Steem Improvement Proposal 201907101235


Instant MANA recharge

And burn some Steem in the proces

Make Steem scarce again!

Now I would prefer this change proposal to be combined with detaching Steem Power {SP} from voting. Yet, that might be to big of a change for many. Even if that does not mean putting Steem at Power Stake will be useless. It will be linked to the Resource Credits {RC} / MANA an account has available. Plus SP at stake will get an account interest, just like now, of which the value gets updated every 3 seconds (new block time). Currently the interest payed comes from a 15%, more or less, reservation from every new Steem that gets created with every new 3 second block. So even when voting influence would get detached from the amount of Steem Power an account has at Stake, it still will be worth it. First because of the constant interest on interest. Because as Steem Power grows every 3 seconds through the interest so will the next interest added. And so on, and so forth, even Powering Down a bit every week might still have ones SP grow. Yet, that would mean one needs quite the amount of Steem Power to be able to pull that off. Meaning? It will be okay to detach SP from determining Voting Influence strength.

Having Steem Power staked has another function, it is connected to the amount of Resource Credits/ MANA an account has available. Mana determines how much interaction any account is able to have with the Steem blockchain. And it rebuilds every 5 days, meaning at a rate of 20 percent per day. So if you got a notification that you are out off MANA on a regular base and cannot post, reply, vote or do a transaction, you might wan to consider to get yourself some more Steem Power. This can be done by setting the potential payout for your publication default to a 100% Power Up. Or you can buy it via Blocktrades, for instance. But, your MANA still needs to rebuild over time. Basically it means that the more an account interacts with the Steem blockchain, the more MANA/ Resource Credits it will need. Decentralized Applications {dApp} build on top of the Steem blockchain need it a lot. There more users a certain dApp gets the more MANA it needs, the more Steem Power that account needs to have at Stake. As the amount of SP determines the amount of RC that can be used.

The more members will start to interact with the Steem blockchain more often, the more demand there will be for Resources. The witness computer hardware provides this, yet their resources will be limited. Then a kind of compressor-limiter will become active. The higher the demand for witness hard- and software resources, the more 'expensive' Resource Credits should become. Meaning interacting with the Steem blockchain will drop the MANA of an account faster. (And I also have an idea that is linked to the newly created Steem every 3 second block, more on that in another publication.) Yet, some members, or dApp services, might still want to have an instant MANA recharge. And unlike Steem and Steem Backed Dollar {SBD} it cannot be bought on a market. Imagine though that it would be possible to get an instant recharge of the Resource Credits. Not by trading on an external market, not by 'lending' it from another account, but by burning Steem/ SBD (or maybe even SP, although highly unlikely) in the proces. It could mean that any account that needs an instant MANA recharge has no liquid Steem {STM} / Steem Backed Dollar {SBD} available to burn.

Well, here comes the thing, Steem and SBD can be bought with other Cryptos. And those Steem / SBD will be burned after they have been bought. Making Steem more scarce in the proces, because these are send to the @null address. Which means they go into oblivion for ever. But... On the other end they can be 're-issued', without causing much inflation, or any inflation at all! And the Crypto Currency Market 'loves' scarce deflationary Tokens. You see how this could trigger some liquid Steem rotation movement? Also the price of liquid Steem to be burned for instant MANA rebuild will depend on the current Resource demand. Witnesses will have a task in this. Maybe an account only needs a few percent instant MANA rebuild. Who knows, it could go in a lot of directions. But one important key part of this idea is that the liquid Steem needs to be burned. Because that will help the Steem Token and blockchain to stay dynamic and strong.

Thanks for reading, hope I was able to explain it.

Sometimes you just need some MANA and nothing more.


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10.07.2019 11:42
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