A few days ago Oracle-d in collaboration with Steem Ninja announced the launch of the "INVITE" Token: For Mining STEEM Accounts Through Delegation!.
Invite Token
Invite Tokens serve as a solution to the account creation flaw on Steem. As we all know account creation is one of the challenges facing Steem's onboarding. The token is a Steem-Engine token and is used to buy accounts from STEEM Ninja Invite Tool. The essence of this system is to enable seamless creation of accounts by every user in possession of Invite Tokens.
The best way to acquire these Invite Tokens is by delegating Steem Power or Pal to @steem.ninja. Every 7 days, 300 Invite Tokens are distributed among delegators proportionately, which means, the more SP or Pal a user delegates, the more Invite Tokens the user receives.
My Experience - Delegating with SP
The announcement was a great news for Steemians, and delegating is so easy. There are many ways to delegate SP on Steem, the fastest and simplest method for this purpose is by following the short link provided by the steem.ninja tool found on the site, once clicked, it takes the user to a new page which contains all the information about mining the tokens, usage and the delegation button as shown in the image below.
- I entered my username in the space given and clicked the Show available steempower button. Which retrieved my steem power balance in seconds and the next option was to enter the amount of SP I intend to delegate.
- Once delegation has been successfully completed, users can find their name in the delegators tab on the site which may take a little while to reflect. The delegators tab also shows details like delegation date and next payout date. As shown below.
To delegate with pal
For users who are interested in delegating with pal, the option is at the extreme right corner of the steem.ninja home page as shown below.
Once the page opens up, the process is just like delegating with SP, there is a large button that states delegate now, which opens the option to fill in name and delegation amount in seconds. Delegating with Pal can also be done through steem-engine.
Conclusion and Recommendation
The solution Invite token provides to the steem economy is a huge one and is well appreciated, account creation on Steem has never been made easier for all. However, I noticed that the delegation payouts come in decimals i.e 0.1 invite tokens, knowing that 1 invite token = 1 account. For the 0.1 to become effective, it has to reach 1 i.e 0.1*10, which means I will likely receive 0.1INV every 7days which means I have to wait 10 weeks to get 1 invite token with a delegation of 30sp.
I would have preferred if there was a minimum delegation limit, so that the least amount delegated will generate nothing less than 1 token.
My first delegation payout will be by 7th of July which I look forward to. A huge thanks to @oracle-d and steem.ninja for their efforts on this great solution.
Thanks for reading.
DISCLAIMER
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.