You know I am talking a lot about my favorite topic SMTs recently. The reason for that are the new SMT projects with working applications and cool bounty systems. Today I am looking closer at the payment system of @Steemhunt and how it creates a flourishing community with income streams not just for the main content producers but also for those who bring value in form of upvotes and comments.
Calculated Post Upvotes
Steemhunt uses the delegated Steem Power it has to upvote product hunt posts after they were accepted by a moderator who checked if for compliance with the official rules. Each user can post one daily hunt and gets a fixed Steem upvote depending on their Hunter Level. This is a very smart solution to distribute upvotes based on beneficial behaviour towards the Steemhunt platform.
The rules for the Hunter Level say:
A hunter’s level is decided based on their overall hunter contribution within Steemhunt based on four criteria: Account credibility, Activity score, Curation score, and Hunt score. Please check out this announcement for more details.
The hunter level will increase when:
- your Steemit reputation is higher, your account age is older, or you’ve visited Steemhunt more frequently.
- your curations (upvoting hunt posts) are highly active with higher diversity scores.
- you have more approved hunts, and they rank higher.
The hunter level will decrease when the activities mentioned above run in the opposite way, or you are blacklisted.
As you can see it incorporates elements from the Steem system as well like the reputation and account age. This helps to prevent sock puppet accounts to abuse the system by making the entry point more difficult. The Steemhunt-related elements are the frequency of user return, curating and content creation. It basically means that an active user who engages in all activities on Steemhunt will have good chances to reach a level where it gets interesting.
Paying The Userbase For Relevant Activity
While the main feature of course is all about hunting for products and sharing them on Steemhunt, the actual revolution happens in form of their bounty system and the comment upvotes. The bounties are a speculation on future value as they currently hold none yet. It is a powerful tool I have written about often recently. However, rewarding comments on Steemhunt with up to five Steem upvotes daily is a direct value which the users can accumulate. This is probably one of the most interesting aspects of Steem and the upcoming Smart Media Tokens: An easy accessible income stream for everyone.
When we look at how Steemit works currently we see a lot of undervalued posts and 90% of new users disappearing after a few attempts with no upvotes. Steemhunt allows them to make a guaranteed income with a post if they apply to all rules and have grown at least to Hunter Level 1. But even more so, each user who writes just a few proper comments on a daily basis can count on a pretty handsome addition to their monthly income. Personally, I am currently at Hunter Level 3 and I get 5 upvotes worth well over $0.50 each per day. That adds up to over $75 in Steem per month!
For Steemhunt this brings value in form of greater Search Engine Optimization (SEO) as the extra text from the commentators will increase the rankings of Steemhunt posts. And since the business model also works with a referral code to the product pages this will ultimately increase the passive income stream for Steemhunt. We see how clever the Steem mechanics can thrive a business and create wealth for the community. This sharing principle is the reason why Steem and SMTs have an amazing potential for wide adoption. Steemhunt has shown how its done. Many others will follow with their own unique solutions to distribute wealth and initiate the Age of Abundance.
Tell me how you like the unique way @Steemhunt is using Steem and their bounty system. And what are your ideas for how Steem could create value for a community or app by distributing upvotes to the users.
My Previous Steemhunt Posts
| Steemhunt Gamification Leads The Way For Future Smart Media Tokens | 3 Free Smart Media Tokens You Can Earn Today |