Member Upvotes Provide Sustainability 18 May 2019
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.
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! Our base SP growth is still partially dependent on our small self-voting percentage, but we hope to decrease that dependency as more members recognize the benefits to increasing their auto-votes under the new rewards system.
2.1% of our total value received was from our low 0.39% self-voting. We are also coordinating self-voting across our multi-account voting system. @sbi2 is the next highest SP account. Across the program we are only up to about 3.95% self-voting, with a target level of 10%. This week was a bit more difficult for VP, with a drop from 19% last week to only 13% today.
Watch for an announcement tomorrow about something new to help high subscription level members realize their pending value that is obstructed by our low per post limits. It may help our overall VP to recover a little more quickly too.
Here is a visualization of our incoming votes for the last week.
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.)
We currently have 4921 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 193819 subscribed units in the program, up from 190583 last time we published this report eight days ago.
Sustainability Coverage is currently at 70.90% and rshares reward rate is 560,080,290 per SBI unit per day. Surprised by the sudden drop? Over the last few weeks we have been depending heavily on Conversion profits to keep our Sustainability Coverage above 100%. The volatility in STEEM/SBD prices has made for some choppy conversion outcomes, and the last three days were particularly bad. We are still up over 1000 STEEM in profits on the last month of conversions, though.
You can help increase the sustainability coverage (and thus the rshares reward rate on regular units) by delegating to @steembasicincome.
For more information, please read Into the Heart of Sustainability.
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.
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.