Steem Basic Income: A System That Works? Why Everyone Should Be Supporting It!!!!

This is something that is getting a bit more attention from me of late.

Steem Basic Income is an experiment to see if there can be a form of ongoing payment to the members who choose to participate. Like most basic income ideas, the goal is to provide more equality on the STEEM blockchain.

For the first few months, this was a manual system. Since that time, from what I can understand, they have automated the process. This means we are dealing with a "bot".

Essentially, one sends STEEM into to @steembasicincome to "sponsor" someone. In doing so, that person get a unit or share in the basic income pool. One STEEM equates to one unit. In addition, the person who does the sponsoring also gets a unit. Hence, two units are given for each STEEM provided.

What does this get one?

Each unit carries weight to it based upon the voting power of the pool one is in. @steembasicincome established pools which can have as many as 500 members in each. Once the first pool is filled up, they open up a second pool. They label the pools SBI, SBI2, etc... At present, they are up to SBI6.

Upvotes are given daily on each participants posts. They are given until one drops below .50% which then means one drops to a smaller pool. This is to ensure that more frequent posters do not take up a greater share of the proceeds. Moving into a larger pool can happen by acquiring more units or dropping the posting volume down. Also, voting power is also based upon units held. Therefore, someone who has 10 units will get voted at a greater percentage than someone who is at 1 or 2.

Personally, this is an idea that I think worth pursuing. Many complain there is no way to get attention or upvotes on STEEM without being a Whale. For those who believe that, he is your answer. There is great controversy as to the worth of bid bots (check out @zoidsoft who mathematically showed they are not directly worth it in terms of a payback for SBD provide).

The Steem Basic Income might fall into a similar situation. However, unlike the bid bots where one puts up a certain amount to get an upvote, the SBI upvotes are without limitation. They will keep coming each day as long as one is posting original content and not engaging in plagiarism. Over time, this means that one could get back a lot more than one STEEM.

Another factor is that this is a project that can grow over time to provide votes to tens of thousands of people. The @steembasicincome team has decided to enable people to get other units. This is done by providing an opportunity to delegate SP to the cause. They are giving a unit for each 20 SP delegated. Also, each month they will receive the upvotes and those who have 28 upvotes of their content will receive units reflective of the percentage upvoted.

Here is a more detailed explanation of the program.

https://steemit.com/basicincome/@steembasicincome/steem-basic-income-a-complete-overview

I decided to get involved in this program in greater depth.

So far, I sponsored in a few people and plan on adding more. I chatted with a couple red fish I know and told them I would match the number of units they got. Also, I delegated 100 SP to the cause for them to use. I also added @steembasicincome to my autovoter to support the account that way.

As I stated, there is a lot of attention given to the paid voting bots and how it is a transfer of wealth to the larger SP holders. Thus, if this is your position, then there is another option. Each person with under 1000 SP should at least get a unit or two in this program. From what I can tell, there are a few thousand people involved. This is a great way for everyone to pool their resources to make the totality that much more powerful.

It appears to me that this project, at its essence, was designed to benefit the members of the STEEM community. Doing some rough calculations, I determined that the smaller pools should return 1 SP every few months meaning that one will get 3-4 a year. Of course, this is variable since the 50/50 rewards is dependent upon the SBD price and ratio to STEEM. Since it is quite higher than originally intended, it might be an inflated projection (or too low if SBD runs up higher).

I will continue to play with the numbers and monitor what is going on. If anyone who is reading this has more experience with this project, please share it in the comment section.

Here is another thought with this. This program is a great way to get a dolphin to vote for you. With each pool limited to 500 people, whatever one you are in has the ability to increase the SP it has. As the members upvote the @steembasicincome votes, the SP that comes from those posts along with curation can be spread out based upon delegation. Also, each pool has the potential of 50K units which means that there can be a maximum, without delegation, of 25K SP (1 STEEM buys 2 units).

How would you like to receive an upvote on each of your posts from an account with 25K SP? Would that help your account over time?

This is the potential of this program. Therefore, let us all throw our support behind it to see where it can go.

Thus, send in some STEEM, delegate a minimum of 20 SP if you can, and upvote the posts. Maybe decide to send in a certain amount of STEEM a week, one or two, to keep adding units.

From where I view things, this can really take off.

If you found this article informative, please give it an upvote and resteem.

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