SEC S17-W5 || Whales In Steem blockchain
 |
|---|
INTRODUCTION |
We've all been to a big family gathering, like a reunion or a party right? And in every family, there are those relatives who have a big say in decision-making and can influence the direction of things in the family right? Well, these relatives are like the Whales in the Steem blockchain. And if you want to know what I mean, do well to stick around as we get to learn who whales are and their impacts on the Steemit platform. I hope you get to learn something new as always.
Who are considered whales on the Steem platform, and what are their responsibilities to the community? |
|---|
For those who are wondering about what/why whales are in the Steem platform here is a rundown. Steem platform draws its inspiration from the sea where we have different creatures of different sizes, hence the influence of users on the platform is ranked or rated according to the influence (Steem Power) a user has, just like the creatures of the sea having influence (power) over each other or like my earlier introduction of influence in a family. To this effect, users are categorised based on their Steem Power on the Steem platform into the following categories.
| Rank | Steem Power Required |
|---|---|
| Planktons | 0-999 SP |
| Minnows | 1000 - 4,999 SP |
| Dolphins | 5,000 - 49,999 SP |
| Orcas | 50,000 - 499,999 SP |
| Whales | 500,000 above. |
A plankton is user who have a very low amount of Steem Power, usually less than 1,000 Steem Power. This idea was drawn from what plankton are in nature, i.e., plankton are known to be the tiniest organisms that float in water and form the base of the ocean's food chain.
 |
|---|
Therefore, plankton users have limited ability to influence the rewards distribution and the Steemit community. but just as plankton are important in the seas as they serve as a food source for larger marine animals like fish, whales, and sea birds, planktons on the Steemit platform are also important as they can still post and interact with other users but their impact on the platform is relatively small compared to users with higher Steem Power.
However, plankton users can gradually increase their Steem Power by earning rewards on their posts, buying Steem on cryptocurrency exchanges, or being supported by other bigger users.
Like Planktons, Minnows are also small fishes we see swimming in the ocean, hence on the Steemit platform, a minnow refers to a user who has 1,000 - 4,999 Steem Power. i.e., more than Planktons (50) but less Dolphins (5,000).
 |
|---|
Like Planktons, minnows are also an important part of the Steemit community, as they provide valuable content and engagement, in other to build their Steem Power over time by consistently creating quality content and engaging with other users.
 |
|---|
A “dolphin” which is often the most popular one among users on Steemit is a user who has 5,000 to 49,999 Steem Power, where every 5,000 Steem power earned adds 1 more dolphin as;
| 5,000 - 9,999 | Dolphin |
|---|---|
| 10,000 - 14,999 | 2X Dolphin |
| 15,000 - 19,999 | 3X Dolphin |
| 20,000 - 24,999 | 4X Dolphin |
| 25,000 - 29,999 | 5X Dolphin |
| 30,000 - 34,999 | 6X Dolphin |
| 35,000 - 39,999 | 7X Dolphin |
| 40,000 - 44,999 | 8X Dolphin |
| 45,000 - 49,999 | 9X Dolphin |
Dolphins however have an ample amount of influence on the platform, they can reward other users' content with generous upvotes and are seen as a respected and influential group within the Steemit community.
 |
|---|
An Orca is a user who has a large amount of Steem Power (SP), typically from 50,000 to 499,999 SP. Therefore Orca users can generate significant earnings for others users with their upvotes and also for themselves as curation rewards by upvoting other users, and they play a significant role in shaping the Steemit platform.
 |
|---|
 |
|---|
Whales on the Steem platform are users who have a very high amount of Steem Power usually over 500,000 Steem Power. This therefore explains why whales have a significant impact on the rewards distribution, voting power, and the overall direction of the Steemit community.
 |
|---|
They can curate content, reward other users, and even influence the rules of the platform through their involvement in Steem governance, and due to their high value of Steem Power, whales are also able to earn significant amounts of Steem through curation rewards.
In the cause of my research for this topic, I've come to know that there are currently about 38 users who have achieved the whale status as shown below.
 |
|---|
However, I couldn't help but notice how certain whales like @misterdelegation and @steem which are the number 1 and 3 ranked whales have been inactive for over 4 years, with their last activities been recorded way back 2020. While whales like upvu, xeldal, sigizzang, happycapital, successgr and blackeyedm are powering down.
 |
|---|
Thereby living the likes of SC01, @rme and @hungry-griffin as some of the active big whales on the platform amongst some other voting bots and exchange platforms.
Whales on the Steemit platform have several important responsibilities to the community and here are some of their main duties and how they go about fulfilling them;
Supporting Quality Content:
Whales help find and promote really good posts and they do this by giving them a good per cent of upvotes, which is like saying their work is appreciated. Thereby encouraging the users to keep creating great content to make the community even better.
Encouraging Engagement:
Whales also play a big role in getting people to interact with each other on the platform as they join in on meaningful conversations, leave comments on posts, and interact with other users, by doing so, they help by making the community more lively and fun.
Providing Guidance and Mentorship:
Whales have a chance to share what they know with others thereby giving advice and helping newbies or less experienced users learn the ropes just like having a wise friend who can show you the way.
Promoting Positivity:
Whales set a good example for everyone else by being positive and respectful by not getting involved in arguments or saying mean things to other users. Instead, they encourage others to be friendly and kind in other to create a nice and welcoming community for all users.
Supporting Steem Proposals:
Whales can vote on proposals (ideas or projects) that need funding. Therefore, they look at these proposals and decide if they are worth supporting and by doing this, they help bring new and exciting changes to the Steemit platform.
To do all these things, whales actively participate in the community, read posts, chat with others, and use their voting power wisely and they try their best to help make the Steemit platform a great place for everyone.
How do whales influence the value of cryptocurrencies and what role do they play in the functioning of the Steem blockchain? |
|---|
Whales in the world of cryptocurrencies, play a big impact on the value of any cryptocurrencies in the following ways;
Market Influence:
Whales, with their large amounts of cryptocurrency, can buy or sell a significant number of coins at once. When they buy a lot, it can create more demand for the currency and drive up its value. On the other hand, if they sell a lot, it can create more supply and push the value down.
Investor Sentiment:
Whales are often seen as influential players in the cryptocurrency market. When they make a move, it can affect how other investors feel about a particular currency. If a whale buys a lot of a certain cryptocurrency, it can make others think it's a good investment and lead to more people buying it too.
Market Manipulation:
Unfortunately, some whales can use their power to manipulate the market. They might buy or sell large amounts of cryptocurrency to create artificial price movements and trick other investors into making certain decisions. This can lead to volatility and uncertainty in the market.
Content Promotion:
Whales can upvote posts they find valuable thereby giving more visibility and recognition to such posts and users while also helping to promote quality content on the Steem platform.
Rewards Distribution:
Whales also have a say in how the rewards are distributed. When they upvote a post, it increases the rewards that the author and other curators receive. This helps incentivize content creation and curation on Steem.
Community Engagement:
Whales can actively engage with the Steem community by leaving comments, participating in discussions, and supporting other users. This fosters a sense of community and encourages interaction among Steemians.
Governance:
Whales have the power to vote on important decisions and proposals that affect the Steem blockchain. They can help shape the direction of the platform by supporting or rejecting proposed changes.
Mentorship and Guidance:
Some whales take on the role of mentors, sharing their knowledge and experience with other Steem users. They provide guidance and support to help newcomers navigate the platform and succeed.
However it is important to know that not all whales use their power responsibly, and their actions can have both positive and negative effects like we see with voting bots. But then, the Steem community strives to create a fair and decentralized ecosystem where everyone's voice is heard.
What are the different phases that whales use in their activity on Steem and how does it affect other users? |
|---|
Whales on Steem go through different phases in their activity which include;
Accumulation Phase:
This is when whales start acquiring a significant amount of Steem tokens and they do so either by buying or earning these tokens over time or even through delegation as we've seen with voting bots.
Voting Phase:
Once whales have accumulated a substantial amount of Steem, they can now use their voting power to upvote posts and comments, and by upvoting, they get to increase the rewards that the author and other curators receive, while also getting massive returns via curation rewards, thereby having a positive impact on the visibility and earnings of the content creators.
Influence Phase:
Whales' voting power gives them influence over the distribution of rewards on the Steem platform as their votes carry more weight, thereby affecting the overall reputation and visibility of content creators and posts. This is because when a whale upvotes a post, it tends to attract more attention from other users, leading to increased engagement and potential rewards.
Impact Phase:
The actions of whales can have a ripple effect on other users. When a whale upvotes a post, it can encourage others to also upvote and engage with that content. This can create a snowball effect, where more users get involved and contribute to the conversation. On the other hand, if a whale downvotes a post, it can negatively impact its visibility and potential rewards.
Community Dynamics:
The activities of whales can shape the Steem community dynamics as their votes have the power to influence both posts and users to gain more attention and rewards. This can therefore create a sense of competition and/or motivation among users to create high-quality content and engage with the community.
However, it is important to know that while whales have the power to influence the platform, the Steem community values decentralization and aims to create a fair and inclusive community for all as efforts are being put into place every day to prevent abuse of power and ensure that the platform remains accessible to all users.
What potential challenges might users face on Steem due to the presence of whales, and what strategies can they adopt to protect their investments? |
|---|
With so much influence in the power of few, comes with certain challenges, and some potential challenges users might face on Steem due to the presence of whales include;
Unequal Distribution of Rewards:
Whales, with their significant voting power, have a major influence on the distribution of rewards as their upvotes carry more weight and can result in larger rewards for the content they support. Therefore, this can create a challenge for regular users who may feel left out and that their content does not receive the same level of recognition or rewards.
Limited Visibility:
It is no secret that when whales like SC01 and SC02 upvote posts, these posts tend to gain more visibility and attention by being placed under trending posts. As a result, other posts which didn't get an upvote from a whale may struggle to get noticed, even if they are of high quality, which can be frustrating for users who put in the effort to create valuable content but don't receive the same level of exposure.
Centralized Power:
The presence of whales can lead to a concentration of power on the platform, thereby bringing about a centralized platform as they can influence rewards and visibility to create an imbalance in the community dynamics. Thereby making some users feel that their voices are overshadowed, making it challenging to compete with the influence of whales.
Potential for Abuse:
While the Steem community strives for fairness and inclusivity, there is a potential for abuse of power by some whales as they may use their voting power to promote their interests or to suppress the visibility of certain content or users which can create a sense of unfairness and hinder the growth and engagement of the platform.
Impact on Engagement:
The presence of whales can also impact user engagement as users may feel discouraged from participating in discussions or creating content if they perceive that their efforts won't be adequately rewarded or recognized leading to a decline in overall community engagement and interaction.
But then, it is important to note that while these challenges may exist, the Steem community is continuously working towards finding solutions and creating a more inclusive platform as efforts are being made to address the power imbalances and ensure that all users have a fair chance to succeed and contribute to the community.
In all, below are some strategies users can take to protect their investments in Steem;
Diversifying Investments:
This is all about investing in different types of assets or projects instead of putting all our eggs in one basket because by diversifying, we get to reduce the risk of losing everything if one investment doesn't perform well.
Staying Informed:
Keeping themselves updated about the latest happenings in the Steem community and staying connected with reliable sources of information, such as official announcements and trusted community members can help one make informed decisions about their investments and stay ahead of any potential risks.
Engaging with the Community:
Active participation in the Steem community can help one build relationships and gain insights from other users because by engaging with others, we get to learn from their experiences, get tips, and stay connected with the latest trends, which can also provide us with valuable support and guidance when it comes to protecting our investments.
Conducting thorough Research:
Before investing in any project or initiative on Steem, make sure to do your homework. Research the project, its team, and its growth potential. This way, you can make more informed investment decisions.
Setting Realistic Expectations:
For any user, it's very important to have realistic expectations when it comes to investing in Steem and understand that the crypto market is a volatile one, hence returns may not always be guaranteed. Therefore, avoid falling for get-rich-quick schemes and instead focus on long-term growth and sustainable investments.
How does the presence of whales impact ordinary user participation and engagement on Steem, and how can we encourage a greater diversity of voices and contributions? |
|---|
The presence of whales on Steem can have an impact on ordinary users' participation and engagement as they have a large amount of Steem Power, which gives them influence and control over the platform.
When whales make decisions or take action, it can affect the overall dynamics of the Steem community. For example, if a whale decides to vote for or against a particular post, their vote carries a lot of weight and can significantly impact the visibility and rewards received by that post. This means that the opinions and preferences of whales can have a big influence on what content gets attention and recognition.
This can sometimes create a situation where ordinary users might feel discouraged or overshadowed and might feel that their contributions are not being valued as much compared to those of the whales or the whale's support. This therefore can lead to a decrease in engagement and participation from ordinary users, as they may feel that their efforts are not being adequately rewarded or recognized.
However, while the presence of whales can have a major impact, it doesn't mean that ordinary users like you and I cannot thrive or succeed as we find ways to build our Steem Power and engage with a supportive community, by creating quality content, actively participating, and connecting with like-minded individuals. This therefore means that ordinary users like us can still find success and fulfilment on the platform.
It's also worth mentioning that the Steem community is constantly growing, and efforts are being made to address some of the concerns related to whale influence with initiatives such as community-driven curation and the development of consensus-based decision-making processes as a means to create a more inclusive and balanced environment for all users.
Therefore, while the presence of whales can have an impact, ordinary users like you and me need to focus on our contributions, build relationships within the community, and find our unique voice on the platform.
how can we encourage a greater diversity of voices and contributions?
Encouraging greater diversity of voices and contributions on Steemit is crucial for creating an inclusive community and here are some ways we can do that;
Embracing inclusivity:
Steemit should be a welcoming space for everyone, regardless of their background or expertise therefore encouraging users to share their unique perspectives and experiences and create an environment where diversity is celebrated.
Supporting new users:
Supporting new users is essential for fostering diversity on the platform and it was this need that the Steemit community came up with a dedicated curation team just for Newcomers, to provide clear and accessible resources, tutorials, and guidelines to help them navigate the platform and understand how to participate effectively.
Promoting engagement:
Actively engaging with other users' content by leaving thoughtful and meaningful comments and upvoting their posts, helps to create a sense of community and encourages others to participate as well the very reason behind the Engagement challenge.
Highlighting Diverse Content:
This involves showcasing a wide range of topics and interests by actively seeking and promoting content from different voices through curated lists, featured posts, or themed challenges that encourage diverse contributions.
Providing feedback and mentorship:
By offering constructive feedback and mentorship to new or less experienced users, we can help them improve their content and encourage them to continue contributing to the community.
Creating a safe space:
Making sure that Steemit remains a safe and respectful platform through enforcing various community guidelines and taking action against any form of harassment or discrimination will help to bring about an environment where everyone feels comfortable expressing themselves.
CONCLUSION |
In conclusion, the Steemit Blockchain is a big ocean where users share their thoughts and ideas where whales are like the big, powerful creatures in the ocean having a lot of influence because they own a large amount of Steem Power and just like how whales can make a big splash in the water, these Steem whales can make a big impact on the Steemit platform by upvoting posts and comments, which helps in promoting the content and the creators' reputation.
I wish to invite @starrchris, @ngoenyi, and @ruthjoe.
Thank You for your Time
NOTE: Always have a smile on your face, as you are never fully dressed without one.
I kept on reading and was wondering if the post will take eternity to allow me reach the end, lol. This post of yours sir, is very detailed and explained.. I seriously say weldone for this great piece of written art that you have shared with the community and steemit at large...
First I found your introduction very capturing and intriguing which caught my attention and made me want to read more. Yes, we all may have attended fmaily meetings or conferences in an organization or group of people where there are certain category of people who say things and they come to stay. Those people in the crypto industry and steemit community are classifies as whales.
Secondly, I enjoyed seeing various screenshot from your phone which of course made me and any other person reading this article of yours to understand more, who whales are!? Especially the notification one gets from steeemcurator01 or 02, the feelings are different....
Thanks for sharing and good luck with the challenge
Thank you so much for your feedback. I'm glad you found my post detailed and explained well. It means a lot to me. I understand how it can feel like a never-ending read sometimes, but I'm glad you stuck with it. I wanted to make sure I provided all the necessary information.
I'm happy to hear that you found the introduction captivating and intriguing. It's like when you attend a family meeting or a conference, and certain people have a lot of influence and their words carry weight. In the crypto industry and the Steemit community, we call those people "whales. Thank you for taking the time to read and share your thoughts. I really appreciate it.
You're welcome sir
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
@tipu curate 2
;) Holisss...
--
This is a manual curation from the @tipU Curation Project.
Upvoted 👌 (Mana: 4/7) Get profit votes with @tipU :)
Wao sahmie ap na 1 1 Sacrenshort lga kr har 1 cheez ko bohat achi tara smjaya or ap an tu sirf whale nhi blka har 1 rank ko smja diya jis sa ma na wakif tha apka bohat bohat shukriya. Or hn ap na jo ptaya k 500000 sp wala bnda whale khlata hai or Sacrenshort ma mena deakha b hai but mena dost sa information le the tu unu na ptaya tha k about 1 million plus sp huni chaiya whale consider huna k liya steem pr tu is liya mena apni post ma 1m plus ko e mention kiya hai
Wonderful contribution my follow comrade, whales on Steem blockchain are very respected entities that influence and support users with big votes. Their presence on users post can not be underrated because it helps to build more confidence to the user. I have learnt a lot from your post and I wish you good luck in this challenge.
Whales on the Steem blockchain are like highly respected individuals who have a lot of power. They can give big votes to support other users' posts. Their presence and support are really important because it helps users gain more confidence in their work. I'm glad to hear that you learned a lot from my post, and I appreciate your well wishes for the challenge. Thank you.
Upvoted! Thank you for supporting witness @jswit.
Amazing work, you have written a very good post and have put in a lot of effort.
Thank you for making the time to go through it, and leaving your feedback, I hope you didn't mind me mentioning you?
Yes friend. Surely not :")
@sahmie I admire how you relate them to family members making the concept easy to grasp. Your emphasis on inclusivity and support for diverse voices is commendable. Good luck in the contest! Your insights on encouraging engagement and fostering a welcoming environment are crucial for a thriving community. Keep up the fantastic work
Thank you so much for your kind words. I really appreciate your encouragement. It means a lot to me. I'm glad that my way of explaining things, like relating them to family members, helps make the concepts easier to understand. I believe that everyone's voice is important and that inclusivity and support are key to building a strong and thriving community. I'll definitely keep working hard to promote engagement and create a welcoming environment. Thank you for your support.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.