Well today I will get my first paycheck from palnet.io. It will be a small one, but the first step towards a great future!
A little bit less than 7 days ago I did claim my PAL tokens and after some hesitation I did stake them all. I got it for free and while the sell of them could have bring me a little bit closer to dolphinhood I am willing to give the platform a chance!
After a week some things are getting clear! Some are positive but there are also some not so positive issues!
The good
First let’s start with the good things!
- I was very pleased that I did get some PAL tokens from the airdrop. In my case this was 618 tokens. If we would compare this with the start at Steem, I will start on Palnet immediately as a minnow!
- It is great to be able to have the ability to earn and PAL and Steem tokens with the same post. Reagrdless of where you do write the post as long as the palnet tag is added to the post!
- The performance of the site has improved a lot!
- Lot’s of minnowsupport moderator are commenting like crazy and answering a lot of questions! They are acting like a true community!
- They are creating different use cases for the PAL tokens.
- And maybe the best thing is that they are learning from their mistakes and are trying to correct. Also they are listening to their uses! How great is that!
The not so good stuff! At least in my eyes!
First let me state that it is easier to have criticism than to create something and build up something from the ground. The points below do reflect my opinion which could be influenced by a lack of knowledge on the palnet project!
The airdrop
Well we are all pleased with a beautiful airdrop and there is nothing wrong with the distribution. It was great to see that the airdrop was capped at 2500, which should leverage the play field in the beginning. But the thing I do regret is that the mods of the minnosupport team did got 30K PAL tokens. I have no problem that they were getting more than the capped airdrop, they did deserve a bigger share. The problem I do see is that they got 12 times the max cap. 7 times would be enough for me personally. With such a big difference they could disrupt the token distribution in the future. An upvote from them could give you a big advantage compared to others! Yes, I do know that they are not allowed to sell these tokens within the year, not are the allowed to power down/unstake! They aren’t even allowed to upvote their own post! Kudoos for that!
But I do have this problem with most curation projects. Those are great to support authors as long as there are curators which do share a common passion or niche with you. When you are writing about a niche which isn’t in their interest field, you can more or less forget to support of the particular curation project! But also here, this is a natural human thing! And to be honest I don’t know any solution for this issue. It also could be that this isn’t an issue at all but only a strange mind thing of myself!
Decimals
Or the lack of it! At the moment one needs the support of around 1600 to 2000 PAL to accumulate a 1 PAL value upvote. Due to the fact that ne decimals are used an instant problem arise when the payout date of the post is reached. Palnet uses the 50/50 split between authors and curators. Can you already see the problem? No decimals are used, so how are they going to split the post earning between author and curator. At the moment I do believe that in this case the author will get it all. But suppose there is a post with a PAL value of 4 Steem and which has 150 upvotes. The share here for the author is simple, namely 2 PAL but how will the curation be spread over the 150 curators? This is just not possible without decimals!
- I did wrote some comments about this and palnet admits that they overlooked this and are working on it!
Another side effect the missing of the decimals has, is that the most user don’t see an impact when voting on a palnet post! It is always nice after an upvote to see that the value of the post has been increased!
Still I do find it a great project and am curious how it will evolve. I do think that it has a lot of potential but time will tell! As long as they keep improving the site, the token economics and so on, it can only go forward!
Cheers,
Peter