Hello everyone,
this is the continuation of my First Find&Reward post.
First of all, I would like to thanks all those people who commented and participated in the above post, helping me find some great works!
As far as this post, I am going to give some more info about How and When I will try to reward Steem's Contributors redirecting part of my witness pay.
How does it work
There are a couple of things that you need to know to understand the limits I face to decide the timing and the amount of the rewards.
- How witnesses are rewarded for blocks signing and validation:
- Rewards get distributed as Steem Power (non-liquid token)
- How the unvesting process works:
To be able to make the distribution, I need to Power Down my Steem Power (unvesting/withdrawing vests), with the following limits:- The unvesting is a weekly process
- There is a limit on the weekly amount that you will be able to withdraw, depending on your total SP balance
All of this means I am not totally free on deciding the amount nor time for the distribution:
- I can not directly transfer and distribute my earnings, but instead, I have to go through the process of unvesting my funds first
- For the very nature of this process, I can not distribute new rewards faster than once a week
- Currently, the max weekly amount that I can withdraw should be around 900 Steem
Unvesting: Started!
On August the 9th I started unvesting my funds.
On August the 16th and 23rd, the first two withdrawal took place, and several hundred Steem are now available for the distribution.
Next week I should be able to award the prizes to the first Steem's Contributors!
Notes
- If I continue to stay an active witness, my total balance will keep growing, and so will the weekly amount available for withdrawal
- The one-week timeframe for new distributions is just a lower limit. I may not be able to withdraw or distribute the rewards weekly, for both personal or technical reasons
- I reserve the right to stop any rewards activity at any time for any reason