This is an announcement of some important changes to how MAP Rewarder distributes earnings every week.
I am pleased to announce that the MAPR token has been created and future earnings will be paid out as tokens.
Unlike many other tokens, MAPR will continue to be backed by the underlying SP and STEEM holdings and its Asset Backed Value (ABV) will be published every week with the earnings report.
Before launching into some specifics, I wish to stress that MAPR has been designed in a way similar to a split-level investment trust. This means that delegators to the fund account @accelerator hold the equivalent of interest-bearing shares whereas MAPR token-holders have the equivalent of capital shares. The aim is to distribute weekly earnings in such a way that both delegators and token-holders receive pro-rata benefits, with the former receiving tokens as interest and the latter seeing the ABV increase reflected in the token price.
Introducing the MAPR token
I have always wanted to see the capital base of MAP Rewarder increase in a steady fashion. Allowing delegators to compound their earnings is not feasible within the current rules regarding delegating. The only way a delegator can currently compound earnings is to weekly increase their delegations with their earnings; few do this on a regular basis, although I am pleased to see those who have been increasing their investments over time.
Tokenising the rewards makes this easier. The weekly earnings will be divided between the delegators and the token-holders - many of whom will be the same accounts - and this allows each individual to decide whether to keep the tokens and compound their value or sell them on the market. I shall use the powered down STEEM to buy up any sales that are not sold through the market mechanism.
I know this means an extra step for delegators, but I have had this planned for a very long time and hope the new token market will give me the flexibility to increase rewards further in the medium term.
One very important aspect of the new payout system is that delegators are being paid in two different ways at the same time: they shall receive tokens as a share of generated income and the value of those tokens is increased in line with the ABV. Keeping those tokens means they too will increase in value based on the following week's ABV.
Note that token-holders will not receive additional weekly tokens, but will instead see the ABV price rise and can sell for a profit in the future.
What happens next?
Tomorrow, Monday 22 July, will see rewards paid out by STEEM transfer just like every week for the past 18 months. This will be the last such distribution. The next distribution, on Monday 29 July, will be done using MAPR tokens. The same rules apply, with new delegations seeing a percentage of their rewards for the first week, and the usual 2-day waiting period so that new delegations done during the weekend will wait till the following Monday.
So, there is actually nothing that existing delegators need to do. Just wait till the new system kicks in and I hope everyone will be pleased with the outcomes.
It also means that users can now invest directly into the MAPR token without having to delegate. Such sales will be largely converted to SP to maintain the token's ABV. Weekly power-downs of SP will also continue to honour any token sales at or below the published ABV spread.
There will be no MAPR staking or delegating. I do not see the point in delegating the token when one can delegate SP.
The starting price of MAPR will be 1 STEEM.
The transfer of SP assets into MAPR tokens will take place during next week.
The MAPR token is already on the market for those keen to invest, and a proper launch post will be published early next week.
The second phase of changes is a response to the coming HF21. Low value upvotes on low value posts are going to be worth a fraction of what they are now. I will therefore phase out the daily "bonus upvotes" and replace them with larger daily random upvotes. This will be similar to how I do it now, but likely to be two upvotes per day; one to a delegator and the other to a token-holder. Such upvotes have made a significant difference to smaller accounts and I would like to continue doing this. Such upvotes will only be given to active posts that have not already been voted on.