Today we have a bonus Steemit Podcast episode for you all! Earlier today we released an interview with @good-karma, the Founder of @esteemapp and now we have an interview with Senior Blockchain Engineer @vandeberg in which he explains Steem's revolutionary Resource Credit system which is key to making Steem the best freemium blockchain in the world for powering applications.
Audio only version
While other blockchains like Bitcoin and Ethereum use transaction fees to allocate resource consumption by the network, Resource Credits enable Steem to allocate resources without charging any fees at all, while still preventing spam and bloat. It may sound simple, but as @vandeberg explains, delivering these unrivaled features are not simple at all.
Stake-To-Play
A lot of work is being done behind the scenes by the blockchain to ensure that reasonable usage of the blockchain is allowed for free, while users who place an excessive load on the network are nudged to acquire more Steem Power. This keeps the system free by making it stake-to-play, as opposed to pay-to-play.
In this episode, we learn more about this under-appreciated system, and why Steem is uniquely suited to benefit from it, unlike general-purpose protocols like Ethereum.
Steem Marketing
Very interesting. Thanks for the in depth look on this.
What i would like to see is a way to delegate RC Seperately from steem. People with some SP rarely use their resources up, and newbies without any SP can barely Post or comment.. Delegating RC to people we know to be genuine and not spammers would really help engagement.. which took a huge nosedive after the last fork...
Agreed. I don't use the gerzillion RCs I have sitting there (5,737,061,092,142 RC) and would like to use these to support newbies. Is it possible to delegate them or give them to someone else ?
Yes im still waiting for
An answer on that.. as fas as i know It isnt possible. It seems @steem.marketing isn’t responding to comments, which is a shame / weird
RCs do limit what spam accounts can do, but new users who find they cannot post due to low RC need some clear indication of how they can remedy that, e.g. by buying some Steem to power up. There are various people who will delegate to new accounts and it ought to be easy to find those.
All new users can use this website https://giftgiver.me
for a free 30 SP ( 60,000.000 VESTS ) for 7 days , all by completing a CAPTCHA ;) created by @rishi556 and using same tech in CAPTCHA token by @heimindanger https://captcha.steemwhales.com which pays you steem engine tokens to complete captchas,
We could potentially set up a captcha signup maybe with @steem.ninja or even over discord using @banjo bot by @inertia or any system that can simply have a potential new user go here https://captcha.steemwhales.com which just asks for a steem account to send the captchas, they can be told to use some rotating account owned by this signup system, and the new potential users completes a certain amount of captchas, worth 0.00145 STEEM / $0.00026 so you need 1000 CAPTCHA is 1.15 Steem .. if you can do 1 captcha per second thats 16 minutes, but lets say it may take 2 seconds per captcha so 33.33 minutes to get 1.15 steem..., thats around 2 steem per hour. one and ahalf hour and you are at 3 steem the flat rate for account creation. @heimindanger could have a great steem account creation faucet here. If we buy INV for this which are 1.8 steem it can cut the time down to under an hour but theres only 7 thousand INV and the price could increase so lets just stick with the 3 steem account creation fee post HF20.... it will be 3 steem no matter how many we buy, nomarket changes so if we just tell people it will take 1 and a half hours to "MINE" their account doing captchas I believe we can have a nice self sustaining steem account faucet
It should only take half an hour to farm that 1.15 steem that it sometimes costs for 1 INV for https://invite.steem.ninja or on https://steeminvite.com you can just buy a steem account for 3 steem from the blockchain always, flat rate wont increase, so, there we go
i am shocked by these numbers I thought it would take only hours to get the steem needed for a new account just from doing captchas, but I re did the math and it checks out and it depends on how much @heimindangerbuys back CAPTCHA tokens for but knowing they can be used to create accounts in soem way coudl add value to them.. maybe :D .
This is exactly why Steem is an epic fail regards adoption and will never ever mass onboard users .
It will be interesting to see if people try to delegate RC for profit, to help new users, or both.
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Of course that will happen if there is profit to be had. We have that freedom on Steem, but I already delegate SP to people for nothing to try and build the community.
I appreciate that we all have a choice. I don’t see anything wrong with trying to earn on our investments but I think it is short sighted if we don’t help the newest members of the community when we have the resources to do so. Appreciate your perspective!
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In all due honesty the whole thing is two faced. People who came here did so because it was trotted as the place you could earn for posting and blogging. So it was pay to play. Now a couple two, three years down the road they faced the problem of people spamming and taking advantage of the system. Now they want to implement stake to play. Really though what has stake to play shown?...basically the same pattern as those who were spamming and taking advantage of the system, a lot of people with high stake spamming junk all over the trending page for a high rate of return....I hardly call that being premium. Yeah it's premium pay to those abusing and bid bot owners but it's not building a premium blockchain by any means. In essence what they are saying is if you want to invest a large sum of money into buying steem we'll let you abuse this system all you want. The ironic part is there are many accounts out there who don't buy into bidbots and have done quite well on the platform, they'll continue to do well because they've honestly earned their way into it...on the other hand for similar like minded people they have basically made it impossible to onboard them as, in my opinion, those people producing high quality content are obviously intelligent people who aren't going to invest into a system they feel they will have to cheap-en themselves to gain back their investment in a timely fashion. I highly doubt they will onboard new accounts representing real people behind them, what I think we will continue to see is the expansion of sock puppets with those people finding creative ways to delegate to their socks, growing accounts that will let eventually let them powerdown one sock while working their other socks to enable them to do the same thing. I don't mean to sound like a debbie downer in all this but in the reality of it all it will be, in the end, why regulators will come down and regulate crypto's. I would hardly imagine that when the times comes they will not accept the excuse we didn't have any other means to deal with spammers while letting investors spam the system for profit. In the real world of things...and usually the real world does tend to come knocking, what this amounts to is nothing short of what they call giving kickbacks only in this case they are kicking back to themselves. Whatever lights their fires I guess but one day they may find themselves seriously burned.
There is no perfect system and it's hard to anticipate how people will use and abuse it. The hardforks have tried to address the issues. It was not pay to play originally as you did not have to buy anything. New users can still get some delegation from Steemit and I'll do it for accounts I create with RCs. I don't like to be absolutist about things and I still see potential for Steem. You can earn despite the bots and other abuse.
I know you can still earn without the bots and other abuse....I plainly stated such and have seen it first hand. What their main concern should be is looking at the consequences (and the day will come, it always does, just like the IRS sending out letters to crypto holders) of trying to explain how you felt you could be selective in going after who was abusing the system especially when the people they didn't go after were the highest stake holders using multiple accounts to obtain what most would consider kickbacks to themselves...the real pain will be felt by any who may be making these decisions and are engaging in this same behavior. I am just pointing out that every financial investor/instution whose run the gambit on the fringes eventually has fallen, most into a prison cell. The SEC chairman has already declared that holders of cryptos have the same protections as any other fiat because crypto's hold a value therefore they fall under the same regulatory guidelines as other fiat. You can make moves that benefit a sector of those participating but there is a question of legality in the long term...and like all the Bernie Madoff's of the world come to eventually realize their are consequences to be paid it's just a matter of when. That comes in steps....first the acknowledgement that crypto's have value and fall under the same regulatory guidelines, done, then the acknowledgement that people must and will be forced to pay taxes on it, done, all that leaves is the acknowledgement that there will be enforcement upon regulations just like any other investor/investments.
https://www.sec.gov/news/testimony/testimony-virtual-currencies-oversight-role-us-securities-and-exchange-commission
i totally agree with your comment . As a content creator i won't invest my money and even my video here.
It feel really cheap-en myself. My video after 1 to 2 years still generate money but here i only have 7 days .
At youtube if your video generate view, you get a share of the ads revenue .
Now with the ads implement in to steemit , will it share the profit with content creator that create good content? If no than it feel like we are working for free.
Great to see the increase and communication. It instills confidence!
totally, one of the reasons steem has been a big butt failure last 12+ months, idiotic communication skills
Yes now I hope we see a video like this EVERY WEEK from @andrarchy and @steem.marketing
I think some of us with more time could even volunteer to do the interviews, and ediutr them in thsi style and allow him to post or maybe @steem.marketing and @andrarchy need to find a group of peopel he can trust with the posting key or posting permission and or use that one site i forget, which lets you set up permissions liek ability to post but noit upvote from the account, so we can see peopel submitting posts and updates and then andrarchy can go along mnanually approve them :D
IMAGINE THAt for productivity, in fact, @heimindanger ncreator of @dtube could use his new TASK system tas a sort of Monday.com or salesforce style CRM so allow a Spreadhset with tasks to be done for a set group of people, and they dont have to compeet forthe jobs, and or MAYBE theyc an :D
We can have steem marketing account or a NEW account that andrarchy can SHARE with this group of people who he can choose and they post the intervbiewsm he can resteem them, or repost, hmm maybe resteems work too but ya know, we need to be ablke to get these things upvotes too, and beneficiary rewards @likwid and @steempeak https;//steempeak.com can allow for all of this
steem doesnt need any fancy dac planned from the top down, steem IS a dac, we just have to start finalizing some of our interactions between discord and the blockchaina nd present them as the DAC they are, use the tribes as the DAC headquarters, and just start renaming parts of steem and we have our DAC
we just have to be clever with teh way we are organizing TASKS and we should be using THIS tocommand the army of minnows to promote important steem related posts on twitter https://task.steemwhales.com
Thanks to @roelandp and steemwallet this TASK site works on MOBILE now
Ill be placing some new TASKS up about this very post, I will maybe share it on twitter, and then have people go comment on it and theyll get 1 TASK worth 3 to 4 cents now.. and i have 700 + task saved up, and I plan on using them and my 500 INV steem account signup links to onbaord a lot of new investors and worker bees.
I can actually create a TASK to see if any graphs designers want to try making a INFOGRAPHIC to explain the RC and staking system on steem.. I could try making my own and have made infographcis successful ones in minutes using https://photopea.com so i wont pay very much maybe 3 to 5 TASK and 5 to 10 people can try it, but it will be up and you can try making a nice Infographic to explain the RC system
Thanks for explaining Sir.
Thanku
Very good!!
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i will be taking time to watch the interview thanks a lot
This is the best explanation that I have seen of the Resource Credits system. I was concerned about not using the full potential of my account. I saw my RC's never went below 90%, and I thought I must not be interacting enough (getting full potential).
Thank you for the detailed explanation. I understand it now. Also, it is really great that we get to use up RC's instead of transaction fees. Just another great reason why Steemit stands out.
In the future there will be delegation markets so you can rent out what you don't sell. Or delegate to projects as well. So you don't feel like it's going to waste. They use those rc to generate accounts and so on.
Is this renting out option part of HF21?
I would definitely be interested in renting out my RC's. I am hoarding as much SP as I can, so it would make sense to rent out some of my RC.
No, it will be part of the SMT hardfork.
The only way I have found to make a significant dent in my RC credits is to create new account credits via Steemworld.org. Otherwise I stay close to 100% on normal activity.
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The only way I den't my RC's is if I start spamming hard! lol jk
Same here, never goes down under 99%.
I will have to check out that new account creation. I have invited some people, and creating the account would probably be faster.
I was able to create about 6-7 free account tickets based on the amount of RC I currently have. I say tickets because I have not used them all yet to make an account. Each time I created a ticket the process required more RC Credits.
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Interesting! I will be checking it out for sure. Thank you for the information.
Thanks for the informative video. I appreciate the increased communication about topics that impact the Steem community. Can’t wait to see RC delegations.
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keep getting the word out, ty
I'm looking forward to being able to delegate RC's! Thanks for this look into how and why RC's are of so much value to Steem!
@vandeberg... sold all his household furniture to buy STEEM
😮
I haven't seen the video thoroughly but from what I can understand, RCs are useful to the Steem blockchain maintaining etiquette among users. However, it can be dreadful to new users and the only way to have more RCs is to buy and power up with Steem.
Very nice podcast, It's happy to become this platform!
Nice one
If we don't fix this RC problem soon, it will be one of the nails in the Steem coffin.