Passively Gain PAL With STEEM Delegation

I briefly mentioned and linked this post in an update earlier this week, but I didn't get into much detail about what it actually is and how it works. As many people know, I'm not a fan of bidbots at all, but I get that they exist because there is demand for them. With that in mind, we put a lot of effort into figuring out a sustainable way to modify the core concept of a bidbot to have a positive impact on the PAL community as a whole.

The way the new system works is that users can delegate STEEM to @minnowsupport, much like they have in the past, but now we're in a position to offer something in return. People send in PAL to the account with a post link and get a STEEM/SBD vote on their post. Once a day, we split up the PAL among the accounts that delegate proportional to the weight of their delegation and as you can see, there's a nice chunk of natural SP on the @minnowsupport account and it will continue to grow overtime due to curation.

The way this acts as an economic sink for PAL is that the portion of the PALCOIN that would belong to the @minnowsupport account gets burned every day. This means that as the natural SP of the account continues to grow, more and more PALCOIN is permanently removed from circulation and the total supply shrinks. This is a great way to offset inflation while providing a service that many users of the STEEM community seem to want.

Why is this better than the traditional bidbot model? Well it's just my opinion, but from my perspective this is a more sustainable practice that removes the profiteering business model from the equation and makes the service benefit everyone using the platform. It also doubles as a nice way to let STEEM holders passively gain PAL and grow their accounts. Hopefully this will help the people that have asked me about it understand why this tool exists and how it has a positive affect on the community. Much love.