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Blockchains like Blurt and Bitcoin produce new tokens each time a block is produced. Unlike Bitcoin, where all of the new coins go to the block producers (called miners), the Blurt blockchain allocates a majority of the new tokens to a reward fund called the "rewards pool". The rewards pool gives users tokens for participating in the platform based on the value they add.
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Starting with the network's 16th hard fork in December 2016, Blurt began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.
Every day, a fixed amount of BLURT tokens are allocated to the network reward fund, commonly called the "reward pool." These get distributed to authors and curators for posting and voting on content.
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Up to 50% of a post's payout is awarded to curators (the people who upvoted the post) as a reward for discovering the content. The other 50% is awarded to the author.
If curators vote for a post within the first 5 minutes of it being created, a portion of their curation reward remains in the rewards pool for other authors/curators. This portion is linear to the age of the post between 0 and 5 minutes. As an example: upvoting at two minutes will donate 60% of your potential curation reward back to the rewards pool.
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There is a fixed amount of BLURT coins that gets added to the rewards pool each day. In the short term, the amount of coins that get paid out may be higher or lower depending on the amount of voting activity, but over time it will pay out the full amount of rewards regardless of who votes.
Votes in Blurt are stake-weighted. Therefore voters with more Blurt Power have a greater influence over the allocation than voters with less BP, but their votes do not increase the amount of rewards in the rewards pool.
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The amount that is shown next to a post is a "Potential Payout". This is an estimated value of how much money the post will make based on the votes that have occurred so far. Depending on various factors, this value can go up or down until the payout window closes:
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Posts and comments remain active for 7 days. When the period is over, you are able to claim their earned rewards. In your Wallet, click the Claim Rewards button to add the tokens to your account.
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BLURT - BLURT is the base liquid currency token in the platform. BLURT can be powered up into Blurt Power, traded for Blurt Dollars, or transferred to other accounts. It is a cryptocurrency token, similar to bitcoin.
Blurt Power - Blurt Power (abbreviated BP) is a measurement of how much influence a user has in the Blurt network. The more Blurt Power a user holds, the more they can influence the value of posts and comments. Blurt Power is less liquid. If a user wishes to “Power Down” BP, they will receive equal distributions of the BLURT weekly, over a 13 week period.
Blurt Dollars - Blurt Dollars (commonly abbreviated HBD) are liquid stable-value currency tokens designed to be pegged to $1 USD. Blurt Dollars can be traded with BLURT, and transferred to other accounts for commerce or exchange. Blurt Dollars may also be converted into BLURT via a process that takes 3.5 days.
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Users have the option to delegate Blurt Power to other users. When a user is delegated Blurt Power - their Resource Credits, content votes, and curation rewards are calculated as if it were their own Blurt Power. Users are not able to power down or cash out delegated Blurt Power however, as it still belongs to the original owner.
Most users will have a small amount of Blurt Power delegated to them by the Blurt account after creating an account.
Delegated Blurt Power shows up in a user's wallet below their actual Blurt Power balance in parentheses.
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The price of BLURT is based on the supply and demand of the token, as determined by buyers and sellers on the exchanges. It is similar to how the price of a commodity like gold is determined.
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With BLURT tokens in your wallet, click "Power Up" to turn them into Blurt Power. If you have Blurt Dollars, you can convert them to BLURT from your wallet, and then power up the BLURT.
If you don’t already have BLURT or Blurt Dollars in your wallet, you can purchase them using bitcoin (BTC), Ether (ETH), Litecoin (LTC), or BitShares (BTS) tokens. You may purchase BTC on various exchanges, such as Coinbase.com or Localbitcoins.com.
To buy:
BLURT purchases made via blurt.blog are facilitated by BlockTrades.
Bitcoin can also be exchanged for BLURT on external markets.
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Transactions on the Blurt blockchain typically only take about three seconds to process, but when you are purchasing the BLURT tokens using bitcoin or some other token, then the transaction must wait for the transaction to be confirmed on the other network. This can take several hours, and sometimes even days.
If you paid using bitcoin, the third party website bitcoinfees.21.co can estimate the approximate wait time of the transaction based on the fees that were paid. The third party website blockchain.info will lookup the fees that were paid on a specific blockchain transaction.
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Powering up - If you have BLURT tokens, you can Power Up to Blurt Power to get more voting influence on posts and comments. Having more Blurt Power also increases the amount of curation rewards and new vested tokens that you can earn. More BP also grants more influence on approving Blurt witnesses.
Powering down - If you have Blurt Power, you can power down to turn it into liquid BLURT over a period of time. The system will transfer 1/13 of your Blurt Power to BLURT each week for about three months (13 weeks), starting 1 week from the time it is started. However, you will lose your influence in the network proportionally to how much is powered down, so think about it carefully. Power downs can be stopped at any time.
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