepts are best run as hybrid builds where old tech meets new tech. This approach has allowed us to develop and build in lightning speed with less costs compared to other popular similar services. Developing is about what solves the problem in the most efficient manner not just the fuzzies we get when we say blockchain and distributed ledgers. With that said, when we acquire the funding we would most likely build our own blockchain for a seamless foundation that is scaleable with more predictable costs. This is toward the 2nd year and only if needed.

Stish Distribution Into People’s Hands Is The Key To Success. With The EPOS system members perform works such as writing blog posts. When users write blog posts they create much needed content that will one day hopefully drive more traffic to the website. They also earn something for their works. This is motivating verses doing this for free on other social platforms. The more people that perform work and receive Steemish the better. Keeping the tokens primarily community centrist will play a huge role in the demand creation in the future and the value. As members being the primary holders in the beginning they have a stake in promoting the platform and token in a positive manner.

With Equitable Proof Of Stake members have an equal opportunity stake in the quality of content and community interactions. Members have a stake in the Tokens as they want them to increase in value thus they play a huge role in the demand. As members grow and share their stories and demand grows, members will be able to trade their Steemish P2P or on Exchanges as people will be required to pay for their membership to SteemThat.com with Steemish Tokens. So if we need more members and people are willing to list their Steemish tokens at a low price then people will be able to join easily. As membership perhaps gets too high and the amount of value from community curation specialists lowers, members will raise their prices of their Steemish, to limit new purchases of memberships in Theory.

Another way in which we can help stabilize the value is to offer services that are purchased with Steemish. On Telegram and The Social Portal I have written about assigning value by association. If membership costs $99 USD or 1 Steemish to join per year then the assigned value to Steemish is $99. This doesn’t mean it will not be traded for more or less on an exchange. The markets will ultimately determine the pricing. Think about buying a product online with a USD price of $100 or Pay With Euro for $90.. They both have equal value when accepted this way.

Another example would be to accept payment for advertising post promotion. That could be paid for with Steemish Tokens and then Members of the community through their work of Upvoting promoted posts set the value of the Steemish Tokens…

Let’s look at an example of how this might peg Steemish to SBD or STEEM: Member A has just written a post on Steemit. She visits SteemThat.com and sends 1 Steemish to the Advertising Account OX#### with the url in the comments of the transfer. SteemThat.com Team Get’s Notified and Adds The Coding To The Website To Display Member A’s Featured Post… Members of SteemThat.com come together to support Member A and her Featured Post. They Upvote and Comment And Resteem Her Post.

Member A Received 10 In Upvotes On Steemit… About 1/3 is paid to Member A in SBD, Another 1/3 in Steem Power.  For Easy Math Let’s round down to $3. 3 x 7 (Price of Sbd USD) + 3 x 6 (Price of Steem Power USD) equals 21 + 18 or $39 USD if exchanged. User A Would Want To Make A Profit But You Can See That The Value Of One Steemish Could Be Elevated Based On How Much Value User A Feels They Received For Buying Featured Ad Promotion On SteemThat.com With Steemish. Members could essentially control the price of Steemish on the markets depending on if they supported Featured Posts. This is a real world scenario of creating value for a token and might be implemented to help stabilize the currency value in the future.

SteemThat.com allows members to trade their Steem That Token rewards for Steemish Block Chain Tokens. Some members do trade them while others like earning points and being the top of the Steem That Tokens Leaderboard. The current and published trading scenarios are these:

 

Members Can Buy All 3 Forms of Tokens but only Steemish Will Be Listed On Exchanges. SteemThat Tokens and Liquid are used for access to tools and services and can be transferred between members fee free. You can see your transfer history here https://steemthat.com/my-transaction-history/

We will be updating soon the front facing stats about the Steem That Tokens and providing more details about how many are in circulation at any given time etc. Most things related to Steem That Tokens are under the Buy Tokens Page as a drop down menu on desktops.You can see details about the Steemish token on EtherScan here https://etherscan.io/address/E743b591A9fbF593Ff2214c4B3B7c9Bf1122431A and also on this website at https://steemthat.com/steemish-ico/ with a drop down menu available for the white paper and other info about Steemish.

If you are wanting to get set-up with a compatible Ethereum wallet this is the easiest way to get started… https://steemthat.com/create-your-erc-20-wallet-for-new-coins-easy/

If you have questions you can message me or write on my profile wall https://steemthat.com/profile/?binkley50/

 

 

 

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