Hi Steemians,
Sorry for the long delay without any real update for my witness part. Life has been crazy for me recently. I'm on the last period of my job, meanwhile hanging on the thread with three steem-related projects which I hope could be announced very soon. So basically, busy as hell.
While coding for Steem is very fun and I enjoy that, other obligatory duties could cause quite a stress. And stress could cause and effect your other activities like a big domino. Sometimes you even hate what you love to do a few minutes ago. LOL.
That's why I want to take a little break from all that I'm currently doing. Looking around at steemit for ideas and I found @abit's proposal actually isn't half bad at all. Credit and thank of course go to @abit.
Playing around with the idea on the weekend and SteemInterest was born.
Short explanation, special thanks to @bitcalm:
Steem pays interest on your Steem dollars every month at 10% APR; however, the interest doesn't appear in your account until a transaction is made. If you don't make transactions often, the accrued interest will not be used to calculate the next interest amount, hence it will not be compounded.
This service, once you register, automatically transfers 0.001SBD to your account ensuring interest is compounded, maximizing your profit without you having to think about it. It costs 0.002 SBD per month to use the service where 0.001 SBD is the cost of the service.
It's called trustless because you don't need to give the service any keys. By transferring a small amount to the service and providing the given MEMO, the service knows who is registered and can transfer to the given account at the right time to ensure interest is compounded.
What is SteemInterest?
- It is a service that will trustlessly automatically compound your SBD interest monthly, so you don't have to worry about it anymore.
- Save up to 4.7% per year on your interest, all automatically.
How does it work?
- You give your account and send the fee with the instruction from the website to @steeminterest. Every month when your account balance is due to take interest, @steeminterest will send you back 0.001 SBD to trigger the compounding of interest.
- It costs 0.002 SBD per month, so if you sent 0.024 SBD, the service will notify and trigger your balance for 1 year.
- The service is actually almost like free, I only take 0.001 SBD as collateral. It doesn't even cover the server's cost for 1 month.
- You don't have to worry about giving your keys to me, because I will not need it.
- The service daemon will run once per hour to scan every registered accounts to trigger the compounding.
Disclaimer
- The software is nowhere finish. It's an one-day code so unexpected error might occur. If you get trouble, just contact me here or in steemit.chat.
- Changing of fee or other structures could be applied as well.
Okay enough talk. Please try it yourself @ SteemInterest. I'm happy to see any feedback.
@xeroc: Sorry for taking your account as screenshot here but it's the first one which came to my mind. If you don't like I will remove it, of course.
TC;DR (Too Confusing; Did Read)
Steem pays interest on your Steem dollars every month at 10% APR; however, the interest doesn't appear in your account until a transaction is made. If you don't make transactions often, the accrued interest will not be used to calculate the next interest amount, hence it will not be compounded.
This service, once you register, automatically transfers 0.001SBD to your account ensuring interest is compounded, maximizing your profit without you having to think about it. It costs 0.002 SBD per month to use the service where 0.001 SBD is the cost of the service.
It's called trustless because you don't need to give the service any keys. By transferring a small amount to the service and providing the given MEMO, the service knows who is registered and can transfer to the given account at the right time to ensure interest is compounded.
Thanks for clarifications.
That's awesome, many thanks, @bitcalm. May I steal your comment to the post? :D
You're welcome. And be my guest. :)
link doesn't seem to be working. (at least not for me)
Hey @cass. It's my honor that you are interested in this service. Sorry I just have a short software conflict on the server. Solved it already and it's back now. Please check. Thank.
I'm signed up :) looking forward to my first reminder
Cheers
It's my honor for having you as a customer, Sir @steempower ;)
Cheers man, glad to be part of it. Honest feedback: its too cheap. If interest does not accumulate on the un allocated payment; i would gladly pay a few dollars for this service.. that value is obviously subjective depending on sbd held but even putting the price up to 20-50 cents should not exclude many customers. You have operation costs that need to be paid
Thanks again :)
That's what my friends told me as well. Nevertheless, IMHO it's good to provide service for a minimum price which everyone could join, even if they only have a few SBD in balance. Not to mention it makes me feel good to be able to provide something to this awesome community. The operation costs could be covered with upvotes from the community. Thanks for the comment.
Perhaps you should add different payment levels like Steem Fest:
**Monthly Plans** There is no difference in the service offered in each plan. The support plans show support for the service and help cover costs for it's development and maintenance. * Regular Fee: 0.002 SBD (0.001 SBD to @steem-interest) * Support Fee - Bronze: 0.010 SBD (0.009 SBD to @steem-interest) * Support Fee - Silver: 0.100 SBD (0.099 SBD to @steem-interest) * Support Fee - Gold: 1.00 SBD (0.999 SBD to @steem-interest) * Support Fee - Platinum: 10.00 SBD (9.999 SBD to @steem-interest)This way the cost is low for users that don't have much to give, and those with a lot can support with more. :) You could list platinum supports on a separate page to show how great they are! lol
It's an awesome suggestion. Many thanks. I will implement it next If my time allows.
Thanks! :-) I have missed quite a few transfers myself
Signed up! For the insanely low price of 0.024 SBD, I'm in :)
Damn you @jesta. I understand now why @complexring keeps telling me that's too cheap. I will charge u extra 100 SBD otherwise I will manually remove your data from db LOL.
This is probably the most useful tool/benefit I've seen in some time @aizensou. Thank you for providing this service to help our community members take fair advantage of every bit of interest they can. These are the tools and ideas that'll help keep Steem off the open market, while at the same time; helping to increase buying pressure, thus increasing our price and market cap!
I'm sure you already know this but, I keep getting errors when going to steeminterest.com
Many thank for your kind comment. Please check again, site is back.
great work @aizensou!
This is a great tool and at this price worth every Steem Cent :)
Community working for the community. Excellent work!
So awesome and thank you! I will be signing up shortly :)
Bravo. It's my honour to serve Miss famously beautiful Tara ;) If you encounter problem, don't hesitate to contact me.
A bargain! Thanks for creating this, I didn't understand the mechanics behind the interest payments :)
Very cool idea. I haven't parked much in my own account, so I don't fall in this category, but when and If I do, I'll be back to sign up.
Neat idea. Paid for 5 years :)
Thanks, pfunk. Daemon stucks and I have to restart it manually. All pending accounts was added now. Sorry for inconvenience.
Good to have more updates on this, thanks. I'm wondering about how the maths of it will round up with the rest of the ecosystem, especially on the long run? Namaste :)
Question:
How many of these can we run, before we start flooding the blockchain with these types of transactions?
If 45,000 people end up using this service, is that an additional 45,000 transactions that make it into the blockchain?
What if 345,000 people do it as the site grows?
Thanks for the question, honestly I'm not sure whether you are joking or not. Even if my service has 1mil subscribers, it only needs to send max. 1mil transactions PER MONTH. If you think it's a big number and it causes flooding the blockchain? You should study more about it ;)
Should those of us who are regularly performing SBD transfers and conversions still use this service or do we not need to?
excellent post thanks for the info
Interesting app, Curious on the rules around how steem interest is calculated/ paid any resources i should be reading?
Is it based on monthly activity?
You could read the link from @abit which I point above.
Cool!
^!
I might be wrong but should it not be "trustful" instead of "trustless"?
Trustless because you don't have to trust anyone here :). Which is not entirely correct since I could run with your prepaid fund (which I doubt since it's less than $ cents.). What I mean with trustless is while it involves in funding and balance, you don't have to give your keys to anyone.
yeah i mean definitely not trustless. Just automated.
I dont get what the service does?
Does interest not compound naturally in steem. U have an account and interest is paid intonit, hence next period u will get interest on the interest.
Interest does not compound naturally. You have to manually do a transfer to trigger an interest payment.
So money in my account does not accrue interest unless it has been transferred into it?
How come that seems weird.
It is weird, but it was done for good reason.
Right now, the check of "hey, should this account earn interest on it's balance" only occurs every time your balance actually changes. To make interest pay automatically, they would have to do that check constantly throughout the day, or during some sort of batch processing once a day. These processes if done automatically would consume resources on the machines running the blockchain.
So in order to optimize the blockchain slightly, they only check when funds are transferred.
Someday we'll probably see automatic interest, but for now, we need services like this to make it happen.
that is interesting to learn. i was just thinking with my wife to use steem as a savings platform. But now i am quite confused.
How is interested calculated if not by the amount in an account?
It is calculated based on the amount in the account itself, it's just not automatically updated every few seconds. I'm not sure I followed exactly with what you were asking :)
but if you are an active user on steemit you probably earns at least 0.001 SBD every some time (by curation, author rewards), what triggers compound as you are using a platform
Just a note, you can earn SBD by posting/commenting, but not voting.
This only matters if you are not creating content correct? In other words does interest compound if you make a post and receive some SBD that way?
I'm not exactly sure what it does or how it works but I signed up anyway. :)
Interesting! I already signed up. Good work :)
Testing your steeminterest
Just tried to signup and neglected to add the memo - is it possible for you to manually fix this?
On second thought, feel free to keep that as a "dumb user" tax, i'll retry it and do it properly this time.
I didn't intend to keep that tax too, but please remind me in case I forget to refund :P
Refund issued.
Sometimes I want to cry, you know ))) So many new ideas, peoposals, services, applications, that it is hard even to understand what is that about. I But I promise to get into details. Thank you!
I'm getting 502 Bad Gateway
Sorry I was updating some stuffs and steemd crashed. Replaying now and it takes a while. It will go back online very soon.
Thanks!
cool
I'm new to Steemit, I tried the link and it didn't seem to work for me. I'm certainly doing something wrong?