POSH Updates: Changes in issuance, plans for automated curation of POSH Shares and more

Hey everyone, let's get started with one of the bigger changes coming to POSH effectively immediately. We've decided to change the issuance of the token to 50/50 between delegators to @poshtoken and POSH earners who share posts on #web2 (currently just Twitter).

This wasn't an easy change and required a lot of thought but I think over time it will do the token and the Hive ecosystem well since it'll strengthen the value of the token and incentives to both continue the activities and encourage more users to join, especially those with a larger reach on #web2.

After many posts of mine discussing #POSH and it already having been out and about for 2+ years now we felt that the delegations it had amassed wasn't as much as we had hoped for a community-funded, no premine, fair airdrop token which serves to bring more and more traffic to our many front-ends in our ecosystem. We though a lot about how Hive also changed their reward share between authors and curators and that it seemingly had a positive impact in the space, even though many would argue against it at the time I don't believe it caused a lot of authors to stop posting or leave the ecosystem due to that. Since we added delegation rewards to @poshtoken we always wondered if 20/80 was fair but we didn't want to overdo it as it was still in an experimental stage, but we believe that this change will do well for the future of the token and everyone involved and that sharers will still eventually gain the same value from it with a stronger token value compared to what they earned in the past, but not the token amount, of course.

For those unaware, the curation rewards @poshtoken earns from its delegators all go towards the project. Thus far the only things @poshtoken has used its funds for has been development, server costs and POSH token buyback. The buyback amount can be found on layer 2 (hive-engine) on the @poshtoken.wallet account, and all past transactions can be traced to have gone towards devs and other individuals as we want to keep the project as transparent as possible. The same goes for other rewards it earns such as post rewards, beneficiaries, etc, although we are in the "growing phase" right now, we've been setting some aside every now and then for buy backs and dev costs. Eventually we'll be shifting towards a "no growth phase" where we'll feel the account has enough funds to start powering down to use the funds more aggressively towards developing new things for the posh token ecosystem which ultimately benefits Hive as one of the main ways people will be able to still earn them will be through sharing Hive posts on #web2.

Without rehashing too many things about POSH, let's get to some other thoughts we've had for the @poshtoken comments, which are your shares.

I'm sure many of you have been noticing Hive rewards these days coming from @poshtoken towards your accounts as well. These have primarily come from my voting activity, but it's great to see a lot of other users see the value in them and an increased voting activity from others towards them. I'll be looking forward to the next months stats from @dalz of @poshtoken to see the difference since last month.

While it's been rewarding to see more and more people sign up for POSH, voting on the comments manually will soon become close to impossible. Already it has lead me to give out a lot more "participation rewards" rather than voting on them based on the amount of likes the tweets have received or other factors involving the reach on Twitter. Of course the rewards aren't a lot but this has unfortunately lead to some abuse attempts which we don't take lightly and have handled it accordingly with our banlist growing. Either way it won't be able to scale manually and we're brainstorming of how we could automate this from the @poshtoken account. While we do have some ideas there are still a lot of things in front of us that we'll want to get implemented first and we're happy to hear that our devs will have more time to focus on it soon with their irl responsibilities taking a break.

One issue, which is also a bit connected to the change to 50/50 will be to be able to reward the comments automatically past the minimum reward threshold so that both curators and earners don't lose out on being under it. With the amount of daily shares and growing, it's going to mean that the account is going to need quite a lot more voting power to be able to cover all deserving ones, give a bit more to those with a wider reach and at the same time make sure that all votes cast are past the minimum threshold. While we're wondering about the formula to automate the voting we're hoping to see the delegations towards the account grow to make this possible and scalable.

This unfortunately means that the automated voting on POSH earner's posts may come to an end at that stage, but we have other ideas of how we can cover that in a more manual way through @ocd, more about that another time as this post is already getting quite long!

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We have a new looking website out now on hiveposh.com but do mind that all features aren't enabled just yet.

We're getting closer to the release of POSH PETS NFT and hoping to see that become reality soon.

Our dev @rishi556 took on the exciting idea of turning "soulbound" NFT's into reality on hive-engine and has been working on testing and getting it implemented. This is something many have talked about before in the crypto-space but I don't believe it has been possible on ETH or maybe people just haven't really found a good usecase for it. On Hive we believe they'll be a lot more fun due to the direct connections we have socially with our username accounts here so it's going to be interesting to see people find a use for them. For those of you who have played World of Warcraft may instantly know what Souldbound items mean, Vitalik having been a Warlock in the game himself I'm sure that's what he's referring to. But basically it means NFT's that can't be traded once issued. They'll be able to be destroyed, one could possibly even un-soulbound them by issuing out a new copy of the token if the project so desires, but this is quite a new thing on Hive and we're looking forward to using this for POSH PETS to reward some of our earlier supporters and contributers with some special perks if you have a soulbound POSH nft.

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Hope you guys are as excited as I am about the upcoming features of POSH! Stay tuned for a POSH collab contest coming up next week with some nice prizes!