My opinion on Steem business support
Who are those you think should be eligible for this Steem business support if it's adopted by Steem blockchain? Back your answer with facts.
Assuming that the Steem blockchain implements the proposal of providing support loans to its business, then I think that the user should be eligible to get the loans depending on their consistency, reputation, and contribution given to the platform, and the ones who have been keenly participating, uploading good content and charging up frequently will be the ones to be sought out first.
The reason is that those users already demonstrated their long-term commitment to the Steem ecosystem and their trust so business owners who demonstrate clearly how the loan will boost their businesses and how it will benefit Steem community should as well qualify. Repayment and effective utilization of the support are augmented by verified users who are also in good standing and have behaved responsibly in the blockchain. So this will create trust, minimise power-downs and promote development within the Steem community.
Do you think it will be a good idea?
Yes, I agree that it will be an excellent idea because providing Steem business services through loans may be a wonderful move towards the prevention of the users who are entrepreneurs or have a small business. Several active Steemians have financial problems and this compel them to power down their accounts, weakening the whole ecosystem. With a well-outlined repayment schedule, Steem blockchain can lower the rate at which power-down occurs, hedge towards loyalty, and positively impact the economic growth of the community.
So it will also assist in maintaining the user who may be lost in the struggle of finance, and this initiative when properly guided, monitored, and made transparent, can better nurture the implementation of trust and the establishment of a more colorful, healthy setting within Steem to accommodate content creators and business-oriented people more directly.
What do think should be the repayable time / how should it be repaid ?
I believe that the repayment time must be flexible yet systematic-preferably 3 to 6 months based on the amount of the loan and this will grant the users ample time to invest the loan in their business so as to earn revenue to pay back. It can also be paid in instalments either weekly or monthly by automatic pay after post rewards or wallet transfers. An agreement must be signed electronically and a loan must be transparent and commitment. The period of grace may also be provided for about 2 to 4 weeks prior to the beginning of repayment. Where defaulters are involved, there will be the possibility of locking up a portion of their already powered up steem as collateral until all their obligations are paid, so this will promote responsibility and the discourage abuse to the support.
Do you think people can be honest enough not to run away with the loan ?
Actually, not all the Steemians are to be trusted honestly, as even though most of them can be, not all of them would do so in good faith. Some users are always prone to take the loan and run away without repaying. This can however be reduced through establishment of stringent eligibility conditions, automatic repayment programs and cogitation of a percentage of their Steem Power.
So trustful and supported members with highly regarded reputation, high levels of activity and trust are less liable to run away. Correct surveillance, as well as openness, and penalties to those who default can deal with the risk, and only the honest users will enjoy the security and auxiliary support without having to pull down the platform.
You can add your suggestions/ recommendations if any.
Well, I would advise that the Steem business support system provide an appropriate application procedure in which the users clearly outline their business objective and how they intend to use the loan. To ensure the vested interests are upward and on course, a review team might be instated. More so, loan repayment ought to be automated via smart contracts so as to be accountable.
The beneficiaries should write regular reports to monitor their growth and ensure transparency. Lastly, the pilot loans should be provided in smaller quantities as an experiment to know whether the system is reliant or not and this initiative has the potential to increase trust, growth and economic activity in the Steem environment with these measures in place.
Thanks for reading my post I'm inviting @ninapenda, @pea07 and @josepha to participate in this contest.
https://x.com/entity673865/status/1937868309191393515?t=Q-UEfOz3gs8OyPxEdTSTTQ&s=19