Burn to Earn! New Way to Earn SPORTS For Burning
We've long heard from the community the call to help encourage the burning of SPORTS tokens. That's why we are happy to announce the creation of a new reward for users who burn SPORTS by sending them to @null. We hope that this will encourage a wide range of new adoptions for how users can benefit from lowering the amount of SPORTS available within the ecosystem.
We also hope that this will create a new incentive for the community to create resources for the rest of the community. That's why we've built this system to support a burn beneficiary. Whenever a user includes [beneficiary=@username] when sending SPORTS to @null it will assign the credit for the burn to user mentioned in the memo. This is designed to encourage the community to create initiatives that utilize burning as a means of contribution yet still be able to be rewarded for their efforts.
How This Will Work
Every day at 12am GMT our system will review the transactions sending SPORTS to @null and calculate the total amount of SPORTS burned as well as the total that is assigned to each account. If the memo of any transaction starts with [beneficiary=@username] then the burn will not be credited to the sender but rather the user identified in the memo. It will then calculate each users percentage of the daily burn for that period and reward them with a corresponding percentage of the daily distribution.
Daily Distribution: 144,000 SPORTS
Distribution Period: 24 Hours Resetting at 12am GMT
Promoted Posts
If you've ever noticed that certain posts get highlighted in the news feed its because those posts have had SPORTS burnt to give them more visibility. In the past this was a cost you didn't get anything back from as it was the cost for the service of promotion. We are happy to announce the burn payouts will work for the promoted posts section within #sportstalk as well. Each time you burn to promote your post you will be increasing your stake within the daily disbursement.
Burning Projects
There's already been a few community members creating projects to help burn SPORTS. From community curation projects to built out games, the burn rewards will now allow these projects the chance to ask the #sportstalk community to burn tokens yet be rewarded for the efforts they've made to create the project.
We are going to start highlighting these projects to help bring a light on their missions. We've already had conversations with multiple members of the community on how they would use a tool like this and we're very encouraged with what this will spawn. If you have an idea for a project but need to talk it out then join us in the #sportstalk Discord in #burn-projects and let's see if we can help you iron out your ideas!
We'd like to thank @wehmoen for his development efforts on this project. He's been instrumental in crafting the code needed to make this project be a success. We can't thank him enough for that!
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Burn to earn !!!
I think @sportstalksocial should also consider lowering power down time of 9 months.
!trdo
It's actually not possible to have it lowered via Steem Engine. It's locked in and can't be changed from the Steem smart contract.
Let's suggest a hardfork for the smartcontract then :D
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Lets keep burning 😂
Does this burning works like delegations or like mining to earn more than burnt for some period of time?
There's no set returns. The system will be sending out 144,000 tokens every day but how many to each user is determined by the total number of SPORTS burnt that day.
For example, you burn 10k to promote a post. If you're the only person that day that burns then you'd get 144k back. If there were 20 people to do the same thing that day then you'd only get back 7,200 because the 144k would be split among the total daily burnt.
This should be a great initiative then. We're good to go. The problem there now is that I don't know how I'm gonna use sport burn a post.
This is a great news! Guys it's time to do some burning as this will give more value to our so called Sports token
Burn! Burn!! Burn!!!... Such a good idea.
It seems a great idea, I'm gonna test it. It's working right now? ty
Yeah it's first payouts have just been distributed. Thank you for participating in the first round!
This will surely go a long way in boosting the value of sports token though I might want to think that those who promote there post gets to have double of what they have now. 😁.
Really good news and hope to see loads of burning going on.
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Tried this now as a test, no idea I did it correct though :-)