BuildTeam Announcement: Proof of Stake has arrived... Stake Your Tokens Now!

Buildteam, the revolutionary blockchain technology company focused on creating cutting edge services and applications, today announces our next evolution in profit distribution:

Proof of Stake

BuildTeam continues to take aim at enhancing the Steem social network ecosystem as well as other blockchain environments. In our efforts to make BuildTeam one of the world’s leading blockchain companies, from this day forward our compensation model will operate on a Proof of Stake (POS) system. This article explains what that means for all those owning Buildteam tokens from the general public as well as our internal staff.

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What is Proof of Stake and how will it affect BUILDTEAM token price and incentive structure?

Proof of Stake allows a token holder to vest their tokens in exchange for rewards. Essentially, the more tokens you stake, the larger your entitlement will be when staking payouts occur. The amount of Steem you will receive from the fund will be proportional to the number of tokens you stake in relation to all other users who have staked tokens and the overall quantity of Steem distributed. The more BT you stake, the more Steem you will get!

The key take away is that staking rewards long term holders of BUILDTEAM tokens with regular scheduled payouts. It's a fun way for both employees and outside investors to directly share in our success!

When Steemit Inc launches Smart Media Tokens (SMTs) in 2018, BuildTeam will be moving its tokens to this new platform. Apart from supporting the Steem network, the primary reason for this change is that SMTs will have a vesting (power up) function similar 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 fund. 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 aggressively gaming the payout date.

Fortunately, we already have a system in place to simulate vesting with our current Bitshares token, so we don't have to wait for SMTs. Our staking model is now active and you can participate today!

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Monthly distribution:

Staking payouts will be done twice per month, on the 1st and 16th of each month. Payouts will be done from a fund of BuildTeam profits that have accumulated over the previous 2 week period. The size of this fund (which we previously called the "pot") will not be announced beforehand in order to discourage purely speculative short-term staking behavior.

However there will be an announcement post circa the 3rd of each month detailing the size of the payout funds for the 2 periods immediately preceding the announcement (i.e. the recent payout on the 1st, as well as the 16th of the prior month).

Payouts will always be done in Steem, to the Steem account you staked with. The amount each individual receives is directly proportional to how many BUILDTEAM tokens a person has staked vs. the total number of tokens staked. For example, if I have 10 BT staked, and there is a total of 100 BT staked from all participants, I'll get 10% of the Steem allocated for the next payout.

Note that the payout amount for each individual is determined at the exact moment of distribution. It is perfectly fine to establish a stake even as little as 10 minutes before a distribution occurs, and you will still get your fair share. However, there is a powerdown process exactly analogous to how Steem Power works, which means you are forced to leave your tokens staked for a certain period of time. This is another way of discouraging short-term speculation.

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Stake Powerdowns:

Once you have staked your BUILDTEAM tokens, they are essentially frozen as long as they remain staked. Just as with Steem Power, staked BT cannot be transferred or traded on the Bitshares market. But as long as it remains staked, you will receive the twice per month staking payouts.

There is a powerdown process by which you can unstake your tokens to make them liquid & tradeable once again. This process takes 13 weeks to fully complete. After powerdown is started, you will get a portion of your BUILDTEAM back once per week. At the end of 13 weeks, all of your BUILDTEAM will have been returned and you will have no stake left. While powering down, you will still earn staking payouts for the portion of your BUILDTEAM that remains staked. And a powerdown can be stopped at any time, in case you change your mind and decide to leave some tokens staked.

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Managing your stake:

There are several actions you can perform at any time to control your stake:

--- Establish a new stake or add to an existing stake ---

Simply send some amount of BUILDTEAM tokens to the buildteamvest Bitshares account, with your Steem account name in the memo field. The amount you send is how much will be staked:

Note: it's actually possible to stake to multiple Steem accounts just by doing multiple transactions each with a different Steem account in the memo field.

Further note: when you powerdown a stake, the BUILDTEAM tokens will be returned to the same Bitshares account that you originally staked from. So make sure to send from a Bitshares account that you own and will retain control of.

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Powerdown a stake

Send any amount of BUILDTEAM tokens (such as 0.001 BT) to the buildteamvest Bitshares account, with "start powerdown {Steem account name}" in the memo field. Or simply write "start powerdown" without the account name in order to powerdown all stakes (useful if you stake to multiple Steem accounts).

Stop powering down a stake

Send any amount of BUILDTEAM tokens (such as 0.001 BT) to the buildteamvest Bitshares account, with "stop powerdown {Steem account name}" in the memo field. Or simply write "stop powerdown" without the account name in order to stop all active powerdowns (useful if you stake to multiple Steem accounts).

View stake information

After sending a Bitshares transaction, it can take up to 20 minutes (but most of the time it should be less) for your transaction to be processed and changes to your stake(s) recorded. To make sure your transaction had the desired effect, you can verify your current stakes at any time by checking this public Excel spreadsheet:

https://docs.google.com/spreadsheets/d/1AiiI_zqwb4g37aiteoIiprStIYl2M_N4F0aETyfZ8K4/edit?usp=sharing

This sheet will always show the latest staking information, with data being updated automatically every 10 minutes. Stakes are displayed in alphabetical order by Bitshares & Steem account, so it should be easy to find your entry.

The stakes shown here for @cryptomancer are for testing purposes only and will soon be removed.

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Important Message About Staking

Staking is completely automatic so it's important that people fill out memo fields exactly as instructed. If you get it wrong, we are capable of manually correcting problems, but we will not be proactively monitoring it. If you stake, it's your responsibility to verify that it worked as expected, and notify us in the MinnowBooster discord channel through the usual support process (use #buildteam-tokens) if there's a problem.

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Staking Tutorial Video

Here is a comprehensive video showing how to stake, courtesy of our awesome & talented media producer @velimir . If any of the above instructions sound confusing, or you just learn better visually, this should help make it clear:

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Final Thoughts

BuildTeam has come a long way in a very short amount of time. Our primary goal is to further develop the Steem community through building out services that help Steemians do what they do even better. Our POS system facilitates that goal and provides supporters with an opportunity to invest and grow with us. Together we can make Steem the greatest blockchain in the world. We hope you will consider joining us!

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Provide us with feedback

We are happy to hear your feedback about where we can improve.

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Join our Discord chat

Get support and connect with us and other BuildTeam fans!

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We are always looking to improve @buildteam and try to keep you up-to-date whenever something changes. If you have any suggestions about what we should change or add to @buildteam, then feel free to leave a comment below.

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Please remember, that while we are a business and work for a profit, that we share a good deal of our income with the various investors in our services. There is no other boosteror voting service available which shares its rewards with such a diverse set of people on the Steem blockchain.

Thank you for your continued support.

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Missed the BuildTeam announcement? Here's all the juicy details.

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BuildTeam is a company founded by @thecryptodrive (witness) @cryptomancer and @reggaemuffin (witness)

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Visit our flashy new website BuildTeam.io!

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