PALnet is live!..but, what is it?

palnet-08.png

So there's been a bit of a buzz today about the new tokenized STEEM front end, https://www.palnet.io. There has been a great response, a bit of confusion, and a lot of questions, so I thought it would be best to let people know in a simple-to-understand way some of the key aspects of this new site.

First I'll discuss the why, as in why do we need another token? The first answer is token distribution, and the team behind @minnowsupport has worked tireless hours weighing options, pro and cons, playing devil's advocate, and finally coming up with a method to distribute as fairly as possible while also keeping the stake somewhat proportional to the SP of STEEM accounts. PALcoin claimdrops (like an airdrop, but you have to claim it to receive it) are capped at 2500, which means that whales and dolphins will be swimming together, and minnows won't be far below them.

Now you understand token distribution, next we'll talk about key differences in inflation distribution. Much like the EIP for Hardfork 21, the @minnowsupport team feels that inflation distribution needs to be rethought. Instead of (approx) 75% of post rewards going to the author, and 25% going to the curators, PALcoin will be split 50/50, meaning a good curator could earn as much as a good author. This should help the incentives to discover new content rather than the self-upvoting that seems to be common on STEEM. There are some other changes like a power down is 4 weeks vs 13 weeks on STEEM, one free downvote a day, and a slightly super-linear reward curve that incentivizes one account per person.

This is just one solution of many that could be implemented with the SCOTbot token staking protocol. What works for the PAL community may not work for other communities, so you should definitely check out the current and future communities that are emerging to see what works for you.

Some important things to know when using www.palnet.io:

  • When you vote on a post to reward palcoin, it will vote the same % on steem and reward STEEM/SBD
  • Similarly, your posts will receive STEEM/SBD and PALcoin simultaneously
  • The only posts that appear are the posts that include the palnet tag, which is automatically included if you post via the site
  • You still need a minimal amount of Steem Power to post on palnet, since it is on the STEEM blockchain and requires resource credits to transact
  • The Steem Keychain makes things easy and safe, use it!

There is probably a lot more that could be included in this post, but I think it covers most of the confusion and FAQs that have arisen in the hours since this launch. Be sure to follow @minnowsupport, or check for tags in the PAL discord for important announcements about the claimdrop that will be happening very soon. There are over 4 million tokens up for grabs, but you have to claim them to get them.

Have you posted on https://palnet.io? Post a link to your blog in the comments, and I'll give you a big upvote. Did I miss something? Feel free to ask, I'll do my best to explain.

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Thank you very much for this information, it was the basis for my german post: https://www.palnet.io/palnet/@michelangelo3/palnet-io-und-jedem-anfang-wohn-ein-zauber-inne

A post from Rondon, this is something new and unique! LOL

The rumors of my death have been great exaggerated.

No idea you did blogs lol
Good update and thanks for the clarification.

I used to blog more, but life got in the way. Hopefully I'll get in the habit again, I want to earn more PALcoin.

Yes, I'm in the same boat so can relate. I plan on doing a lot more soon. Earning PALcoin will require a bit of blogging from both of us.

i had to updoot full strength with my 0 pals... Rondon post is an event.

Keep a lookout, you'll be getting your PALcoins very soon.

so this is on steem blockchain and not a clone ?

Yes, everything found here can be found on the Steem blockchain, but the difference is posts here have the palnet tag.

Thanks for your post. I’m jumping right in with a post using the palnet tag. Learning as I steem along. https://steemit.com/partiko/@jnetsworld/playing-partiko-leapfrog-wvypxsq9

J

Posted using Partiko iOS

also someone had a great Q...

this is good info:

  • When you vote on a post to reward palcoin, it will vote the same % on steem and reward STEEM/SBD
  • Similarly, your posts will receive STEEM/SBD and PALcoin simultaneously
  • The only posts that appear are the posts that include the palnet tag, which is automatically included if you post via the site
  • You still need a minimal amount of Steem Power to post on palnet, since it is on the STEEM blockchain and requires resource credits to transact
  • The Steem Keychain makes things easy and safe, use it!

their Q - do we get Palcoin when someone upvotes the #palnet tagged posts but from another platform? I did not see anything that explains that. I'm not suggesting it should, I'm just saying I don't know..

do we get Palcoin when someone upvotes the #palnet tagged posts but from another platform?

Yes, but only if the person giving the vote has staked PALcoin.

@r0nd0n - I appreciate you answering my questions over the last few days on PAL discord. Much thanks!

I am excited about the new energy related to PalNet. In regards to curation, I really want to give 100% upvotes on PalNet since my vote is so small (everyone is in the same boat as we start over with less influence). However, since my VP is related to my Steem account I am finding that I am trying to guard how much percentage I upvote with.

Do you see anyone else facing this dilemma? I would like to hear your thoughts.

The following is my first PalNet post. Again I am super excited. Feels like the early days when I joined Steem.

https://www.palnet.io/miner/@sumatranate/i-am-diversifying-my-steem-investment

That is a dilemma that has been brought up several times now, and we are currently exploring some ideas to make it work for everyone. Until we can find a solution, I suggest either voting according to which stake is the most important to you monetarily, or possibly creating a second account to separate the stake.

I'm so glad palnet uses steem keychain, makes things so much safer and convenient. Big things on the horizon!

Have you seen that steemit.com uses steem keychain as well in the meantime? It's great!

Yes Steem keychain is great!!!

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I just made a post on palnet.io https://www.palnet.io/palnet/@pataty69/my-first-post-in-palnet-io

Thank you for information about palnet.io I had some questions about but you solve it.

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Emphasis on 50/50 got its own merits which by far stands as encouraging more curation activities, let's the moments dawn.

Here is my very first post, thanks for it. https://www.palnet.io/palcoin/@murathe/my-landing-on-palnet-what-about-it

Just heard about palnet for the first time this morning. Seems I've got anothet task to find out, what more this new thing brings to us, good or bad.
Smells like socialism, a regime which spoiled half of my life....
I may be wrong, BTW (i hope)

This is just another way to get rewarded on Steem. Everything you upvote here is upvoted on steem as well, and vice versa.

I would like to check it out, but that link in the post keeps crashing. So this will be a front end experience that lets you play with the economics while still interacting with the main steemit network? Also....holy crap man you made a post!

This front end is basically the same as steemit, but with rewards displayed in PALcoin rather than steem/sbd. You should be able to get it to work now, we had some tech issues that had to be resolved first.

It's the best way on the chain to do the stuff with the things!

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This is actually a great development on the Steemit ecosystem. I actually love this project and I can't wait to start making use of planet.

I also want to ask if my steem/SBD rewards will automatically be reflected in my Steemit account or Palnet?

Thanks for sharing this great post @r0nd0n

Great question. If you're on steemit.com, busy.org, steempeak.com, or several other front ends, you'll see your Steem/SBD payouts and wallets. On www.palnet.io, you will only see your PALcoin payout/rewards, but that may change to a hybrid system soon where you can see both.

That sounds nice.

But can someone transfer his or her Steemit post to PAL?

They are one and the same if the steemit post has the palnet tag.

Thanks for this @r0nd0n. So, does one have to sign up on palnet.io or does a post automatically earn when including the #palnet tag via Steemit?

You just login using your steem account like normal, or you can use keychain, but you are right if you use the palnet tag on steemit and you get upvoted by someone with staked pal you get rewarded in both pal and steem !

If someone with staked PAL upvotes a #palnet tagged post via a different Steem client (e.g. Steemit.com or Partiko) then does it still earn PALcoin?

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Yes it does, people can continue using whatever interface they like and still be rewarding pal 😊, the benefit to using the site is it adds the tag and displays the payout in palcoin.

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Hmm going to have to update my clerk bot to have actions for steem-engine tokens.
Will have to consider how @we-are handles this. In the beginning might be better/easier to have a PALCoins specific we-are account that upvotes only posts with the tag.

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Do you need to Use palnet as your first tag or it doesn’t matter? I really love the new idea btw!

Does not need to be the first tag a.k.a. category. And if you don't use the tag with palnet.io you can only add four tags to your article or the frontend will tell you, you've used more then five.

If post is created on Steemit, use tag palnet.
If post is created on palnet, the tag is automatically added.

Yes, and it's not a problem to add it any way. If you post via palnet.io and you put in four tags plus the tag palnet it is just fine and will go through.

That is my understanding.

Thanks Julia!