In this update, I share the new Knowledge Base article I have written for the Utopian Help Center, and improvements to the "Managing your wallet" article and improvements to both quick start guides (for contributors and for project owners)
New Knowledge Base article: Steem Power
Steem Power
Steem Power is essentially STEEM that is locked-up in a thirteen week vesting schedule. What this means is that the STEEM cannot be liquidated at once, but in thirteen weekly withdrawals instead. As such, Steem Power represents a vested interest in the Steem ecosystem.
Holding Steem Power gives you the power to decide how the daily rewards of STEEM are distributed through upvoting or downvoting posts. Holders of Steem Power have a vested interest in the value of STEEM and are therefore granted this ability in proportion to how much Steem Power they have, in relation to everyone else.
In a nutshell, Steem Power is the currency needed to give rewards to posts of your choice. The more Steem Power an account holds, the more rewards it can give to posts. It also works as a bandwidth allocation token, giving you a calculated amount of network bandwidth in relation to how much of it you hold. See the Bandwidth FAQ on Steemit.
Benefits for Project Owners
Project Owners who hold Steem Power can increase the amount of rewards distributed to their contributors apart from the Utopian bot's votes or the support of sponsors. Holding Steem Power gives project owners a way to attract more valuable contributions by guaranteeing higher rewards.
Benefits for Contributors
Contributors who hold Steem Power can reward the posts or comments made by fellow contributors, as they interact with each other, further enriching the social aspect of Open Source contribution. It makes working on projects together fun and rewarding at the same time.
Improved "Managing your wallet" Content
I added information about the different types of private keys and the permissions they give.
A Steem account has a hierarchical key structure, with four different types of private keys that give particular account permissions:
- Owner Key: this is the master key for your account, with all permissions, and it has the power to change all the other keys
- Active Key: this is used to place market orders and to make currency transfers, and it also gives posting permissions
- Posting Key: this is used for posting and voting on posts only
- Memo Key: this is used to create and read memos only
Improvements to the Contributor's Quick Start Guide
- Added a link to the voting power article in the Knowledge Base.
- Removed link to future tutorial on how to integrate one's GitHub account. The steps required don't really need a separate tutorial.
- Added a link to steemd.com for when someone wants to see their account's activity
- Added a link to the "About contributing" article in the Knowledge Base.
- Added a link to steem.io website for people to learn more about the Steem blockchain
- A few improvements on formatting issues
- Fixed a few broken links: GitHub commit
- Removed link to SteemConnect, citing irrelevance: GitHub commit
- Link to Steem account creation page GitHub commit
Improvements to the Project Owner's Quick Start Guide
- Added a link to steem.io website for more information on Steem
- Removed link to future tutorial on "Activating sponsorship module" citing the feature's imminent removal
- Added link to Steem account creation page for account creation GItHub Commit
Posted on Utopian.io - Rewarding Open Source Contributors