Steemitocracy - The Consensus Game - Steemit

Hey you, welcome back to the channel. And guys, today we want to talk about a new Steemit game called Steemitocracy, the consensus game. So this is going to be kind of interesting. This is kind of like the alternate universe of Steemit. And the way this game is going to work, uh, that we're trying out here, uh, Steemitocracy is a game based on Steemit.com social media site. Concept of the game is to try to make votes on quality content on a consensus basis match across the network in an aggregate form. How the game achieves the proper voting level is through an average of votes across the network. So guys, basically what this is all saying is we're talking about a game that deals with the content on Steemit. Now, Steemit already has a great system going, how you upvote content. Steem Power gives you the ability to have more influence over the network, and that works perfect for Steemit. Everything works perfect on Steemit, I believe, in that area to a great degree. Now, this is just another take on it. This is just another imagining of Steemit, and this is based more or less on consensus. Doesn't affect the voting power or the influence of the Steemit network. All that still works great within the game, but the only difference is this more targets if someone has a great post and their content over the consensus of voting. Like if there are a lot of votes on the content, but you notice it still has low monetary value, the idea behind this game is trying to make the monetary value match up with the number of votes. And, um, you know, as we'll go on to explain, uh, one way we achieve that is by— we take, um, the— an average of votes across the Steemit network, mostly from the front page, from the trending page, uh, the highest quality number of votes, and we divide that and get an average of that. And when we did that in our system, it kind of came out with about $1 per vote. Um, and, uh, basically what happens if you were to have, say for instance, 10 votes, uh, that would equal out to $10. So in the game, we try to, uh, match up to the dollar value of the game. Uh, if you're a person who holds a lot of steam power, has a lot of influence, or let's just say you have a vote that's worth $10 and somebody gets, uh, 10 votes and you upvote that post to $10, um, and it equals out to that, then in that case that would satisfy the concept of our game, now the person will have a post that's, um, uh, averaging out to the same amount of Steam Power. Um, the formula used is factored on an average of value per vote from the trending page. To participate in the game, you will have to register at Steemitocracy affiliated with Miko's Coin. The idea is to average the votes of the most value to match the quality of votes spread across the network. It is important, um, to note that within the traditional Steemit social network, the Steemit influencers' voting patterns work in conjunction with this game. To illustrate, if a Steemit influencer were to cast a $10 vote and you receive 10 votes, this would satisfy the average. In that particular example, only 1 vote was needed to fulfill the idea of the game. If a steamer poster reached 100 votes, the average out of the votes they would need to receive would be $100. It is important to note the object of the game is not to upvote content of poor quality. The idea is to make sure that through a consensus setting, quality content receives average dollar value of votes. If a post receives more than the average amount of votes, that doesn't have a negative impact on the game. The main objective is to make sure that good quality posts with less votes receive votes to average out on a consensus basis with comparable high quality posts. In addition to that, the idea of Steemitocracy is to have each vote directly or indirectly represent an average value on a consensus basis. Now again, this does not take away from how Steam Power is set up, um, uh, from the influence gained from holding Steam Power. On the contrary, with Steam Power holders, uh, they are encouraged and welcome to participate and help the game to balance out the level of how, uh, many votes received in this particular game. It's based on how many votes are received. We hope to reach consensus of value with the game to some degree. Now, I know a lot of people who are Steamians and understand, you know, how Steam works. This is quite revolutionary in idea. And of course, there are many challenges with if you're going to try to average out every vote to $1 a vote across the network, um, number one, voting power, um, is limited, uh, and it would be nearly impossible. So the challenges of the game, which of course adds to the object of the game— how will we be able to pay out this amount without exhausting voting power? It would be inefficient, not very likely to give everyone's post the same vote value. To address this issue The Steemitocracy game affiliated with Miko's Coin intends to pay out vote value in both Steemit upvotes and a bonus coin called Miko's Coin in 50/50 increments. So basically what that's saying, guys, is it's kind of a similar setup in this kind of alternate Steemit universe just based on Steemit blockchain. Uh, it's, it's kind of a, uh, um, a situation similar to what we get with Steemit where you have, uh Liquid Steam and you have Steam Power. So you have Steam Power and you have Steam and you have, uh, Steamback Dollars. But with this, how it works is in the event there was a post and it was upvoted and it still didn't equal out to the dollar value, we would then just distribute, uh, a bonus token, Miko's Coin, kind of hold like a bond the value of that post. Now that would not be worthless in that, uh, Miko's Coin is traded on the decentralized exchange. So you would be able to exchange those tokens on exchange. But in addition to that, we have opted to divide the revenue coming in from the site and from our voting power, and hopefully what will be a funded game. We are hoping that we'll be able to split that equally down the middle, take half of that money buy back MECO's coin tokens so that there's value over there in the bonded stake, and then take, uh, the other 50% and invest that directly into the post itself. Um, for example, a post that earns 100 votes would receive from the game no more than $50 in upvotes. We would then take the other $50 and reward it in MECO's coin. The game will then buy back MECO's coin on the Waves decentralized exchange at a value at or less of the token holder, which they can then sell higher or lower. So once you get these, these bonus tokens that are going to bond the rest of the value of the polls to make them equal out to $1 per vote, uh, and again, that's based on an average of trending polls, uh, that we came by by running an average on some of the top-rated polls. Um, there, once that's, uh, given people will be able to go over there, uh, buy those tokens. We will be able to buy back those tokens, uh, and retain that value. But, uh, as they will be at that stage your tokens, you'll be able to sell them for whichever amount you wish. That could be higher than that amount, it could be lower than that amount. It will be a market, uh, working alongside the game, uh, and distributed out in equal portions. If voting power is exhausted to a percentage lower than the value of the post, the remaining value will be paid in Miko's Coin until the value of the post is reached. You may at that time trade it for whatever amount you wish, as we just touched on. This will allow value to be maintained as funds and voting power is replenished. To receive and trade these bonus tokens, you go to the Waves decentralized exchange. A very easy setup. Waves is a very easy, fast processor and a very user-friendly exchange that works quite well. This allows the game to be able to give value to every post on a consensus basis, meaning that through either of those means, we're going to equal those posts out to the value of what each vote is valued at in order to kind of achieve a type of consensus, right? That's to say that everyone's vote, in a sense, in that way, indirectly, is kind of equal. And again, this doesn't in any form disrupt what's going on on Steemit.com. This works alongside with it. This is just a reimagined idea of Steemit in a game form. So we're hoping that it will work quite well and that you all might like how the game turns out. Now, as far as achieving this, as we touched on earlier, there are going to be some challenges. A dollar per vote is very high, and obviously we will run out of resources and money. And again, that would depend on the size of the site, how many registered users we have playing the game, and if we can— if it's possible for us to maintain that. But here are some of the suggestions and some of the funding we will seek in order to keep this game going and hopefully give the users of the game, you know, a type of entertainment and enjoyment that they find is worth playing. In order for this project game to be successful, we will need the support of the Steam It community. There are many ways to help us raise funds directly and indirectly. One method that we believe works is through buying the MECO bonus tokens with Steam. This gives us Steam to power up, which will enable us to vote. You also receive Miko's coin, which trades on the Waves decentralized exchange. 50% of all funds raised on site goes back into buying back the coins, giving the community value. So this can equal out to being a win situation. So right there, that's just saying that person who wants to invest in this, uh, game, uh, they can directly buy the Miko's bonus tokens, and those tokens are also going to allow you to trade them as well, earn on them as well, uh, as you know, in addition to, you know, helping out the game and getting a, a better distribution going around or consistent consensus voting situation for Steamians. Interested parties may also delegate STEAM for a period of time. You will not receive the same bonus tokens as if you bought the MECO tokens directly. However, you will receive a comparable fraction of the leased STEAM portions in MECO's coin equivalent. You know, as to say, uh, we would come to an agreement about how much STEAM you would delegate over probably would be similar to what you— we get on the present, on an average present delegation systems that exist now on Steemit, and you will be rewarded that much in Miko's Coin for the period of the delegation. Now, in the event this is not a type of project you feel worthy of investment for whatever reason, but you still might want to support the Steemit community, play the game, uh You may still do so simply by looking for valuable content on our site from Steemit.com. Upvote the posts you find worthy on our pages. Try to identify worthy posts and upvote to match their votes to average it out to a vote value, or simply upvote it as much as you like in your personal determination of value. You know, again, the votes are trying to get the votes on a consistent basis with the value, an average value of high-quality posts. That's what the game aims to do. Now, another idea we have that we've been experimenting with, that is sticking ads and offers in between Steemit posts on our, on our game site page. And this helps us to gain funds to match the value of the content. You know, in other words, have we been paid by advertisers, or if we are being receiving funds through offers and various things like that, that gives us an ability to power up more Steem. It gives us the ability to vote more content, buy back more MECO coin tokens. And all of this, you know, helps us to keep this going and maybe make this a comparison or companion version to Steemit and see how this works. We know Steemit is driven a lot on influencers. That has— Steemit has become quite successful. So in our opinion, that means Steemit works. Now, this is a game just taking a different approach to that. Kind of think of it as Steemit in an alternate universe and an experiment to see what happens with a consensus-based game. So we love for you guys to register on the site, give it a try, give it a shot, see if you like the game. And if you're interested in playing the game, we'd be glad to have you over. And give it a try. Um, the links will be available in the description. You can also contact us, uh, on our, um, on our website page. Oops, didn't mean to go there. Uh, guys, if you like content like this, don't forget to like and subscribe. And until next time, take care.