How The 1UP Smart Media Token Economy Will Work And Be Profitable

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flauwy
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3 months agoBusy6 min read

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Introduction

1UP is an automated decentralized hivemind curation system for communities where all votes are equal. It maximizes rewards for the highest voted posts and creates an extra income for all users and supporters of the platform. In this article I explain the economic model of the 1UP system.

Repository

https://github.com/therealFlauwy/1UP

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The Economic Model Of 1UP

1UP is using a smart curation system for better upvote distribution and higher curation rewards to make it more profitable than any regular upvoting or trailing. Combined with the massive benefits for authors and communities as well as the 1UP users who create the hivemind effect this project is all about making the Steem experience more valuable for everyone.

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In the Pre-SMT phase 1UP will run a very attractive bounty program for delegators and 1UP-voters to create the initial incentivization to participate in the new system and make it powerful enough for interesting upvotes. This will enable 1UP to give extra value to those posts collectively voted the highest. As potentially all posts from the Steem blockchain are valid 1UP can support all communities and platforms that exist and help to increase the value of Steem in general.

With the start of the 1UP Smart Media Token we will run a double system based on Steem Power and 1UP Power and automatically distribute upvotes and liquid tokens from both economies to give extra value to all parties.

Trailing For High Curation Rewards

The easiest and most efficient way to give value where it belongs is by incorporating a smart curation system for trailers. Steem splits the post rewards on all Steem platforms in 75% for the author and 25% for the curator. However, if an upvote is done before the 30 minute mark the percentage for the curator will be lower. The factor time is also relevant by taking the order of incoming upvotes and rewarding the earlier ones with a higher percentage of the total curation rewards. For more infos about the curation system read How The 1UP Curation System Creates Higher Curation Rewards.

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A post that wins a 1UP-vote will trigger the curation trail of that community which will be ordered from small to big. This will help to grow smaller accounts and creates a high incentive for the majority of users to follow 1UP-Communities with a part of their daily available voting power. 1UP will always vote last and hence make it more interesting for all trailers, even the bigger ones, assuming 1UP is reaching a critical mass through delegations from investors. 1UP will therefor always get the smallest percentage of the curation rewards in favor of the trailers.

1UP Trails

With the 1UP SMT this system will work even better as the community will control the entire upvote process and reward pool of the ecosystem as a collective which maximizes the effeciency of the trailing process. 1UP holders can assign their 1UP Power to different communties or 1UP in general for automatic trailing. This will make 1UP a passive income stream that constantly creates a revenue of new 1UP Power which will be vested in the users account but can always be powered down for liquidation as well.

Delegating For Liquid Payments

In order for the 1UP account to give meaningful upvotes it must aquire Steem Power through investor delegations. During the Pre-SMT phase this will be incentivized via a handsome bounty for 1UP tokens. All delegators will receive a certain amount of daily 1UPs out of the according bounty pool from the overall 1UP distribution. This has proven to be a very attractive model with other SMT projects like @actifit and @steemhunt.

As the 1UP concept has such a high benefit for quality content on the entire Steem blockchain it is a valid speculation to hope for an official Steemit delegation to further increase the impact of 1UP.

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With the launch of the 1UP token there will still be an ongoing incentive for Steem Power delegations in order to keep up the double upvote in Steem and 1UP. This will keep up a high interest for Steem Power holders to support the 1UP platform and continues to give tremendous value to the entire 1UP ecosystem. This can be achieved in form of liquid Steem and 1UP payments which is being accumulated on the official 1UP account and can be constantly powered down for liquefaction.

1UP-Voters Earn Daily 1UP-Votes

A very powerful system to incentivize user activity is demonstrated on @utopian-io and @steemhunt where moderators and users are paid in upvotes for their contribution to the ecosystem. This is free for the platforms and even generates curation rewards for them. A similar system will be incorporated with 1UP where all users who give 1UP-votes to community posts will earn points which lead to different daily upvotes.

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These upvotes will be reasonable and depend on the benefit each user brought to the 1UP platform. It will be based on a sophisticated gaming mechanism which is not part of this article and consume a small daily amount of the total available voting power of the platform. These upvotes will be done on auto-generated comments from the users which enabled 1UP with their privating posting keys to create comments for them in the first place. The upvotes for these comments will come from the 1UP account alone while the trailers will ignore them.

Conclusion

The economic model of 1UP is creating a massive value for all parties. It serves to automize the voting process for accounts and maximize their compounding interest. At the same time it rewards the best content with extra upvotes and creates a race to the top for authors who will deliver better and better quality in order to catch a 1UP-vote. It supports communities who can gamify the size of 1UP-votes through their own level system and create a greater value for their members. And it also helps to create value for the 1UP users with the daily upvotes for their activity to find the best content which will take its part in the redistribution of Steem into more hands.

All-in-all a huge benefit for the Steem blockchain.

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Resources

Old Utopian-1UP Homepage (currently inactive due to Utopian changes)

Series Backlinks

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