RE: HF21: SPS and EIP Explained
The question is how will we track and measure how much value a funded project is provided? The question of "is it worth the amount of funding it is receiving?" is a question the community is likely to ask. If a project somehow drives some sort of revenue so that the value/price of Steem starts to go up then of course we can all agree this is good.
But I am concerned we could end up with a lot of low value "projects" which developers and insiders like but which does not measurably drive according to any traced metrics. So if we are talking about increasing active users, or increasing investor interest in holding powering up, or something measurable like this then great.
Are there any current ideas that @blocktrades has in mind to be on the initial proposal list?
There are blockchain history elements generated for all payouts, just as there are for content payouts today. UIs like the many we have for existing Steem functions will process this history show the data. We know who are the largest earners on author payouts, curation, who is powering up and powering down, etc. because of the many UIs and reports that have been created by the community to show this kind of data.
The initial version includes a pretty limited web UI that shows proposals and allows for voting on them but I have no doubt that over time many additional UIs will be created to show the data in more and different ways (some may even have their funding provided by SPS, some may not)
What I meant to express but did not word very well is will the UI allow for us to track the metrics of projects so we can determine the success or failure based on how much a certain project is contributing to success measures?
If it's retention stats, or if it's the Steem price, or if it is something else, I think every project which is asking for funding should have a business plan with a profit motive. The project can be a great idea but then how does it increase the price of Steem or bring in more users or make current users more active?
Example, a game in the style of DrugWars for example could bring in new users and increase the value of Steem too if it were designed the right way. The project could be funded via SPS and then every month report their success metrics such as how many users they are gaining each month, how much retention they have, this and we can look at if the price of Steem is going up or if people are powering up more etc.
So yes, we can find a way to measure "profit". We just have to agree on which measures should represent profit.
Of course there will be funding for low value projects with the usual source of beneficiaries at the top who say we need to alter rewards to stop the vote bots that many of them profit from. Right now its campaign time promising the moon, then once in place what will be will be.
It seems only you have ever heard of kickbacks. Sadly, they are how government is run, and taxes create governments.
SPS sounds like a perfect mechanism to tax from the smallest stakeholders a flow of funds to a group of cronies with enough stake to ram through their proposals. We will see what happens when we allow a group of 35 rapine profiteers that have already managed to extract ~90% of the inflation from the rewards pool to vote themselves another 10% of the rewards.
I think we both know what we'll see.