Bounty: Explain how SPS works
I don't actually understand how SPS works.
I went to the websit: https://steemproposals.com/about to learn how it works. But it is actually not described, only advertised.
Can someone explain to me how it works in simple terms and to the point. No blabla no reason, no history no bull shit. Just how it fucking works.
Thanks
From the official post: HF21: SPS and EIP Explained
Yes so much i know. But how exactly is the money distributed. How many proposals get paid, when is the decision to pay or not to pay made etc? What happens if vote are
How many propsals get paid
For Long-Term SteemDAO Funding 10% of overall inflation (pulled from the rewards pool) would be used to fund proposals made through the SteemDAO/SPS. So from my understanding of that info, there is no exact number of max projects that are too be funded. Instead the max is based on the amount pulled from the rewards pool (10%). If one project was to get all that (not going to happen) then only one project would get funded.
I'm not sure if there is answers to your other questions yet. I think we may have to wait to see what projects get funded and then we may have those answers. I would be interested in knowing the answers as well.
I have actually tried understanding how does it get paid too... can't see this. Maybe there is a problem?
It should be seen SBD transferred as stated on the FAQ, but I don't see any of that being done @blocktrades?
Part of the natural inflation of the blockchain is moved to a fund. People can submit proposals to get some of this fund. GTG set up a return proposal that is at a high enough level that ideas without much support will not receive funding. Those funds are returned to the SPS pool. Any proposals that have more Vote SP than the Return Proposal will get paid out the amount requested. For instance, SteemChiller is now getting paid out 77 SBD each day for SteemWorld support and Howo is getting 66.5 SBD per day for Downvote Control.
So one needs more than 13m votes and then get paid daily whatever is requested.
No matter how much money is requested one needs 13M+ votes?
Yes, at this time. If stakeholders remove their votes from the return proposal, then it would get easier to get past that threshold.
As it is, the Return Proposal is requesting 240 million SBD per day, so it effectively soaks up everything that isn't claimed. Without the return proposal, each proposal would just get allocated the amount requested in order of the amount of Vote SP acquired. When the SBD ran out, all disbursements for the day would cease.
@knircky, if you vote on the "Return Proposel" or if many more people vote there, then it raises the bar of how many votes are needed... basically a hard filter.
But yes... it somehow very simplistic. In my view, there should be several categories with weights... and people would vote depending on the category. I know it would make things even less appealing to voters... but that can be counterbalanced with a bit of incentive.
Some people will vote for absolutely nothing... so, giving 0.001% to voters, will be probably enought for most STEEM based users to vote on what they like.
I use this site: https://steempeak.com/me/proposals
I think that every proposal above @gtg's Return Proposal is paid daily at the rate they specify, up until the proposal end date arrives, and everything below receives nothing.
So at present, 2 proposals are being funded each day.
If people want @inertia's proposal in, but vote for the Return Proposal (which should imo always have a place in the ranking to avoid rubbish being funded), they should un-vote the Return Proposal - like I have this morning.
Vote value is based on vested stake, but if you proxy someone for your witness votes, it is they who choose which proposals your stake is supporting.
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When you do, you explain to me too
sure
Reading these comments were helpful! Now I have a better understanding, too!
@knircky, Definitely this Subject needs a nice Structure and Breakdown which will going to clear all the doubts, because there are many doubts. Stay blessed.