I am thinking of participating, but I did not quite understand this rule:
Set your post payout to 50/50. You keep the SP and then transfer the STEEM or SBD (whichever is paid out at the time) to @phctop3 with a link to your blog post entry in the transfer memo.
Could you explain it better?
There's two options for accepting how we get paid from our content. 100% power up (which powers everything earned to Steem Power) or 50/50 (50% Steem Power/ 50% Steem).
The YourTop3 contest requires you to set your content entry post to the 50/50 option. Once your entry post pays out all of the STEEM (Not Steem Power) earned from it needs to be sent to @yourtop3 as payment for your entry.
When sending the required STEEM to @yourtop3 include a link to your entry post in the memo section. The Steem sent from all contestants is used to fund the prize payouts.
I'm one of the 4 folks who run the @yourtop3 contest. What rentmoney said is pretty much spot on (thanks for explaining it man).
If you have any more questions and would like to enter, feel free to join our Discord and we'll be happy to answer any questions!
There's still time to enter (until the 9th) so looking forward to seeing what you'd pick as your top 3!