SEC S17-W5 || Whales In Steem blockchain
Hello everyone, How are you doing, I welcome you again to my blog in the SteemitCryptoAcademy.
Today, I will be joining the Crypto Academy contest on the topic of Whales In Steem blockchain, where we shall be discussing the importance of whales on the platform, who are the values, and also discuss their contribution to the steemit platform as a whole.
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Whales on the Steem platform are users who hold a significant amount of Steem Power(500K Steem Power and above) on the platforms as a voting power.
Due to their significant voting power, these users wield significant influence on the platform's management and content curation. Whales are usually identified by the quantity of Steem Power they have.
Whales have several roles in the Steem community. To start with, whales are individuals who are expected to use their voting power properly, curating content and rewarding valuable contributions on the platform.
Their activity involves promoting high-quality posts, connecting with the community, and encouraging positive interactions on the platform.
Also, whales are seen as leaders in the Steemit community, and they are expected to set an example for other minnow users, this includes ensuring that their activities are transparent, fair, and not one-sided.
Whales are usually encouraged to interact with other users, provide support and guidance for ordinary users like us, and contribute in a pleasant way to the communities and the fan base at large.
What we meant by whales in the context of the Steem platform, are users who have an enormous amount of Steem Power, giving them a huge influence on the platform.
Their activities, such as voting power on content, can have a significant impact on cryptocurrency prices and the Steem blockchains as a whole.
One of the most important ways whales impact the value of cryptocurrencies is through their voting power, whales can upvote and downvote content, influencing its exposure and its worth.
A whale's upvote can highly increase the reward for a post, resulting in large earnings for the user, while at the same time, a downvote from a whale can reduce a post's visibility and reduce the rewards.
Whales are also some individuals who play an important role in the governance of the Steem blockchain, especially in some communities, Whales have the power to approve or reject ideas in the community, such as chosen moderators in a community, or steem representatives' selections or the allocation of funds from the Steem TEaM.
Their actions can have a huge impact on the platform's future movement and operation as a whole.
Whales on the Steemit platform usually go through different phases of their activity, where they all have their own impact on other users.
We should know that these phases can vary based on the whale's strategy, goals, and market conditions. Here are the normal phases that whales normally experience on the steemit platform:
1 . The Accumulation Phase: - During this phase, whales' only concentration is on accumulating more Steem Power through different strategies, such as buying Steem on the market or earning it through content production and curation.
This phase usually results in more demand for Steem and higher values, which will also be of good benefit to other Steem holders.
2 . Voting Phase: - Once whales have accumulated a large amount of Steem Power, they may now enter a voting phase in which they use their votes to curate content.
Just like I'd said earlier, whales' votes can have a massive impact on the rewards received by content creators, increasing the visibility of their posts with a huge earning potential for individuals.
However, this phase is mostly centralized based on the requirement from the community whale, and sometimes this doesn't always align with other users, they just might as well think the whales are being partial.
3 . The Engagement Phase: Whales may also choose to interact with the community by taking part in engagement, sponsoring contests, or supporting development efforts that benefit the community.
This phase can benefit other users as well by creating a sense of community and interaction with their community whales.
4 . Withdrawal Phase: - Lastly, just like anything can come to an end, a whale may also choose to retire from active engagement on the site, either temporarily or permanently.
This phase can have an impact on other users by reducing the rewards users earn and this can also affect the general platform engagement.
In general, every phase of whale activity on Steemit might have different repercussions for other users, while whales' behaviors might improve rewards and engagement, they can also have an impact on platform decentralization and fairness among users.
The growth in the number of whales on the Steem platform might cause issues for users, especially smaller ones like me and other content creators. Users may confront the following challenges:
1 . Inequality Distribution of Reward: - Due to whales' voting power, rewards may be concentrated among a small number of users only, resulting in an unequal distribution of rewards.
Smaller users especially newbies who are still trying to find their way around may sort of struggle to compete for votes in this aspect as the whales might be comforting enough to share their voting power amongst each other.
2 . Centralized Influence: Whales' significant influence on the platform has the potential to lead to power centralization, in which a few users or communities will be the ones in charge of decision-making.
This may be problematic for people who prefer decentralization and believe in equal votes.
3 . Vote Manipulation: Whales' voting power can also be used maliciously, such as manipulating votes to support or censor specific content.
This can create a certain level of disadvantage for users while also undermining the platform's integrity.
1 . Participate in Community Building: Developing relationships with other users on the platform and actively participating in the community can help users get visibility and support for their articles, even when whales are active.
2 . Create Quality Content: Concentrating on producing high-quality content only, quality content might draw the attention of whales to your post, increasing your chances of getting more rewards and recognition on the platform.
3 . Diversify your Money. Diversifying your asset among different cryptocurrencies will decrease your reliance on one single entity only.
The presence of whales on the Steem platform can have both positive and negative impacts on average user participation and engagement.
On the one hand, whales' voting power can encourage users to keep producing high-quality content with the hope of receiving rewards and getting paid for their effort, this can equally lead to more engagement and activity as people try to get the attention of whales.
However, the concentration alone on whales' voting power among users might have unwanted results, as some users may be discouraged from engaging if they believe the platform is controlled by a small group of persons.
This might bring a lack of contributions, as users may be reluctant to contribute their ideas if they believe their efforts will not be rewarded or recognized.
Several ways can be used to increase the diversity of voices and contributions on Steem:
1 . Reward Diversity: By creating methods that reward a range of content, such as curating science topics or promoting small voices, users might be encouraged to provide diverse content.
2 . Community Curation: By authorizing community moderators to curate content through a decentralized curation, therefore voting power can be distributed more equitably, and a wider range of content will be rewarded.
3 . Educational initiatives: - I believe we have had something like this before, such as providing instructional means and support to new users.
This can also help decrease the entry requirement of participation in a contest and encourage more people to engage and contribute no matter what.
4 . Fairness and Accountability: By ensuring honesty in voting methods and holding whales accountable for their activities.
The platform may grow in trust and confidence encouraging users to actively participate in a contest with the assurance that their efforts won't be put to a waste.
This engagement contest has given me useful insight into the role of whales on the Steem platform and their impact on the community.
Whales, as major stakeholders, have a significant impact on the platform's decision-making, and content curation, while their presence can result in improved curation rewards and engagement, it also brings some difficulties such as power centralization and unequal reward distribution.
To solve these difficulties and encourage more diverse contributions, initiatives that promote transparency, and decentralization, must be implemented.
And also, by assigning honest community moderators, incentivizing various content, and implementing accountability, we can make Steem's ecosystem more active and resilient.
Thank you to everyone for your thoughtful input and observations, your insights have increased my understanding of this important topic and will help in our efforts to develop a stronger and more fair Steem ecosystem.
I hereby invite @sahmie, @jueco, and @mato445 to participate in the contest.
Good post from you my dear friend. Steem blockchain whales are incredibly amazing, their influence when it comes to support it's what everyone prays for. Imagine when every user is sure of whales consistent vote it means a lot which can even promote focusing more on the platform than any other real life job. We all need to put in our best in order to grow as such help others around us.
Thanks very much for your input mam, indeed we ordinary users and the whales boss impact the platform in one way or another for its growth..
Hello amiable professor @kouba01, I want to bring your attention to a review of my post sir, It's my belief you must have missed it.
Have a nice day sir...
Greetings dear friend your presentation is Fabolous on the topic of whales. Whales account is our motivation to work hard. They curate others quality content and also promote steem. Thay all are pillars of steem. You are right they all have a much responsibilities. But we also done our 100 percent. I wish you more success. Stay blessed.