MAXUV News - Start of New Experimental Program V.2

maxuv (61)in #crypto • 5 years ago

This is a brief update on the previous post. While processing token-swaps and payouts, I noticed a couple of things may be unclear, so have added a few sentences below. The vast majority of the post remains the same.

Some deep changes are taking place to the MAP FinTech programs. MAPX and MAPXV are winding down, and if you hold any of those tokens then you must keep informed of developments by reading those blogs.

For the moment, MAXUV will continue to operate on Steem and will also be working on Hive once we have created new tokens on the future Hive-Engine.

Hence, MAXUV members need do nothing for now. However, the MAXUV program is changing so you need to be aware of this.

New MAXUV

The MAXUV program will be changing from a vote-bond to a reward-simulator. What does this mean?

The whole aim of MAXUV was to give members a larger return than the current reward curve offers. The mathematics behind this is a little complex, but the vote-bond did work. However, it has been difficult to promote as most people found the program itself to be a bit complicated. So now, this is going to be as simple as possible!

MAXUV will move towards paying out rewards rather than voting. These rewards will be based both on tokens staked and the amount of posts made per week. This is how it "simulates" voting, thereby helping both large stakes that post infrequently as well as small stakes that post daily.

The formula being used is that your MAXUV tokens are worth an extra 10% per post per week, up to a maximum of 7 posts per week. So if you hold 1000 MAXUV and post 6 times in a week your MAXUV-Score will be 1600 units. The system then adds up all the MAXUV-Scores and calculates the payout value per user based on our income for that week.

Now, we discovered from running MAPR that paying out in liquid STEEM (or HIVE) creates a bottleneck as the power-down is too slow. MAPR now works very well in that members automatically compound their earnings as tokens from week to week and can sell whenever they wish at the official price, or higher if there is another buyer.

MAXUV will do the same, paying out rewards in MAXUV tokens and then it is up to each member to either accumulate or sell. As the price of MAXUV tokens is fixed at 1 STEEM (or HIVE) we shall buyback tokens at 0.90 STEEM (or HIVE). This allows us to manage the flow of money without running out of liquid coins. If our official buy-back price runs out of tokens, then everyone is free to just trade on the market.

Because MAXUV is currently running only on Steem, as we wait for Hive-Engine, we are going to have an "experimental period". From now on, the votes will still go out to MAXUV members but we are also going to do a reward distribution this coming Sunday. As the votes are still on-going, this distribution will not be as high as it will be in the future, but is designed so that members have time to understand the new system. We do not know how long this will last as it really depends on how long it takes to become established on Hive.

Settings during this experimental period

The maximum holdings for calulating upvotes remains at 2,000 MAXUV tokens.

The maximum holdings for our dividend calculations has been increased to 5,000 MAXUV tokens.

The dividend calculations will be done on a Sunday, the same day as the weekly account posts, and distributed as MAXUV tokens.

MAXUV tokens will be airdropped to a MAXUV-Hive as soon as Hive-Engine is operational and we have set up a new token.

MAXUV tokens on Steem-Engine will remain as long as there are enough members to keep the program operational.

The MAXUV official sale price has been increased to 1.95 STEEM, so this now includes the future HIVE airdrop; the price will return to 1.0 STEEM once the Hive version is operational.

How to stay informed

We are in the midst of a turbulent period in the life of the Steem blockchain, and the new Hive chain, and although I always do my best to keep members up to date, it is really incumbent on members themselves to stay informed and pay attention.

The various changes to MAPX and MAPXV mean that those members have to make decisions and get in touch. Transfers and token swaps will be done on a first-come basis. When an exchange closes a coin listing, there is a period in which those coin-holders must divest themselves within that exchange; once that period expires their coins are lost. I do not wish anybody to lose money, but I will only start reaching out to users personally once everybody else has been processed.

If any platform seems down, you can always reach the MAP FinTech Discord room for advice and assistance.

One last thing, we have had issues with Steemit and are not entirely sure whether this is a voting or commenting issue, or even falling foul of the new anti-social TOS. We regret to inform members that TRENDO tokens have, for now, been discontinued. We know that TRENDO plans to relaunch on Hive as soon as Hive-Engine is operational and we look forward to continuing our support of that program on Hive. We may also start using TRENDO again on Steem once the platform has settled down.

Stay well!

We have opened up a former MAP channel on Discord for anyone seeking advice or more information regarding any MAP FinTech program. You can find us here.

Building Steem's Fintech