As the #community grows, we will see more and more recurring contests. Soon almost every week will see a contest every day. Several of these contests will take place every week, on the same day.
With always more members, members sharing the same limited rewards pool, contests will become always more attractive. Not only attractive in #rewards but also as a great way for lesser known members to gain visibility.
The Smoke blockchain is already host to regular contests, some rewarding with physical prizes even but all with ample upvotes for participants and added visibility.
The Queen of Contests
The Smoke blockchain has its own Queen already. Not a Red Queen but a Queen of Contests. Regular Smoke members of course know who I am talking about: @tecnosgirl. Tecnosgirl has been hosting contests for as long as I’ve known her and has done exactly that here on Smoke as well.
Currently she hosts two weekly contests and is also working at a mega contest for Smoke’s first 4/20 holiday.
The recently launched @cryptosmokers are constantly deliberating how to increase interactivity, complete with creation, and have recently introduced their first weekly event: Monday Munchies. Monday Munchies are still in its earliest stage and may or may not continue but the idea behind it is super sound: share a photo of your food with your toke. Cryptosmokers will undoubtedly launch additional recurring events as well as we progress.
Beyond that the chain has seen regular contests, hosted both by members and witnesses. Without a doubt we will see more contest as we grow further. Great contests will soon see more interaction as participants will want to increase their visibility on the chain.
Current Smoke Contests
Right now the Smoke blockchain is host to these recurring events already
Additionally following contests are also ongoing right now
|Solo Cup Challenge|
Growth and Rewards: Thoughts
As the chain grows and more members post, curate, and share the average per post rewards tend to go down. Everyone has seen this process at work recently.
I don’t know about you but I love me some scarcity. The Smoke blockchain has a limited rewards pool and low inflation. Every day only around 11,500SMOKE is created, 25% of which is distributed via interest and as rewards for block producers (witnesses) who invest in physical servers to host the blockchain.
This means that not much actual SMOKE is distributed in rewards every day. With every new poster, everyone’s rewards may become lower as curators reward one more person. At the same time, everyone also grows in stake, almost continuously. Whether that is thanks to curated creation (posts), curation (upsmoking others) or interest... every stake holder grows. Thus further diluting the value of each upsmoke.
In recent weeks there has been quite some hubbaloo about rewards, support AKA entitlement expressed whether explicitly or implicitly.
One of the beautiful elements of chains like the Smoke blockchain is that everyone, no matter which level of experience, knowledge, location can be rewarded and thus grow.
As somebody pursuing being stoic it is simple to say that growing on the Smoke blockchain is about the process for me. I have long set my desires aside and turned them into goals which I try to achieve.
Rewards are not under my control. I depend on other people for rewards and as such I can not set a specific target for each post nor have any expectation. Even the curators depend on additional factors, one of which is Voting Power which may reduce their effective upvote value. Another of which could be a desire to support people who are going through specific stages in life or need additional, urgent support. And, of course, the amount of content submitted to the chain. Even frontrunning and available time may affect their upsmoke.
For rewards we depend on others and we can not influence the actual rewards we receive. We can but hope and desire. If we hope and desire too much, we can end up only being disappointed.
whoever bears with nobly and makes wise use of the results
is a man who deserves to be considered good.”
— Epictetus, Discourses.
And we all know that ever more Smoke members will share in the pool. It is entirely imaginable that within some months most will receive average rewards below 50SMOKE/post before curation.
I love me some scarcity.
A Different Perspective to Rewards
Earlier I mentioned that a share of the SMOKE created every day goes to the witnesses. To people who actively invest to host and decentralize the blockchain, making it both censor-free (producing immutable blocks) and censor-resilient (due to the whole chain being hosted by different people in different countries even).
On the Smoke blockchain 10% of the daily created SMOKE is shared among the witnesses, based on their witness rank. A top 20 witness produces one block/minute, receiving at the moment of writing 0.032467 VESTS per block created.
In other words, a Top 20 witness makes around 48SMOKE/day. Right now server costs are between $30-50/month depending on which setup and where a witness server is hosted. This does not include a backup configuration. As the chain grows, costs to host a witness node will only go up. It is entirely imaginable that in 18-24 months a top 20 witness will invest $200-$250/month for their witness server, backup server, DDOS protection and failover setup.
All for the same 48SMOKE/day.
Witnesses outside of the Top 20 make even less (around 10-12SMOKE/day at P24-25). They may opt not to operate a backup server, or at least not until they come in touching distance of the Top 20. When the Smoke community is bigger and sees hundreds, thousands of posts every day pretty much every Top 20 witness who takes witnessing serious will operate a backup server. Or possibly risk losing their spot in the Top 20 for missing too many blocks.
Next time you think your post was undervalued because it received only 117SMOKE in rewards, some of which before the 30 minutes window ended even, please think again about how much the top witnesses make.
Next time you see a contest, no matter how small in rewards, remember the “magic #48SMOKE/day perspective”.
If you don’t participate others will because they will appreciate the growth. They may value it differently because they didn’t know the early days of plus 100SMOKE/post.
Contests will see always more participants.
At the same time, as SMOKE becomes more elusive in the future, most contests will average lower rewards than they do now.
If you see a contest where even the smallest prize is more than what a top witness makes every day... what are you waiting for?
Grow stake, grow stake now it is still easier. Don’t forget to participate to contests while there’s only few participants. But curb your desires unless you love ending up being disappointed.