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introducing the concept of VESTS #22

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introducing the concept of VESTS
joticajulian Apr 2, 2018
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plink01001 Apr 5, 2018
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plink01001 Apr 5, 2018
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4 changes: 3 additions & 1 deletion whitepaper.md
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Expand Up @@ -121,7 +121,9 @@ There is significant value to having long-term commitment because it enables com

In the cryptocurrency space, speculators jump from cryptocurrency to cryptocurrency based mostly on which one is expected to have short-term growth. Steem wants to build a community that is mostly owned and entirely controlled by those with a long-term perspective.

Users are able to commit their STEEM to a thirteen week vesting schedule, providing them with additional benefits within the platform. STEEM that has been committed to a thirteen week vesting schedule is called Steem Power (SP). SP balances are non-transferrable and non-divisible except via the automatically recurring conversion requests. This means that SP cannot be easily traded on cryptocurrency exchanges.
Users are able to commit their STEEM to a vesting schedule, providing them with additional benefits within the platform. STEEM that has been committed to the vesting schedule is locked in for a period of at least thirteen weeks. This STEEM is kept in a pool of vested funds, and users receive a number of VESTS (_Vesting Shares_). STEEM that has been committed to the thirteen-week vesting schedule is called Steem Power (SP), which represents the actual VESTS multiplied by the ratio of the "_total vesting fund steem_" with respect to the "_total vesting shares_".

SP balances are non-transferrable and non-divisible except via the automatically recurring conversion requests. This means that SP cannot be easily traded on cryptocurrency exchanges.

When users vote on content, their influence over the distribution of the rewards pool is directly proportional to the amount of SP that they have. Users with more SP have more influence on the distribution of rewards. This means that SP is an access token that grants its holders exclusive powers within the Steem platform.

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