Seedit Rewards Update

Sesameseed
Sesameseed Blog
Published in
3 min readNov 28, 2018
Seedit is an easy to use payment system built on the TRON Network

Part of Sesameseed’s commitment to our community has been to reward those in our community who choose to earn and hold SEED. When the Seedit bot was first introduced (at that time it was known as TipprBot for those of you who remember), our community was still growing. Our intent was to create a system that would reward the Sesameseed community and SEED holders as evenly and fairly as possible. We set the Seedit monthly reward criteria at 1500 TRX and 10 SEED to be held in an eligible wallet, with at least 75% of the TRX voting for Sesameseed. As our community has grown, some people have chosen to take advantage of the current system to earn a much larger share of the rewards by creating multiple wallets meeting the rewards criteria. In at least one case, we suspect a single person created approximately 500 wallets, just to get greater monthly Seedit reward. While this was within the rules of the original reward structure, it certainly did not serve the original intent.

We have listened to the concerns raised by our community members. In order to restore the vision of rewarding SEED holders as equally as possible, Sesameseed will be changing the current Seedit reward structure. As of December 1, 2018, the monthly Seedit rewards snapshot will be taken on the first of each month at 00:00 UTC. Seedit rewards will be calculated to be proportional to the percentage of circulating SEED held in an eligible wallet address. Seedit rewards will be distributed after the first of each month once the snapshot is processed. Any SEED held in SEEDGerminator or other Sesameseed wallets will be excluded from the total number of circulating SEED and will not be eligible for Seedit monthly rewards.

As an example:

The 45,000 SEED distributed to the community on the first of November 2018 equated to 12 SEED per qualifying wallet.

Under the new reward structure, for the November 2018 distribution, to have obtained the same 12 SEED you would have needed to hold a minimum of 1,200 SEED in your wallet.

It is impossible for us to tell you how many SEED you will need hold in future months to qualify for a certain amount of reward. This number will be constantly changing due to voting rewards payouts, SEED being sent to the burn address, SEED being invested in SEEDGerminator projects, and the total amount of fees earned by the Seedit bot during the rewards period. All of this will be determined following the snapshot taken at the first of the month and that month’s rewards will be calculated.

As an example, under the new rewards plan:

If you hold 1% of the circulating supply of SEED, your monthly reward would be 1% of the 80% profit share from Seedit. If Seedit’s earnings for the current
reward period is 1000 TRX, 800 TRX would be distributed to SEED holders as rewards. In this example, you would receive 80 SEED as your monthly reward.

Currently, qualifying wallet addresses will be paid in whole SEED increments only. Wallets that do not qualify for at least 1 whole SEED during the rewards period will not receive Seedit rewards for that period.

We understand this new system may mean less rewards for some SEED holders in the short term. However, we agree with those community members who have stated this issue needs to be addressed. This is the best way for us to preserve the original community intent of rewarding SEED holders.

We appreciate your continued support.

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Sesameseed
Sesameseed Blog

This account is operated by Sesameseed to write articles about multichain staking and SEED. Learn more on our blog: medium.com/SesameseedOrg