Hello fellow photographers.
We are thrilled to announce that we will be adding Proof Of Stake (POS) to our reward system.
This means all of you will be able to earn a fix percentage of the total reward pool just by staking your PHOTO tokens!
Is this great or what?
Basically everyone staking (powering up the token) will be earning in two different ways:
- 1- You will keep generating curation rewards through your votes, just like before.
- 2- (And this is the change) Everyone will get an extra share from the reward pool just by powering up PHOTO. This extra return will be proportional to each individual's stack, so the more you power up the more this passive income will be.
Here's what will effectively change:
- The present reward division is:
50%: Proof of Brain (POB)
50%: Mining
- The division after the update will be:
50%: Proof of Brain (POB)
30%: Mining
20%: Proof Of Stake (POS)
But that's not all!
Our tribe's mission remains exactly the same. We want it to be a community driven project and for that we will keep using PHOTO to empower photographers and photography communities all over the Steem blockchain.
To do it we need a strong and healthy token. With that in mind we decided to cut the PHOTO token printing rate by half. This will change things equally for everyone, independently if you're a photographer posting your work, only curating without posting, or simply mining.
What does it mean exactly?
It means that instead of printing 6 tokens per 3 blocks we will be printing 3 tokens per 3 blocks, reducing the present 48000 tokens per day to 24000.
That will be beneficial for everyone who has been staking so far.
Halving the production will also immediately stop half of the current sales from those who simply dump the token as soon as they get it just to make a quick buck. It also makes the task of absorbing the other half a lot easier.
All these changes are meant to protect/increase the PHOTO value and benefit those holding it.
To summarize everything:
1- Proof Of Stake will be implemented in our reward system:
- 50%: Proof of Brain
- 30%: Mining
- 20%: Proof Of Stake
2- The token printing rate will be halved.
- Cutting from 48000 tokens printed per day to 24000.
When will these changes go live?
We want to give everyone enough time to readjust and stake as much tokens as they want before the changes are implemented, so we are aiming for next Saturday (02-11-2019).