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What is this ๐Ÿงabout "Beneficiaries" ๐Ÿคฏthingโ‰๏ธ

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forykw
62
26 days agoeSteem8 min read

On my last dpoll post, I noticed a bit of confusion in the answers of some users, in regards to why I am asking for beneficiaries to be allowed to be chosen on @dpoll.xyz. So, I have decided to explain it my way. I know there might be a lot of posts already explaining this, but at least the ones with some doubts following my posts, will get the info.

First we need a bit of context here...

ยฎ๏ธewards view

Currently when you post something (including comments) all the voting on that post/comment (makers), was divided into 75% for the one that did the post/comment, and 25% for the ones casting the vote (curators).

unss2apt0n.png

With the HF21, this is now changed to 50/50%. Meaning that, in simplistic terms, you are as much encouraged to curate as to post. With this I foresee that we are going to get a LOT less posts... and a lot more curation... which might improve/influence bigger payouts (since the reward pool is not so much split into as many posts).

Is this now crystal clear to everyone?
(if not drop me a question)

๐Ÿ’ต Payment type

Rewards payment types can be chosen by who does the post (comments too, but usually most of the front ends don't give that option). For purposes of being technically accurate, the comment is also a post, but has a "father" (what we consider the main post) and to those normal posts we commonly say, they have only "children" posts (the comments).

You have (currently) three options to choose from: NOT accepting any rewards (decline payout), accepting rewards only in STEEM Power (SP), or in a 50% split (default) between STEEM Power and STEEM/SBD. For the last one, 50% (either curators or makers) of the payment will be either on STEEM or SBD not both, and it gets chosen if it is one or the other depending on how the market is flowing. This is a self regulating property of the blockchain to help maintain the price of SBD closer to one USD.

Because the current price of STEEM is bellow one USD, you get paid in STEEM instead of SBD.

What it really meansโ“

If you choose for example, to not get rewards (decline payouts), it means that anyone voting for that post, will not give or get any rewards. All the payouts will be burned.

But, if you comment on that same post where payouts are declined, and assuming you did not specify anything extra on your comments or have changed the default payment type (which will set your comment to be 50/50% of SP and, STEEM or SBD), anyone voting for that comment would get the usual 25% curation rewards (also split in 50/50% in this case) and you, that posted the comment, the 75% part. And here I am using the old (HF20) values to make it easier to explain/distinguish from the 50/50% in STEEM/SBD (and don't confuse everyone with the HF21).

(there is another thing the modifies the payout, but let's ignore that for simplicity)

So, a post/comment valued in 1๐Ÿ’ฒ of vote(s), would give, 0.75๐Ÿ’ฒ (75%) to the one that posted/commented (further splitted in 50/50%, would be 0.375๐Ÿ’ฒ in SP and another same quantity in either STEEM or SBD), and 0.25๐Ÿ’ฒ (25%) spliced and weighted within all curators (also in the same model as the 50/50% above).

It is possible to change the default payment type either for comments or posts.

Furthermore to exemplify and simplify, lets assume the 1๐Ÿ’ฒ value mentioned above was only from 1 voter. The calculations would be as follow (remember that the amount of SP/STEEM/SBD you get, depends on the price of STEEM at the end of the curation period):

For 50/50% split in STEEM/SBD

  • Post/comment maker (SP): 1๐Ÿ’ฒ x 75% x 50%, in SP
  • Post/comment maker (STEEM/SBD): 1๐Ÿ’ฒ x 75% x 50%, in STEEM/SBD
  • Post/comment voter (SP): 1๐Ÿ’ฒ x 25% x 50%, in SP
  • Post/comment voter (STEEM/SBD): 1๐Ÿ’ฒ x 25% x 50%, in STEEM/SBD

For 100% in STEEM Power (SP)

  • Post/comment maker (SP): 1๐Ÿ’ฒ x 75% x 100%, in SP
  • Post/comment voter (SP): 1๐Ÿ’ฒ x 25% x 100%, in SP

For declined payouts, no one gets rewarded

After the HF๐Ÿ”ฑ21

After the HF21 any ending curation period will be affected by the new rules, which instead of 75/25% split, it will will be 50/50% (makers/curators)... so a post/comment for the 50/50% split in STEEM/SBD will be as follow:

  • Post/comment maker (SP): 1๐Ÿ’ฒ x 50% x 50%, in SP
  • Post/comment maker (STEEM/SBD): 1๐Ÿ’ฒ x 50% x 50%, in STEEM/SBD
  • Post/comment curator (SP): 1๐Ÿ’ฒ x 50% x 50%, in SP
  • Post/comment curator (STEEM/SBD): 1๐Ÿ’ฒ x 50% x 50%, in STEEM/SBD

OK, Now the ๐Ÿคก๐Ÿ‘น๐Ÿ‘บ๐Ÿ‘ป๐Ÿ‘ฝ๐Ÿ‘พ๐Ÿค– Beneficiaries...

Now that we have a clear understanding (hopefully) of the reward distribution, we can understand what means this "beneficiaries" thing, from where it consumes rewards and when or who can set it.

What it represents? Who can set this?

Basically this is the % of maker (75% on HF20, 50% on HF21) rewards you (poster/commentator) wish to split into other users (any and up to 8 I believe). By default the only beneficiary is you, so 100% of the post/comment reward (which now is 50%, HF21) is to you. But this is possible to set by anyone! PER POST (at least) and at the FIRST post! For comments I don't recall if it's also possible by the code, but most likely it is, although I would easily see the reason why it's not visible/implemented by the front ends, willingly because it might unnecessarily increase the complexity for most users perception.

When can you set it?

This is the crucial part of the blockchain. This can only be set on the first post. Consequent changes will not be allowed, so basically you need to be sure what you choose. Typically this is what allows application developers like @esteemapp and @dpoll.xyz to enforce you with a % of your post/comment to help support their app development.

But this is entirely up to the app developers and it's not enforced on the blockchain at all! For example, @steempeak does not enforce anything, but asks you if you wish to set a % to support them. I don't often use it, but I have set 5% for them, just in case I use their app.

It is here that I was calling for a change on my last last dpoll post. Also, here @esteemapp! ๐Ÿ˜‹

That ๐Ÿ“ข CALL OUT was for this!

I mean, app developers can still enforce (it's up to them) a % to support their software (and I am fine with that), but then it would be nice that one could allow to set the remaining to our digression. I would also LOVE if this could be allowed on comments. I see a diversity of examples and use cases for that!

๐Ÿ“Œ Example!

And focusing on the @dpoll.xyz use case...

Imagine that I want to create a poll where I am going to ask people about a certain cause... and at the same time I want to benefit that cause with a percentage. Just like I was trying to do with @melinda010100 and @foxkoit on this Feedback post. I wanted to indirectly thank them by setting (lets talk HF21 here, so 50% maker/curator rewards), from the 50% maker rewards of the post, 40% for each of them, then the usual 5% for @dpoll.curation and 5% for @dpoll.sponsors (which by the way, I am one of them), leaving the remaining 10% for my work. This would result in the following rewards...

For 1๐Ÿ’ฒ of post value

Calculated with 100% SP payout type I usually do... means:

  • Maker (me), would get: 1๐Ÿ’ฒ x 50% x 10% = 0.05๐Ÿ’ฒ in SP
  • @melinda010100 would get: 1๐Ÿ’ฒ x 50% x 40% = 0.20๐Ÿ’ฒ in SP
  • @foxkoit would get: 1๐Ÿ’ฒ x 50% x 40% = 0.20๐Ÿ’ฒ in SP
  • @dpoll.curation would get: 1๐Ÿ’ฒ x 50% x 5% = 0.025๐Ÿ’ฒ in SP
  • @dpoll.sponsors would get: 1๐Ÿ’ฒ x 50% x 5% = 0.025๐Ÿ’ฒ in SP
  • Curators (the voters), would get 50% in SP = 0.5๐Ÿ’ฒ (distributed by the weights of each voter)

โš ๏ธ What if you do nothing...

If you do nothing, or by other words, if you don't wish to specify any beneficiaries, then it would be exactly like it is NOW. The difference with my appeal would be that IF you one day want to change this, you can, while using someone elses app.

Obviously, I can't enforce any app developer to do this... and this is why I am trying to raise some awareness, both for them (because if its a wanted feature, they will want to consider it) and for the community that gets further empowerement by choosing what to do with their rewards, in what during the post curation, can't be changed anymore.

All of this applies "individually" as well, per SteemEngine token... and futurely in the SMTs.

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