Yes, it's me talking about POSH again. I feel like people underestimate it and the effects it can have for Hive and at times I feel a bit annoyed not more people support it considering it helps everyone's stake, by either sending it some delegations (to which they'd earn POSH in return) or beneficiaries every now and then if they feel they're making too much rewards, or in general rewarding the comments when others share your posts on Twitter. That's why I'm going to be a bit pushy about it until I feel it's getting some more attention that it could use.
Before I begin, it's not perfect and there's still a lot of room for growth and improvements, but here are some cool things about it you may not know about the project or that you may want to start activating yourself in.
Poshtoken had no premine
For a year or so before the token was created on hive-engine it was counting shares and leaving comments, every sharer was earning posh points which added up over time depending on how their tweets were performing. When the token was created, everyone got airdropped the points they had earned thus far and from then on the POSH tokens are shared 7 days after the tweets are created but it only counts the first day towards your earnings based on likes and retweets. The buffer is to give us time to remove users from receiving tokens if they've found to attempt to abuse it in various ways.
Fun fact; the bot that distributed the airdrop glitched out a bit and gave a few users twice the amount they should have received, missed out on a few and 1 of them received 3x airdrop, but luckily that one was a very small amount of posh. What we decided to do was to instead airdrop 2x to everyone, give the early birds a double bonus in the airdrop to make up for the mistake and reward them for having shared posts on Twitter before a tradable token existed. I did the second airdrop manually to make sure no error's occurred, that took me a while.
Ever since then, the account has been distributing 500 tokens per day to sharers.
Eventually we lowered the issuance going to sharers to attempt to grow the account so it would gain some value and stand on its own legs. Another reason was also that if someone wanted to speculate on the token it was near impossible to buy in a decent amount, you had to place buy orders, check daily if someone was outbidding you, etc, etc. You can now delegate to @poshtoken and earn 100 out of the daily 500 token issuance based on your delegation compared to everyone else. This gives you the opportunity to earn it more consistently in an investor kind of way while you know that the hive rewards it receives in return go towards growing the account so it can pay for development or token buyback. This brings me to my next chapter:
Poshtoken is community funded
All the rewards it has earned so far have been from post rewards of the daily posts, delegations from investors wanting some POSH tokens or random people sending it some beneficiary rewards to help the project grow.
We know rewarding automated statistics with post rewards is frowned upon in general but we felt it was alright to make an exception for this project given no one directly benefits from it aside from sharers and Hive in and of itself. When the project is ready and wants to grow more where more developers are needed we very well plan on making a proposal for it to fund it as voting up daily posts will become a bit unrealistic at that point, until then we want to prove its effects.
So far the only amount of Hive spent have gone towards developers, server costs and other various services such as website hosting, hivesql, etc, and our buyback program. Instead of adding the "braindead" staking formula on hive-engine where holders get inflation we figured a better way was to buy back tokens and in future additions throw out rewards to holders with certain conditions rather than just staking rewards, more about that very soon!
The way the reward distribution works is kind of cool
Talking with @rishi556 about the way it works some times can get quite complex and it amazes me not only how well it works but how complicated it has become on the backend. For regular users it is and should stay as simple as possible, of course, similar to Hive, but it's just funny when you go deep looking into it some times.
The other day we were for instance talking about how the comment rewards should get distributed between the sharers:
When someone shares your post, @poshtoken will leave a comment under the post with an embedded link to your tweet. If someone else shares the same post it will edit out the comment to include both embedded tweets. These show the amount of likes in real time so the author can for instance see the effects it may have had on twitter and possible viewers it could've gotten the author.
If the author now decides to reward the sharers with a Hive vote, the account will after 7 days take the rewards, send them through beneficiaries to @reward.app to liquidate them into Hive (100% power up to avoid complications with HBD being included), then after reward.app returns them it checks whoever got more likes/retweets and distributes the hive to those people IF they are registered on hiveposh.com. But, if the upvoter is the same person as the sharer, the rewards instead go to @hive.fund, similar to the rewards if the sharer is not registered on our website to link their twitter and hive accounts so we'd know who to send the rewards to.
For example:
User A shares post of author X, User B also shares post of author X.
Author X votes up the comment with 1 hive rewards.
User A received 30 likes on the tweet while user B received 20.
User A will earn 0.6 Hive while user B earns 0.4 Hive.
@rishi556 wanted to add even more complex features to it but I figured keeping it simple at this point and distribute it similar to the POSH tokens would be enough. xD
@poshtoken has added some new stats recently
They can be found in the post about posh rewards going out daily to each and every tweet, I'm happy to see how many have registered so far!
Make sure to tell your fellow hivers to register if they are successfully sharing tweets but not receiving posh or hive rewards because they haven't bothered linking their accounts for a minute.
For you speculators out there, this just means a lot more POSH is being burned from distribution rather than going to people. :p
Other various things you may want to get involved in
At @ocd we have a few initiatives where we curate great posts that have been shared but there's another addition we've added lately which seems only few users are taking advantage of which is nominating posts for curation "through @poshtoken comments".
What this means is that you share someone's post on Twitter first, then when @poshtoken drops the comment with the twitter embed you link that comment to the POSH Curation compilation posts. Our curators will then not only check the post for possibly curating it, but also on the comment and how well it was shared. Here's it's important to keep in mind that you want as big of a reach on Twitter as possible, of course, so tag the post properly and well, not just #hive and go. Depending on how well the tweets do, we give the poshtoken comment a vote so you get liquid Hive rewards after a week sent directly to you from @poshtoken:
This is what it looks like when poshtoken distributes the hive rewards based on how the tweets performed and unfortunately sends the rewards to hive.fund if the other sharer has not linked their accounts on hiveposh.com:
This is something we invite anyone to participate in, just keep in mind you are not allowed to nominate your own posts for curation in the @ocd compilation posts. If you nominate others I'm sure they're bound to nominate you at some point + you can still earn Hive and POSH for your tweet either way.
Ending words
Alright, to keep this post a bit on the short side for now, even though I'm sure I've missed some things, I wanted to write a little about the near future of POSH.
We're working on creating a framework for profile pic nft generation on Hive and at the same time launch our POSH PET NFT with it. Meanwhile the @hivecreators team are doing some amazing work on redesigning hiveposh.com so that's also something to look forward to and hopefully have the NFT page included on there soon.
We're excited to get those things finetuned and launched because shortly after that we want to add a ton of utility, sinks and all kinds of cool things to POSH and the NFT. I won't say too much now but if everything goes as planned it's going to be quite a lot of fun. :)
Thanks for reading, see you in the next post!
