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 regular upvotes to member content.
Palnet Coindrop and Weedcash
We received 2160 PAL from the token drop yesterday. The entire amount has been staked on @steembasicincome. That means that it will initially support the members that have provided the most regular support to our program. As we earn more, it will be spread across the rest of our accounts so that members can benefit regardless of which account they receive their regular SBI upvote from.
With Weedcash, we tried to focus it all in the account that had been voting the most weedcash posts in the first week (@sbi4), and that approach was not successful. Any more #weed that we earn will also be spread across the program accounts before staking, so that members posting in weedcash benefit regardless of which account they are voted from.
Depending on the results of these experimental SCOT tokens, we may begin building slightly larger stake in those most supported by our members.
Support from Members
Thank you all for your support! Upvotes that we receive from members are an important component to keep delivering a sustainable basic income!
Here is a visualization of our incoming votes for the last week.
source: http://www.steemreports.com/incoming-votes-info/?account=steembasicincome&days=7
6.8% of our total value received was from our low 2.50% self-voting. We are also coordinating self-voting across our multi-account voting system. Across the program we are only up to about 4.05% self-voting, with a target level of 10%. The increase in our total value that came from self-voting is directly related to our VP increase, which is a positive development. Our rising VP has also reduced the number of members receive maximum deliverable upvote on each post from our peak of 30 down to 8.
Our 28-day SP rewards curve continues to be very choppy, but to trend upward along with rising VP. Growing SP levels in the accounts help our sustainability multiplier and improves the rate at which all members earn rshares in their pending upvote balances.
Upvoting Bonuses
Each time we receive author rewards for a post or comment by any official SBI account, we check the value that each member added to the reward. That value will be added to the member's balance, with a multiplier of 1.10x.
For example, if you upvote this update by $0.10, then $0.11 would be added to your balance when the post pays out. In most cases, this means that a vote for SBI is more profitable than a self-vote. You are rewarded directly for your contribution to the long-term sustainability of the program! You do still have to be enrolled in @steembasicincome to receive this benefit.
This is a great way to boost the Steem Power for program accounts. If your program (or account) does any self-voting to build a permanent SP base, please consider upvoting @steembasicincome each day instead.
(Official SBI Accounts: @steembasicincome, @sbi2, @sbi3, @sbi4, @sbi5, @sbi6, @sbi7, @sbi8, @sbi9, @sbi10, @sbi-booster. Our automated system dynamically selects the best account to deliver your upvote at the time of upvote delivery.)
Steady Growth
We currently have 4901 members that have posted or commented within the last 28 days. Members that are not posting continue to accrue their pending upvote balance, and upvotes will resume automatically when they return. There are currently 206477 subscribed units in the program, up from 200383 last time we published this report six days ago.
Sustainability Coverage
Sustainability Coverage is currently at 79.08% and rshares reward rate is 624,693,340 per SBI unit per day. In a 50/50 curation environement, we expect a swift increase in our sustainability coverage, resulting in members earning rshares for their upvote balance at a much faster rate (offsetting most or all of the author reward reduction from 75% to 50%).
You can help increase the sustainability coverage (and the rshares reward rate on regular units) by delegating to @steembasicincome or by regularly upvoting our updates and upvote reports.
For more information, please read Into the Heart of Sustainability.
Enrollment
If you want to get involved, or to increase the share 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, 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.
Questions about Steem Basic Income?
Please read our recently published FAQ. Most questions are addressed in our FAQ or in the additional resources that it suggests. If you still have questions, ask in the comments section or join us in our discord channel.
