UpFundMe Update: Progress Report + Mining
Creating a tribe through Steem Engine has a few hurtles, costing 100-1000 ENG each.
Token Creation - 100 ENG (per token creation) - Complete
Staking UFM - 1000 ENG - Complete
Proof Of Brain - 1000 ENG + 1 staked ENG per user - 55% Complete
Website - 1000 ENG + 100 ENG (featured posts sink) - Next Priority
Miners - 1000 ENG - After Website
Bidbot Sink - 1000 ENG - After Miners
We still have a few hurdles to jump over but progress is being made towards the final goal.
Temporary Mining Solution
Starting today, miners will start earning fixed rewards for each purchased miner until staking and SCOT mining can be purchased.
1 UpFundMe Miner (UFMM) will earn 2 UFM per day.
This will be manually sent to each wallet holding UFMM.
UFMM for sale on the market will not earn rewards.
This will allow miners to immediately start earning rewards with their purchased miners giving them value now instead of later.
You can purchase UFMM Here on the Steem Engine exchange.
Importance of Sinks
Here at UpFundMe we take the need for sinks very seriously, and plan to implement as many as possible.
Featured Posts - For a fee (that is burned), users will be able to have their post featured on the site. This will give that post priority in feeds without increasing it's post value. We feel burning this fee will be best for the UFM economy.
It's the way post promotion should have been from the beginning.
Bidbot - A bidbot will be set up that takes UFM as payment to upvote posts on Steemit.
This bot will hold no UFM so it won't work for UpFundMe promotions.
Payments will be split between those who delegate to the bot.
Delegation leases will be purchased by UpFundMe, their share of UFM will be burned!
We have a few other creative ideas for taking in UFM and burning it, but we don't want to give those away just yet. However we plan to go beyond your average SCOT when it comes to sinks!
Crowdfunds and Charity
20% of sales of UFM will go towards long term Steem Power leases to directly upvote crowdfund and charity posts on UpFundMe, fundition.io, Palnet and across Steemit.
80% of curation rewards earned from this will be split between those staking UFM, 20% will remain on @upfundme to increase Steem Power and upvote potential.
Great to see how the roadmap is progressing. I cant wait to see the upfundme tribe flourish.
Hi, @upfundme!
You just got a 2.79% upvote from SteemPlus!
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If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.
But why are you sending staked UFM to UFMM holders?
We discovered sending liquid UFM was doing more harm than good at this point, staked UFM allows miners to still earn rewards without harming the UFM economy before it gets fully launched. Once staking is turned on for miners, they will earn normal liquid UFM rewards again.
I understand that liquid rewards may slow down the process of your own token pre-sale but staked tokens ain't earning anything at the moment and making them sit idle looks like giving some punishment. Either you should make them liquid or find some way to provide additional rewards to the staked tokens at this stage. That's how I view things from my perspective.
Actually, earlier tonight we setup Proof of Brain rewards for posting in #upfundme, it just hasn't been announced yet because we may need to change some settings after initial trial runs. We intend to burn our rewards during this trial but those voting with their staked UFM will earn 50% as curation.
Congrats, great news! Lemme buy some more miners right away.