It's not a surprise, really, in the day of decentralized social media, that people would want to EARN for their content. After all, it's content YOU have created, and it's content others are seeing, so why shouldn't you benefit from it? Why should companies only benefit and not you? Doesn't seem that fair, does it?
With SoMee, you can post on the HIVE blockchain (our first sidechain), and then those who upvote, share, etc on the HIVE network your post, will net you a monetary reward. Simple as that.
But, there's more than that just going on.
When you create a post, you are curating that post to the entire network - be it on SoMee or on the HIVE network (for all to see). You are literally sharing that post with the world. And, as that post is shared with the world, the world will respond. This response could be positive (upvoting you), neutral (probably throwing a comment your way), or negative (probably downvoting or reporting you).
These responses drive the monetary value of the post across the network. Similarly, this response also drive your overall reputation on the network.
The higher your reputation, the more people tend to trust what you say, and the more you tend to earn and do on a blockchain.
And, as you are paid out in HIVE for your rewards 7 days after you POST, you are also paid out in SoMees Curation Token (SME).
This means you have some options:
The first reward is HIVE - this is a critical token for you, as the more HIVE you have, the more HIVE POWER you can create, and the more MANA (resource credits) you have on the hive blockchain. Which in turn lets you do MORE on the blockchain (more posts, more comments, more votes). So, naturally, you'll probably want to power up as much HIVE as you can.
As you power up HIVE, you are given hive power, more resource credits, and can earn more hive in return for your curation rewards.
You also earn SME - in fact, anytime you are rewarded in HIVE, you are rewarded in SME - and the more SME you have powered up, the more SME you will be given for each of your HIVE rewards.
See how that works? The more you power up HIVE, the more hIVE you get; and the more you power up SME, the more SME you get.
So how do you leverage this? What is the best way to actually go about earning the most you possibly can on SoMee and Hive? Well, the simple answer to that question is: Powering Up and then powering down at the proper time.
Power Up Hive: As you power up HIVE, you gain hive power, and can do more on the network, post more, earn more and vote more. So, the more HIVE you have the better you are positioned on the network. You can also POWER DOWN from Hive Power to HIVE and then swap out HIVE to other tokens or fiat to the currency of your choice. SO that's one way to earn.
Power Up SME: With SME you can do the same, though you can do so much more to. You can swap SME for other Layer 2 tokens (Like Leo Finance, for example), or other pegged tokens if there is a pool (like SME to HIVE for example), and then swap HIVE back to your wallet and power it up some more.
With SME you can also stake more to obtain more SME when you are paid out. And, you can also use your SME for other reward pools, and even buy NFT's and voting on DAO's that are linked with the SME token on the Layer 2 provider.
That is a lot!
Yep! The SME token is a very valuable token to have; not only does it allow you to obtain more potential HIVE to swap out for HIVE power, but it allows you to do a ton more on the Layer 2 network. Leverage it more out for you.
Remember, like all cryptocurrencies, there is really no value associated with tokens - the only value you have is when you can swap to an actual coin/token/currency that is backed by something a form of real currency.
Until then, the perceived value of your tokens is essentially nothing, until you actually cash them out.
When you decide to cash out is 100% up to you. You may wish to continue to build your voting power (resource credits) on HIVE as much as you can so that every post you do is always on HIVE - or you may wish to power up only half of the HIVE and SME tokens and then swap your SME for HIVE to get even more power on the network. That's entirely up to you as well.
A note on Powering Down
Before we continue, you should understand what it means to power down, be it HIVE or SME - when you power down, you are effectively asking for the amount you Powered UP back - this essentially lowers your resource credits/hive power, and SME power back to near where it was before you powered up. But this doesn't happen all at once. To be fair to the entire economy (both SME and HIVE), this happens over a 13 week period, with 13 equal payments (paid weekly) to your wallet. So if you powered UP 1000 HIVE and 1000 SME, and you decided to power down 1000 HIVE and 1000 SME, it'd pay you an equal installment over 13 weeks of 1000 SME/13 and 1000 HIVE/13 or about 76.9 SME/HIVE per week to your wallet.
Part of playing the game is knowing when you should power down, and when you should power up.
What we do recommend is that you maintain a healthy level of HIVE power at all times. After all, you want to post as often to the blockchain as you can, so that each day, you are earning rewards.
Look at it like the 50-30-20 rule you have in real life:
- 50% of your earnings should be used for necessities
- 30% of your earnings should be used for wants/nice to have
- 20% of your earnings should be used for savings.
So, if you live by this 50-30-20 rule even on blockchain that translates to:
50% of your earnings should be powered up from HIVE, and 50% of your SME should be converted to HIVE and powered up to get more resource credits
30% of your earnings should be used to either convert to other tokens that you want to trade on the Layer 2 DEX, or used to buy NFT's or whatever you want to do them. Even staking, or just converting to other tokens as you wish.
20% of your earnings should be used for savings. With HIVE you can SAVE your hive for a rainy day. So take 20% of the hIVE you earn, and put it in your hIVE piggy bank, and take 20% of the SME tokens you have and convert them to hive, then save those too.
By following the 50-30-20 rule (like in life), you'll have a healthy supply of HIVE power (which is more resource credits to do things on the HIVE blockchain), some good liquidity to invest in pools, NFT's and other things with your SME token, and then saved up HIVE for use when you want even more of a boost in power on the HIVE network.
You'll be able to take your liquid assets and convert them to other tokens, and fiat them as necessary to earn a good amount each cycle.
Are you required to follow the 50-30-20 rule? Of course not! However you wish to use your tokens is 100% up to you; after all, the game can be played in any way you want.
It's your wallet
It's your earnings
It's YOUR network
Do with it what you will 🙂