Hope everyone's morning is going well,
To the Senators of the HoboDAO, I would like to discuss the lifetime sponsorship program a little more before we make anything official regarding our policy for this program.
One idea that we could go with is a locked SP delegation system for our fee structure. What this means is that we could create an account and once it receives a set amount, let's say 100 STEEM, it gets powered up and delegated to @hobo.media.
Then the account gets updated so that the threshold number is higher than the number of combined authority of the keys. The @hobodao account was made this way, and so any tokens going into it are locked, resulting in it being our exclusive @null account.
The threshold count can be checked by looking the delegating account up at steemd.com, providing anyone with the ability to verify the process.
Similarly, we could do this with lifetime sponsorship fees. We can create an account called @lockedsp1, then people can send STEEM to it for a lifetime sponsorship. So, if a lifetime sponsorship was 10 STEEM it would take 10 lifetime sponsorships before delegating to @hobo.media and locking the account.
What is the benefit of this?
Answer:
Increased security, decentralization and longevity of the HoboDAO.
Allowing funds to pool into the @hobo.media account is okay, but in theory, Auditors can always power down and run. Sure, it takes 13 weeks to take everything, but we do not know how long it will take for the Senators to coordinate with enough owner key authority to reach threshold to remove the dishonest Auditors.
If it takes too much time for the Senators to respond, a lot of community SP could be leeched. This locked up SP strategy can prevent anyone from removing the SP from the HoboDAO, providing a high level of reliability.
We need our Auditors, they are important and valuable members of the HoboDAO. However, if a few Auditors were to be dishonest, the Auditor role happens to be our greatest attack vector.
So, we need to manage the policies on this role carefully. Locked SP delegations can potentially fix this risk, while also indicating to our users (authors/sponsors) that the HoboDAO is designed for existing long into the future. The @hobo.media account can continue to grow in influence and ability to reward quality content, while no small group of people have the ability to power down and run off with the accumulated STEEM.
This allows us to keep the @hobo.media account growing stronger and more useful as a decentralized reward system with a long-term view. Right now, thanks to our community's shared RCs, we have generated 102 account tickets, which means we have a lot of accounts available to employ this strategy with lifetime sponsorships.
So, for simplicity, let's say we accepted 10 STEEM as the lifetime sponsorship fee. The fee is sent to @hobo.media so that users are not confused by what accounts to send to. Once @hobo.media has received 100 STEEM (10 lifetime sponsorships) the auditors send the 100 STEEM to a new account, delegated to @hobo.media and then update the account to lock it.
Using HBO For The Fee
This doesn't mean that we can't accept HBO as a fee for lifetime sponsorships. We could do both. Let's say that we are fixing the value of HBO at 0.001 STEEM per token for lifetime sponsorships. People can send 10,000 HBO or 10 STEEM with the name of the person receiving the lifetime sponsorship.
Next, the Auditors receive the 10,000 HBO into the @hobo.media account, but transfer it to the next account that will ultimately get locked once it has delegated 100 SP. When the 100 SP delegated account is locked all the HBO fees will be locked up in the account as well.
In fact, we could subsidize the 10 STEEM submissions by having the Auditors send 10,000 HBO of the HoboDAO's supply to the pre-locked account with the 10 STEEM. This way every lifetime sponsorship still equates to 10,000 HBO burned.
Using this policy, we only need to trust Auditors with small amounts such as 10,000-100,000 HBO and 10-100 STEEM. That's only $1.4-$14 at current prices, very small. If an Auditor proves dishonesty we take away their access and they didn't ever get much.