This is the first STEMGeeks transparency report and aims to provide full disclosure the status of the STEM token.
First I want to briefly summarize the initial distribution and supply.
The initial supply of STEM was 10M tokens.
- Air Drop: 500,000 STEM
- Anti-Abuse: 1,000,000 STEM
- STEM Team: 2,000,000 STEM
- Community Bounties: 4,000,000 STEM
- Sell Wall: 2,500,000 STEM
The target was 10M STEM tokens as the initial supply, this was the number that allowed the inflation and distribution we were targeting.
This gave us around 840K tokens year one, with 673K going to proof of brain and 168K going to mining. The initial inflation was 8.41%, with the current inflation at 7.52%. In about six months the inflation will reduce to 6.79%. The inflation will be under 5% by year 6.
The sell wall was created as a way to allocate some of the initial supply in a way it would not go to the STEMGeeks team. Since the creation, I have been burning 10% of the sell wall every so often with it currently at 718K. I see no purpose of keeping this bag around, so I just burned the rest of the sell wall. This is over 1 year of the proof of brain inflation that is now burned.
As for the airdrop, we have done multiple airdrops with the first one distributing 397,000 STEM token and the other airdrops targeting engaged users in the STEMGeeks community.
1M STEM tokens were issued and staked for the anti-abuse account @nostem4u. Since the beginning, we stated we would never sell any stake on @nostem4u and when it came time it was no longer needed, it would be burned.
We recently announced our plans to retire @nostem4u. This account is currently powering down and should be fully powered down in around 3 weeks. I will provide an update when this has been finished.
4M STEM tokens were allocated to STEM Bounties, this is a lifetime slush fund for contests, giveaways, and hiring help to better the STEMGeeks community. Currently 12,000 STEM has been used from this fund with a total of 150,000 STEM tokens issued on the account @stembounties. Most of the allocation to bounties has not been issued.
Finally, 2M STEM tokens were allocated to the STEM team in the initial distribution. Currently 340,000 tokens have been issued with 300,000 staked on @stemcuration to reward the best content on STEMGeeks. Of the 300,000 staked, 125,000 STEM Power is delegated out to 3 official curators.
Since the creation of STEMGeeks I have been of the mindset where I want to minimize my influence on the reward pool to avoid minimalizing holders influence. I have kept the @stemcuration account with only a small amount of STEM Power and use only a portion of it's voting power. I believe it is important holders influence is not marginalized by moderator accounts.
Each week we burn all liquid author rewards earned on the official @stemgeeks account and power down all STEM. We also burn all liquid rewards on the @stemcuration account. Finally, 50% of all author rewards earned outside of the https://stemgeeks.net account are burned weekly off the @stemburn account. These burns typically result in 20-30%+ of the weekly inflation to be burned on a regular basis.
Of all non-official accounts, 70% of all STEM is staked and there are around 684,218 liquid STEM tokens in circulation.
The weekly proof of brain inflation is currently 12,550 STEM tokens prior to any weekly burns. This will reduce to about 12,173 in around 6 months.
A few months ago we created the account @stemburn which receives 50% of all author rewards when a post or comment is created outside of the https://stemgeeks.net site. This change was proposed to the community which was heavily in favor of it. The idea behind the change is to keep the majority of the STEM rewards to those who are participating in the community and not merely adding an additional tag to their post.
While other tribes like Leo do this as well, we worked with the Hive Engine team to ensure it is working properly as it was previously penalizing curators equally, something I did not want to happen. We also were far more aggressive with this by setting it to 50% of all author rewards instead of only 10%. I am considering proposing this get raised to 75% but will leave it to the community to decide.
This should cover the important details of all STEM activity but if you have any questions, please leave a comment below and I will do my best to answer it.
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