Review of the steemleo bidbot called @leo.voter.

in #investing5 years ago (edited)

The @leo.voter bidbot is used to earn Steem while burning Leo. This bidbot is a new innovation on the Steem blockchain, created by the team at Steemleo. This is a review of the process and benefits of this bidbot called @leo.voter.

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The way it works is you send your Leo Tokens, to the bidbot from your wallet to buy Steem upvotes on your post. The bidbot then awards part of the LEO you send to the people who delegate SteemPower to it, which allows it to have SteemPower to upvote your post. Then the bidbot sends its share of the LEO to a null account where it is removed from the circulating pool of LEO for ever. This process is called burning Tokens and is also referred to as a Sink. The process is discussed in great detail in this Steemleo post: Steemleo Token Burning

Steemleo illustration.
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To use the voting bot, just follow these simple steps:

  • Post your quality content on Steem (doesn't have to be under the #steemleo tag)
  • Copy the link to the post.
  • Send LEO to @leo.voter WITH your post link in the memo field (don't send to any account other than @leo.voter!!!)
  • Get an upvote from the bot!

This use of a bidbot to burn Tokens and increase Token scarcity, thus increase Token value is an interesting idea, and it has been embraced by the Steemleo Team. Their are a few other tribes also burning Tokens as a theoretical way of increasing value of the remaining Tokens. I think the use of a bidbot in this way by the LEO team is difficult for bidbots on Steemit to do because they would be burning their profits, but perhaps it could be implemented by Steem Inc. as a potential alternative bidbot on the Steemit platform. Steemleo is a community for investors, learn more here: Steemleo Intro Post

Conclusion:
You can promote your post with Steemleo bidbot, earn Steem and burn Leo by sending LEO to @leo.voter. This reduces the supply of LEO and helps to increase the price of Leo on SteemLeo Interface.

Written by ✍🏼 Shortsegments

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How's that a new innovation? Doesn't Palnet's @minnowsupport and other tribes' bots like sct.voter, triplea.bot etc. function in a similar fashion?

Hi
Thank you for your question.
I am unfamiliar with all the new Tokens, but before Steem-Engine there weren’t any Bid-Bots that burned Steem. Steemleo’s bidbot burns the Leo Token so that is unique.
In the Steem blockchain none of those bidbots burn tokens.

I have used SCT-voter and it doesn’t burn its Tokens, but I don’t know about the other two. Do they burn Tokens? If you have a post link from the Token creator explaining this I would appreciate it.

It's strange to learn about the SCT voter not acting as a sink but you can check the following links for other tribes. Almost all tribes that has an upvote bot burns their tokens but I'm referring here PAL as it came into existence before LEO:
https://steemit.com/minnowsupport/@minnowsupport/introducing-the-minnowsupport-tokenized-bid-system-for-community-upvotes

You may also check the Neoxian city upvote bot @neoxiancityvb.

For Steem, if you use Steemit interface, you will find a "PROMOTE" button at the end of every post. You can use it to promote your post in promoted content section. All SBD sent to it are burnt (sent to @null a/c). Long back, you also used to receive some upvote from promoted account but now I think that service has been discontinued (as it was not from Steemit but by heimindanger). Check more details at:
https://steemit.com/steem/@heimindanger/don-t-use-vote-selling-bots-use-promoted-instead-a-bot-that-upvotes-you-when-you-burn-money

I have not used the neoxian bidbot or the pal bidbot, so I was unaware they were also used as sinks. My review in intention was to compare this bidbot to the ones I commonly use on Steemit bidbot system. Thank you for this information, I will edit my post.

You are correct, I forgot that Steemit use to burn Steem via the promote post feature.

I have edited the post to reflect the information you provided.

Hello @shortsegments, thank you for your contribution to RealityHubs.

Great job, that is a nice review of steemleo bidbot and the token facilitating it.

We should see more of projects like Leo token on the steem blockchain, the increase in the value of tokens is an increase in steem value which is good for everybody.

We are looking forward to your next contribution.

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Thank you for your review off my post. It is appreciated.

Thank you for the compliment. I appreciate it.

Uhmm this is similar to how whaletokens function on Whaleshares. The difference is that the token generation process occurs via PoB and the tokens burned never circulate again.

That’s good th know. Did it help their coin price?

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