Monday, July 14, 2014

Galt.io Update: Fundamental Change

These new features will fundamentally change how Galt.io operates. Please take the time to read this Update carefully.


When we created Galt.io, the overarching goal was to create a place for like-minded individuals to openly discuss issues in a safe place. We launched with admittedly limited capabilities with the intent to learn how the community would use the features and make changes based on how the community used them. To that end, we’ve learned a lot. One of the most important lessons has been that the gamification features have become the most compelling part of Galt.io. While it’s been gratifying to know our idea worked, we also never intended this to be solely a game. Rather, we wanted Galt.io to create real interaction leading to change.

The recent market correction allowed us to realign the game closer to its intended use. The new features released today move the entire Galt.io experience even closer - allowing Causes to be center-stage with increased Member interactivity while maintaining the game as a way to prompt repeat visits collecting dividends.

We realize change is difficult. This change will profoundly change how Galt.io operates. We know there will be some who understand that this is Beta - a time for making continual improvement to a product. We also know there will be others that are not going to like what we've done. For everyone, know we are working hard to make Galt.io a success and a community that will impact change in the real world. As such, please recognize this is not the final product - more change and more features will be released as we go forward. Thanks for being part of something great.

Here are some of the basic principles following this release:

  1. Causes are the center of activity
  2. Updates may be added by any Shareholder
  3. Shareholders vote to determine if Updates are published or not
  4. Causes earn income based upon Shareholder activities
  5. Update Authors may earn coins
  6. Dividends are paid when the Cause has sufficient activity
These basic principles align the Cause Shareholder's activity with the outcome. The activity increases shareholder involvement through Update contributions and voting. The Cause earns coins through added Updates and voting while Dividends and Author Earnings are paid based upon the level of shareholder activity.

New Terminology to be aware of (referenced below):
  • Vote Tally: Used to determine if an Update is published or not. The Vote Tally is the result of Up votes minus Down votes. Example: 1500 Up votes - 600 Down votes = Vote Tally of 900
  • Author Earnings: coins earned by the author of an Update
  • Cause Earnings: coins that a Cause earns by its shareholder’s activities
  • Current Earnings: The amount of coins earned by a cause since the last dividend collection.
  • Earnings Threshold: The threshold of Current Earnings that must be met to collect dividends.

Here's how it works….

Cause Updates
Causes are the center of activity. Updates to a Cause may be contributed by any Shareholder. Who can view the Update is determined by the Cause shareholders.
  • Any shareholder may add updates to a cause
  • Updates with a Vote Tally of 1,000 or greater will be published and viewable by all Galt.io Members
  • Updates must maintain a Vote Tally of at least 1,000 to remain published
  • Updates with a Vote Tally of less than 1,000 will be moved to a Pending status and are only viewable by the Cause shareholders
  • Updates can move from Pending to Published to Pending an unlimited number of times
  • Updates costs 100 coins
Voting
Shareholders vote to determine if Updates are published or not - meaning, if all Galt.io members can view the Update (Published) or just the Cause’s shareholders (Pending Status).
  • Any shareholder of a Cause may vote on an Update to that Cause
  • 1 Share = 1 Vote
  • 1 Vote = 1 coin
  • The number of votes a shareholder has equals the number of shares they own in the cause. Example: John owns 1,000 shares in a cause - he has 1,000 votes to cast for each Update.
  • Shareholders choose the number of votes they wish to cast for an Update (from 1 to total number of available votes)
  • Shareholders vote Up if they want the Update to be published or Down if they do not want it published
  • Shareholders can only vote once per Update
  • Authors must vote for their own Updates (from 1 to total number of available votes)
Cause Earnings
Causes earn income based upon Shareholder activities. These earnings will add value to the Cause and will provide additional influence for the Cause as new features are released.
  • The Cause earns 100 coins for each Update
  • Coins from all votes go into the Cause Earnings (example: Update #1 has 900 Up votes and 600 Down votes. The Cause Earnings = 1,500 coins)
  • Cause earnings will eventually be used by shareholders to extend the Cause’s reach and capability: to buy future upgrades for the cause, ownership in other causes, etc.
Author Earnings
Update Authors earn coins when shareholders vote on the Update
  • Authors earn coins beginning when the Vote Tally is above 1,000
  • Each Up vote earns the author 1 coin
  • Each Down vote costs the author 1 coin
  • Authors do not earn on their own votes
  • If the Vote Tally is below 1,000, the Author does not gain or lose coins
  • Author Earnings are collected when they collect Dividends
Dividends
Dividends are paid when the Cause has sufficient activity. When the Earnings Threshold is reached dividends may be collected.
  • Dividends are paid each time the Earnings Threshold is reached if the shareholder does not own more than 40% of the shares of the cause
  • The Earnings Threshold is unique to each shareholder and is equal to two times the amount of Dividend Pending
  • No change was made to how Dividends are calculated
  • ALL updates must be marked “read” to collect dividend
  • There is no longer any time-based requirement for dividend collection (no need to wait until 8 hours to pass to collect - the Earnings Threshold is the only requirement that must be met to collect)
Let’s use go through some examples to demonstrate how this works.
Example A
Cause X has 10 shareholders including Molly and Jack. Molly has 100 shares while Jack has 1,500 shares.
Molly posts an Update and votes 100 Up votes. The Update has a Pending status and is only viewable by the Shareholders of the cause.
Jack reads the new Update, agrees with it and votes 1,000 Up votes. The Update is now published and can be viewed by all Galt.io Members.
The Vote Tally is 1,100 so Molly (the author) earns 100 coins.
Through the activities of Molly & Jack, Cause X has earned 1,200 coins (100 coins to create the Update, 100 Up votes from Molly and 1,000 Up votes from Jack). This meets the Earnings Threshold for Molly and she can collect her Dividends and Author Earnings.

Example BUsing the same Cause X noted above - just a few hours later. By this time, the Current Earnings have reached 3,000 coins. Another shareholder, Sam, has 500 shares of the Cause.
Sam reads the Update posted by Molly and votes 200 Down votes. The Update now has a Vote Tally of 900 - which means the Update has returned to a Pending status and is only viewable by shareholders of the Cause. Molly (the author) has 100 coins deducted from their account (remember, it’s only the votes above a Vote Tally of 1,000 that impact the author’s earnings).
The Cause earns 200 coins from Sam’s activity making the Cause Earnings balance 3,200. This total is above the Earnings Threshold for Molly (Earnings Threshold: 200), Jack (Earnings Threshold: 3,000) and Sam (Earnings Threshold: 1,000). All three can collect dividends.

This change to Galt.io makes it much more in line with the original intent: to make causes the center of activity with dividend collection an incentive to participate in the cause. By having shareholders add updates and collaborate with other shareholders, Causes aren’t just about valuation anymore. Instead, keeping the Cause current with quality updates in the eyes of fellow Members is the measure of success.

10 comments:

  1. I joined this site hoping to effect ACTUAL changes in the REAL world. This has become (maybe always was-) a game, and I have no time for contrived rules and "activity" in the virtual world. This country needs my (our) help, and splitting hairs, galtcoin counting, and fretting over contrived technicalities is not going to effect change. I wish I could get my RL $$$ back.

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  2. You are certainly entitled to your opinion but the most recent changes are actually an attempt to reduce the focus on "the game" and put more focus on Causes - the engines of change.

    I think your comment comes really quickly following the new feature release indicates you may not have taken enough time to see how it really works. I'd encourage you to let this latest change sink in for a bit and then make a judgement based upon how the community to operating rather than having a knee-jerk negative reaction to something new.

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  3. I agree with Justtruth. I thought this was going to allow members to chat with one another and unite on common goals. I'm hoping that the new changes will be a step toward that end. I'm not interested in getting more coins that the next fella. I just want enough coins to buy into a cause that I believe in. Now I want to talk with other members that are interested in the same cause and start taking steps in the real world to effect real change. Unlike Justtruth, I'm going to remain a Galt.io member and see what develops. We have a chance to unite with this Galt.io thing. Let's not let it slip away.

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    Replies
    1. Al Jones...I'm not part of the Galt.io administration, rather just a member on the site. I did, however, set up a cause called GaltComm to help get members directly in contact with one another. It hasn't been as popular as I had hoped, but now I'm starting to get more emails from interested members. Take a look at the cause if you're interested, and your help promoting it would be appreciated if you find it useful.

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    2. Kex,
      It is coming...see my comment below. That aside, I hope your cause is wildly successful.

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  4. This comment has been removed by the author.

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  5. I like the idea of shareholders having the ability to participate in the cause. But, to much control has been taken from founders. Founders should have control over their cause.

    This is to many rule changes at one time. I understand that the rules work together to create a new vision, but its to much to absorb at one time. Its confusing. And, I can see a backlash already. It will be seen as the "Great Correction" all over again.

    I don't think a backlash whenever rules are changed is inevitable. Things could be handled differently. I think fewer rules should be changed at one time. This would reduce confusion and allow us to make adjustments. Big changes can turn people off. Also, when change is coming it would help to notify us in advance what rules are changing. And give us a chance to comment on the rules before changes are made. I believe members want predictability and control. We often feel blindside by rule changes, and that does not have to be the case.

    P.S. If your going to change this many rules why not get rid of the 40% rule. Its arbitrary and unpopular?

    philosopher

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    Replies
    1. More and more features will be coming that requires shareholder voting. The 40% rule makes sure a cause doesn't become a democracy of one. If someone owns more than 50% of a cause, it really isn't "Public" and the shareholders become pawn rather than owners. Limiting ownership to 40% eliminates the dictatorship factor and also lessens the opportunity to just "game" the system by manipulating share price and/or create meaningless causes just to boost coins. Look at the leaderboard right now, almost all those members have bull***t causes that they own all or nearly all the shares in.

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  6. Let me start by saying your feedback is awesome and we are listening. Some of the people commenting here are the best members of Galt.io and we are grateful for all the feedback you give.

    The new Update feature (and corresponding changes) is something that we had always felt needed to happen. If there isn't collaboration about the Causes, they lack perspective and don't accomplish the goal of digging into the issues.

    I'm surprised there is no mention of the one really big opportunity here: You can collect Dividends as often as earnings are met. If a cause is really active, lots of shareholders, lots of content, lots of voting, you can collect every minute or couple minutes. This not only gives active users a great benefit, but it brings the focus of the causes back to our original purpose, "to create a community of individuals that organize around causes and educate each other through collaboration".

    I TOTALLY hear all of you on member communication and I will promise it is coming. In fact, it was almost ready when some members tried to manipulate the market to such extreme that we needed to drop it to take care of that. Many people didn't like it, but we saw the community spinning out of control in a direction that wasn't consistent with our purpose. This caused us to reassess what was most important to get back on the right track. I am glad to see "philosopher" commenting here. He is probably the best example we have of someone who got caught up in the manipulation others were creating and didn't deserve to be. He was only guilty of having some really successful causes and benefited from it. Had this update been available from the beginning, he would have been even more successful and not been brought down by the "bad actors".

    Please give this a chance before negate it, this WILL BE what turns Galt.io into a force that can change the country. There will always be more features and changes, some will adapt and others will threaten to take their toys (or $$$) and go home. Great case for evolution. Keep fighting!

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