Announcing a BIG change to BUILDTEAM tokens

in #buildteam7 years ago

Hey everyone, @bulleth here with some big news on behalf of BuildTeam :)

From 1st of December, we will be moving away from the current auction system and transitioning to a Proof of Stake (POS) system. The monthly profit pot will continue to be announced and distributed each month, but you will no longer forfeit ownership of your tokens by participiating.

Although we had some great success early on with the auctions, the model was too vulnerable to last minute "sniping" and the co-operative game did not always function as envisioned. We believe our new POS model will add significant long term value to the token, shifting the focus away from short-term monthly gains. After all, BuildTeam's projects are still very young and the profit pot has been proven to have grown each and every month - is then a short term mindset really appropriate?

How will the POS model work?

When Steemit Inc launches Smart Media Tokens (SMTs) in 2018, BuildTeam will be moving our tokens to this new platform. Other than supporting the Steem network, the primary reason for this change is that SMTs will have a vesting (Power Up) fuction simillar to what the Steem network currently has with SP. This is how we will handle staking: powered up tokens will be considered staked and will be eligible for proportional payments from the monthly pots. Also just like with SP, staked tokens will be subject to a 13 week power down process - this encourages a longer term mindset and prevents people from agressively gaming the payout date.

In the meantime we will simulate vesting on our current Bitshares token via a custom Python script that will automatically return your staked tokens to you over a 13 week period upon request. We will do a more detailed post on the POS mechanics as we get closer to December. If you have any questions in the meantime, feel free to ask in the comments sections below or reachout on our discord server.

The final auction

Since we are moving to a POS model in December, the November auction will be the last auction ever! The profit pot is already looking quite big, but considering the tokens will have long term value after December, it would not be wise to bid all your tokens in the final auction. Just like with previous auctions, the best result will be achieved if everyone limits their bids to a modest size. Let's all work together and try and ensure a good result for everyone in the final round!

Thanks guys!


How do I buy BUILDTEAM tokens?

Check out this handy video tutorial:

Tokens can be purchased on the OpenLedger - https://bitshares.openledger.info/?r=buildteam

If you already have an OpenLedger account, use this link to go directly to the exchange pair:
https://openledger.io/market/BUILDTEAM_BTS

How do I participate in the monthly BUILDTEAM auction?

We recommend reading the following posts to understand BUILDTEAM better and participate in bidding:

https://steemit.com/buildteam/@buildteam/pre-ann-the-buildteam-bidding-process-tutorial

https://steemit.com/buildteam/@buildteam/buildteam-bidding-announcement-3700-steem-bidding-is-now-open

What determines the price of BUILDTEAM tokens?

Like all exchange traded assets, buyers and sellers determine the price of BUILDTEAM tokens. Current supply and the size of the monthly profit pot are the primary fundamental drivers.

Support

What is the best way to get in contact with BuildTeam?

Please visit our Discord support chat for help with any questions or problems you may have:


Visit our flash new website! https://buildteam.io


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Spanish version of this BuildTeam publication / Versión en español de esta publicación

https://steemit.com/buildteam/@simnrodrguez/se-ha-anunciado-un-gran-cambio-en-relacion-a-las-fichas-buildteam

Thank you :)

Hello @buildteam

You have been doing a great job for the steemians and the community as a whole to have a taste of buildteam token.
I believe the new POS model will add significant long term value to the token by shifting the focus away from short-term monthly gains to long term gain and by the way granting steemians access to enjoy more of the service.

Keep the good job going.
@maintain4real-eu

Much appreciated, thanks for your support and kind words!

@buildteam is going to be one of the largest SMT in steemit. I like that it already working as a successful prototype as predecessor to SMT. Great job guys for great services :)

Yeah I can feel that too ... Thank you for your support :)

well I have just bought a bit of buildteam coins and will be participating in the last auction and then staking the coins
I really have faith in the stuff you guys design and the good ideas you come up with... So showing my support by buying your coins AND getting some extra income
not a lot of downside for me there

Thank you for believing in our project and support :)

This is definitely great news!

Great work you guys are doing, I used minnowbooster for the first time yesterday and see that great work is being done, I do not yet fully understand what you guys are about but will definitely put in the time to learn more about @Buildteam. Cheers!

If you face any problem in understanding Buildteam then hit us up on our Discord :)

This will be certainly a big improvement. Because earlier there was always a possibility of losing as a result of a large bid at last minute.

Yes ... taking that into consideration we have decided to take the direction of POS

Morning all , i just want to say, upvote is free and you not paying for it, you guys can help each other to earn more money.

  • Voting is free
  • You don't pay for vote
  • We all can help each other to earn

Best Regard
Mir

Have you learned about voting power yet? :)

No , I’m new here , how it works?

Short summary: You don't have infinite worthy votes so "We all can help each other" isn't always true ;)

P.S: Please stop spamming your comments!

It's really great opportunity

Yup great opportunity to buy these while they are cheap

i hope you instruction me. how to make steem power

@Buildteam sukses selalu, good job bos

Fantastic post!

This is a nice opportunity

Awesome news
Congrats again BuildTeam!
You guys rock!

Really very cool post and knowledgeable love it

Very nice pies , how do i join the team

Good job . Keep it up

Great project, good to know you'll apply SMTs. Looking forward to BuildTeam project.

Nice... Cool!! Steem On!

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Thank you for your informative post. Really appreciate !

Congratulations @buildteam!
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Congratulations @buildteam!
Your post was mentioned in the hit parade in the following categories:

  • Upvotes - Ranked 3 with 762 upvotes
  • Pending payout - Ranked 7 with $ 178,33

This post was really helpful and the video was spot on. I've been trying to get some more buildteam tokens after winning a bunch in @thatindianlady photography challenge but could not buy in from the UK.
Using this SBD method solves that issue.
I could do a post on this and use the video if you don't mind as I can't resteem it.
Alternatively I could just funnel people to this post? Your thoughts? @builteam @bulleth

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Ah, this is perfect. This is a far better system than the last!

Italian version of this Buildteam publication / Versione italiana di questo post Buildteam

https://steemit.com/buildteam/@hubteam3/si-annuncia-una-grande-modifica-per-i-token-buildteam

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