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Source on GitHub | Project Website
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Components
Steemit is a blogging and social networking website on top of the Steem blockchain database. The Steem blockchain produces Steem and Steem Dollars which are magic bean tokens users obtain for posting, discovering, and commenting on interesting content. The Steem blockchain has two tokens: STEEM and Steem Dollars.
There is also a vested or stored interest known as Steem Power. Steem Power is strictly for internal use in the Steem community, while the tokens are used for stored value and trading. Steem is based on the Smart Media Tokens (SMT) protocol, developed by Steemit. Wikipedia
In Steemit transfers, there are STEEM which can be converted to STEEM POWER in a process called powering up, STEEM POWER which is use to allow users to earn on curation rewards and can be donated to help new users in the platform, STEEM DOLLARS which the rewards all post of the user and Estimated Account Value which is based on an average value of Steem in US dollars.
Based on my experience as user, I personally and manually calculate the total amount (Cash out) of Steem dollars to Philippine peso (my Country’s currency). But before that, I need to know the conversion of steem dollars to btc in bittrex (exchange entity) by searching. Then converting again the btc in USD value (from bittrex exchange, blocktrades or poloniex) to Php peso using coins.ph.
Proposal
As for my proposal, I would like to suggest an additional feature of steem dollar to bitcoin converter (in USD)and 1USD to country’s currency converter.
For steem dollar to bitcoin converter:
Steem dollar may be converted through Blocktrades, Bittrex, or Poloniex.
This three exchange will be the option of the users according to its availabilty. Then, Blocktrades, Bittrex, and Poloniex will already have the updated amount of exchange of steem dollars to Bitcoin.
For 1USD to country’s currency converter:
From the conversion above, 1USD will also be converted to the currency of the country. Here, different currencies will be provided.
To sum-up, the calculation will be, sbd multiplied to btc exchange (in USD) multiplied to Country’s currency rate per 1USD = Total amount to be Cash out.
The exchange (to Country’s currency rate) should be based on an average value of Steem in US dollars.
This is how it will look like:
From the edited example, there will be still an option of TRANSFER, TRANSFER TO SAVINGS, MARKE, BUY and SELL under the Steem Dollars Amount.
Under the BTC, the amount of exchange will be reflected if any of which will be clicked. For example, I clicked bittrex, if 1SBD = 0.00048599BTC = $5.60 in Bittrex exchange, then $5.60 will be reflected/put in the BTC (word slot).
The same goes for the Currency Units, if $1 = Php 50.00 in coins.ph, then Php 50.00 will be reflected/put in the Currency Unit (word slot).
Finally, click CONVERT and the total Cash out amount will be shown. For better understanding, refer to the example below.
Benefits
- Furthermore, after converting, users will be able to decide faster whether to withdraw the Steem dollars or not.
- He/she can choose any of the button (TRANSFER, TRANSFER TO SAVINGS, MARKE, BUY and SELL) to do with his/her Steem dollars.
- This will cause hassle-free among the users especially when dealing with a slow net web browsing.
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Posted on Utopian.io - Rewarding Open Source Contributors