Until the overdue flag debt has been paid to our highly valued supporters!
First, I want to express my sincere thanks for everybody's interest and participation in our program to incentivize healthy flags in our ecosystem. Particularly, those that do so in good faith in what we do.
Unfortunately, we have fallen over 1K SBD worth of flags to reward due to a lack of sufficient Steem Power to compensate. With that being as it is, the top priority is to take care of our supporters. This means that we must adjust incentives until the need is met.
Effective immediately, an operational control will be put in place whereby our moderators will only approve flags of delegators or those otherwise providing tangible support to keep the project rolling.
Without support, our efforts would futile.
We would not have meaningful Steem Power in which to remove rewards from spam and the like. This is precisely why it is in my paramount interest to make sure our delegators are taken care of.
Technical controls will be developed as well such as a script to obtain all delegations, their amount and total equivalent VESTS. This will be used to establish our schedule for rewards and flag ROI. I am grateful for the handful of altruistic user that have committed their SP to the cause.
We may on a situational basis approve non-delegator flags that moderators per their discretion view as helpful to the mission. For instance, the first one that uncovers an extensive vote farm operation. You can think of this as a finders fee if you will. We would love to encourage more flagging but it is important that we do proportionally to the stake that has been entrusted to us.
To understand how this works, the bot is designed to distribute it's equivalent SBD daily vote value in SFR tokens per day. This is a mechanism to prevent issuing more checks than we are able to cash so to speak.
Presently, that is about 15 SBD to give an idea of just how long it will take us to pay the flags. An important consideration; however, are the flags in our database coming from those that have never supported us. I am considering merely marking those flags to exclude from payouts but there are other considerations.
Imagine the following scenario:
- User Delegating 1000 SP and submits one downvote w/ the equivalent of one full 500 SP vote.
- User Delegating 2 SP and submits one downvote w/ the equivalent of one 1000 SP vote
You can plainly see the imbalance of the above scenario. Even if we exclude non-delegators, there is still in issue with the above. I have a plan to ddress this.
The general idea is to implement a system whereby the SP delegator receives coverage for the same amount in SFR Credits but with modest growth curve to also encourage some flagging with voting mana if they find a situation that warrants it. If users use their free downvotes, I believe that should be more than sufficient to make a decent return while keeping Steem clean.
To keep things super simple, I plan to retire the first flag and new flagger ROI values especially considering the latter is easy to obtain by creating new accounts making it an attack vector for those intending to game the system.
All in all, we are going to tighten up operations considerable so we may move forward in our mission to make Steem less susceptible to abuse and increase the risk of loss to those that dare attempt it. That has been my intent from the beginning and I will exercise my best judgment to achieve it.
We are still decentralized with our respect to coverage on the blockchain with our many eyes but believe I may be making executive decisions concerning design to help us reach our mutuual goal. I am happ to listen to suggestions and will take any into consideration.
That being said, I have a lot more work ahead of me such as resurrecting my pal @slobberchops @chops.token bot which should be a more or less trivial task. In the midst of all this, we are celebrating my daughter 6th birthday so please understand I may be out of pocket for portions of the weekend.
I hope all understand why this must be done. I want for us to work as a team and this means we need to help carry out own weight and be able to help the flagger to the left and flagger to the right.
|As they used to say when I was active-duty:|
|It's Semper Fi. Not Semper I!|
Alternatively, there is no I in TEAM.
Please, let me know your thoughts as we plot our way forward. The whole plan isn't exactly set in stone yet but wanted to give a heads up to those using our service and not currently delegating. Please, consider taking that step to support SFR so this project may continue to grow and evolve.
What we do requires overhead, myself and a few others contribute to development and I also want to make sure I keep our hardworking mods happy. Thank you!
The @SteemFlagRewards account has been set as 100% beneficiary to reward our good flaggers for their diligence and dedication to our great chain. Keep it up yall! 💪
It allows for precise and targeted usage of you downvotes using well established SteemFlagRewards Community Abuse Definitions. We may not agree on everything but we can agree that things like spam and plagiarism are bad. A little bit of help goes a long way! Much love to our existing supporters!