The community can buy the 70M stake from Steemit Inc. over a period of a few years. The Steem Proposal System (SPS) can be used to pay for buying the stake. The purchased stake can then be gradually sent to the SPS to fund it, over a period of multiple years.
How this would work
The community collectively buys the 70 million Steemit Inc. stake. The stake then becomes community property and can be used for development of the Steem ecosystem for years to come. The price for the 70M stake will have to be negotiated between the community and TRON/Steemit Inc.
Note: Keep in mind that TRON bought the 70 million STEEM over the counter (OTC), meaning at a price much less than the market price. At a price of $0.20, the 70M STEEM would be worth 14M USD. We don't know how much less than that TRON paid.
Possible scenario 1:
Community pays about 2 million USD for the 70M STEEM over a period of 3 years.
This means the SPS pays 2000 liquid SBD per day to TRON/Steemit Inc. (this means 730 000 SBD per year, or about 2 million SBD paid over 3 years).
Possible scenario 2:
Community pays about 3 million USD for the 70M STEEM over a period of 3 years.
This means the SPS pays 3000 liquid SPD per day (over 1 million SBD per year).
Again, the exact deal parameters will be a matter of negotiation.
Benefits for the community
- The 10% of the reward pool that currently goes to the SPS can be directed back to content creators and curators. All will enjoy higher payouts as those 10% will go back into author/curator rewards.
- The SPS gets well funded for years to come. The funding can be used to fund projects that benefit the community.
- TRON/Steemit Inc. gets liquid SBD. As we know, the SBD price fluctuates and can go many times over 1 USD, so there is incentive for TRON/Steemit Inc. to help increase the price of STEEM so as to make the liquid SBD they get paid on a daily basis be worth more and more.
Benefits for TRON/Steemit Inc.
- They get a way out of the current mess they are in by selling their stake to the community at a negotiated price.
- They can get a super good ROI from their investment if they help increase the STEEM price. For reference, see that when the STEEM price increases, the SBD price goes well above 1 USD. So the liquid SBD they get every day will be worth more and more if the STEEM price increases.
- Perhaps there will be other avenues for ROI for them, e.g. by continuing the development of Steemit.com, developing interoperability between Steem and TRON, and other such projects.
- Restoration of PR.
Payment in liquid SBD seems most desirable to me, but payment in liquid STEEM may also be possible.
The agreement can be coded on the blockchain level. A Steem blockchain developer interested in the project can give a quote and can then be hired to do the development work and testing. It does not seem like a lot of work considering that the SPS already does these operations. Actually, there is a chance the blockchain as is will be able to handle the execution of the agreement. In any case, if some development work or testing is needed, perhaps TRON/Steemit Inc. will be willing to pay for it as a show of good faith.
Please comment your thoughts, questions, suggestions, and any pros and cons you see in moving forward in this way.