Hey everyone, @bulleth here with some big news on behalf of BuildTeam :)
From 1st of December, we will be moving away from the current auction system and transitioning to a Proof of Stake (POS) system. The monthly profit pot will continue to be announced and distributed each month, but you will no longer forfeit ownership of your tokens by participiating.
Although we had some great success early on with the auctions, the model was too vulnerable to last minute "sniping" and the co-operative game did not always function as envisioned. We believe our new POS model will add significant long term value to the token, shifting the focus away from short-term monthly gains. After all, BuildTeam's projects are still very young and the profit pot has been proven to have grown each and every month - is then a short term mindset really appropriate?
How will the POS model work?
When Steemit Inc launches Smart Media Tokens (SMTs) in 2018, BuildTeam will be moving our tokens to this new platform. Other than supporting the Steem network, the primary reason for this change is that SMTs will have a vesting (Power Up) fuction simillar to what the Steem network currently has with SP. This is how we will handle staking: powered up tokens will be considered staked and will be eligible for proportional payments from the monthly pots. Also just like with SP, staked tokens will be subject to a 13 week power down process - this encourages a longer term mindset and prevents people from agressively gaming the payout date.
In the meantime we will simulate vesting on our current Bitshares token via a custom Python script that will automatically return your staked tokens to you over a 13 week period upon request. We will do a more detailed post on the POS mechanics as we get closer to December. If you have any questions in the meantime, feel free to ask in the comments sections below or reachout on our discord server.
The final auction
Since we are moving to a POS model in December, the November auction will be the last auction ever! The profit pot is already looking quite big, but considering the tokens will have long term value after December, it would not be wise to bid all your tokens in the final auction. Just like with previous auctions, the best result will be achieved if everyone limits their bids to a modest size. Let's all work together and try and ensure a good result for everyone in the final round!
Thanks guys!
How do I buy BUILDTEAM tokens?
Check out this handy video tutorial:
Tokens can be purchased on the OpenLedger - https://bitshares.openledger.info/?r=buildteam
If you already have an OpenLedger account, use this link to go directly to the exchange pair:
https://openledger.io/market/BUILDTEAM_BTS
How do I participate in the monthly BUILDTEAM auction?
We recommend reading the following posts to understand BUILDTEAM better and participate in bidding:
https://steemit.com/buildteam/@buildteam/pre-ann-the-buildteam-bidding-process-tutorial
What determines the price of BUILDTEAM tokens?
Like all exchange traded assets, buyers and sellers determine the price of BUILDTEAM tokens. Current supply and the size of the monthly profit pot are the primary fundamental drivers.
Support
What is the best way to get in contact with BuildTeam?
Please visit our Discord support chat for help with any questions or problems you may have:
Visit our flash new website! https://buildteam.io
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