Steemit Crypto Academy Contest / S10W3 - Reward System on Steemit Blockchain
Greetings fellow Steemit enthusiasts!
As enthusiastic Steemit user I am thrilled to share my entry for the Steemit Crypto Academy Contest S10W3. In this post I invite you to join me on an exciting expedition into the intricate workings of Steemit reward system . Having personally experienced The transformative power Of this decentralized platform I am eager to unravel the mysteries and unveil the factors that Determine our earning potential. Together we will explore the significance of Steem Power uncover the dynamics of curation rewards decipher the relationship between voting patterns and payout distribution and delve into the Influence of reputation scores . With the ultimate goal of optimizing Our earnings I hope to equip you with valuable insights and strategies that will elevate your Steemit journey .
Lets embark on this adventure of Growth & success unraveling the secrets Of the Steemit reward system & embracing the countless earning opportunities that await us on this remarkable Blockchain platform.
attribution of rewards on steemit |
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The attrbution of rewards on Steemit has indeed undergone modifications since its creation deviating From the initial Convergent linear reward curve . these changes were implemented To address certain issues & improve the Overall functioning of the platform . There Are Several causes that have Contributed To this transformation .
One significant factor behind the modification of the reward curve was the aim to discourage abuse & manipulation of the System. Initially the linear reward curve allowed users with A large stake of Steem Power (SP) to disproportionately influence rewards and potentially exploit the system . To counteract this Steemit introduced a new reward curve called the "Proof of Brain" algorithm. This algorithm redistributes rewards more evenly and ensures that rewards are allocated based On the quality & popularity of the content rather Than solely on the voter's stake . This change aimed to promote fairness & encourage genuine engagement & contribution Within the community .
Another reason for modifying the reward curve was to address the issue of reward pool sustainability. The initial linear curve led to a rapid depletion Of the reward pool making it difficult to sustain long-term growth and incentivize continued participation . To tackle this challenge Steemit introduced a modified reward curve known as the "Economic Improvement Proposal" (EIP). The EIP Aimed to slow down the rate of reward pool depletion by reducing the overall payout percentage allocated to content creators & curators . This change helped to stabilize the platform's economy and ensure a sustainable reward system for the long run.
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Steemit has Periodically adjusted the reward curve to maintain a balance between incentivizing quality content creation and encouraging active engagement from the community . These adjustments aim to strike a balance between fair Rewards for creators & the sustainability of the platform
the modifications to the reward curve on Steemit were primarily driven by the need to address issues related to fairness abuse prevention and reward pool sustainability. The introduction of the Proof of Brain algorithm and the Economic Improvement Proposal were crucial steps taken to ensure A more balanced and sustainable reward system. These changes have played A significant role in shaping the current reward distribution mechanism on the Steemit platform.
linear reward curve |
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The convergent linear reward curve implemented on the Steemit blockchain has brought significant Added value to the platform from My perspective as a user . this system Is designed to ensure Fairness Promote quality content creation & foster active community engagement .
One of the notable advantages Of the convergent linear reward curve is its focus on rewarding content based on popularity & quality rather Than solely on the voters stake . This means that even user with A smaller stake I have fair chance to earn rewards for my contributions . This inclusivity encourages a diverse range of content creators to participate & be recognized for their efforts Regardless of their stake size .
Furthermore the linear reward curve addresses the issue of stake-based manipulation which can be prevalent in reward systems solely driven by stake . By reducing the impact of stake alone and placing more emphasis On factors like content Quality engagement and curation efforts the convergent linear reward Curve ensures that rewards are distributed in a way that Aligns with the values Of the Steemit Community . This encourages Users like me to focus on Producing valuable content that resonates With the community and promotes Genuine interaction.
The application of the convergent linear reward Curve on the Steemit Blockchain involves A combination of factors. The amount of Steem Power SP I hold influences my voting power and potential reward but the curve ensures that the influence of SP diminishes as it increases . This prevents A concentration of rewards among only those With the highest Stake promoting a more equitable distribution .
Moreover the reward pool is allocated based on the popularity and engagement received by my posts . This means that the more attention and engagement my content generates the higher the potential rewards . This incentivizes me to create high quality content That resonates with the community & sparks meaningful discussions .
The complex algorithm used by the Steemit blockchain to calculate rewards takes into account various factors such as votes received curation efforts and time decay. This ensures that rewards are distributed fairly and sustainably providing a balanced & dynamic ecosystem for content creators and curators.
the convergent linear reward curve on the Steemit blockchain add tremendous value by promoting fairness encouraging quality content Creation and preventing stake based manipulation . As a user I appreciate how this system motivates me to actively contribute to the community & be rewarded for my efforts based on the merit and engagement of my content . Steemits commitment to creating a fair & engaging platform has made it an ideal space for content creators like me to thrive and build meaningful connections.
difference between isolated curation and community curation |
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The difference between isolated curation & community curation lies in the approach & scope of curating content on the Steem blockchain .
Isolated curation
Isolated curation refers to the act of individual users curating content Independently based On their own judgment and preferences. In this approach each user Decides Which content They find valuable and deserving of their vote without seeking input or consensus from others . Isolated curation allow For personal Autonomy & enables users to support content they genuinely Appreciate without Being influenced by external factors .
community curation
community curation involves A collaborative Approach where users come together within a community or group to curate & evaluate content collectively . This type of curation Often involves discussions consensus-building and community guidelines to determine the quality & relevance Of content . Community curation leverages the wisdom of the crowd and aims to promote shared standard of quality within the community .
my personal
As for my personal preference for quality content curation on the Steem blockchain I believe that a combination of both isolated & community curation can be beneficial. Isolated curation allows individuals to express their unique perspectives and preferences fostering diversity in Content discovery . It empowers users to curate based on their own expertise and interests .
However community curation also plays a vital role in establishing quality standards and promoting a sense of collective responsibility. When users come together To curate content within A community it fosters a shared understanding of what constitutes valuable & high quality contributions . Community curation can provide valuable insights reduce biases and ensure A more objective evaluation of content .
Ultimately A balanced approach that combines the strengths of Both isolated & community curation Can lead to a more robust and inclusive content ecosystem On the Steem blockchain . It allows for individual autonomy while also benefiting from the collective wisdom & shared standards of the community.
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Community curation on the Steem blockchain goes beyond just financial contributions . While financial Rewards are an integral part of the curation process community curation Offers several additional benefits That contribute to the overall growth & development of the platform .
Quality Control:
Community curation helps maintain and enhance the overall quality of content on the Steem blockchain. By collectively evaluating & curating content community members can establish and enforce quality standards . This ensures that high quality content receives recognition and encourages creators To strive for excellence .
Collaboration and Networking:
Community curation fosters collaboration and networking among users. By engaging in discussions and sharing insights about content community members can build connections exchange ideas and collaborate on future projects. This networking aspect Helps create A vibrant and supportive ecosystem where users can learn from each other and amplify their impact .
Discovering Hidden Gems:
Community curation increases the chances of discovering hidden gems and lesser-known creators . Through collective efforts community members can uncover valuable content that Might have otherwise gone unnoticed . This benefits both the creators Who gain exposure & the community which gains access To diverse & unique perspectives.
Trust and Reputation Building:
Active participation in community curation can contribute To building trust and reputation within the Steem ecosystem. Consistently Curating quality Content & engaging in meaningful discussions Can establish a positive reputation for individuals within the community . This in turn Can open up Opportunities for collaboration partnerships & leadership roles within the platform .
Community Growth and Engagement:
Community curation fosters a sense of belonging and encourages active participation from community members . By curating content together users feel more Connected to the platform & become More engaged in its development . This increased engagement Can lead to a thriving & dynamic community Attracting more Users & driving Overall growth .
While financial contributions are an essential aspect of community curation on Steem these additional benefits highlight the broader impact and value That active participation within a community Can bring . It creates a supportive environment that nurtures content creators encourages Collaboration & fosters The long-term sustainability and success of the platform
@chahmad12
@humairaarshad
nayabshafqat
Awesome article, @hamzayousafzai! Your explanation of Steemit's payout structure is accurate. I truly value the way you deconstructed the difficulties and offered illustrations. Continue your wonderful effort!
Thank you so much for your feedback.. its really mean alot to me.. that you read my post and give your feedback
Yes of course.
Ao kana
Saludos amigo hamzayousafzai.
Estoy de acuerdo contigo, pienso tambien que ambas formas de curación "aislada y comunitaria" son esenciales, cada una con sus ventajas, yo como usuario siempre debo hacer curación aislada a publicaciones que llamen mi atención, mientras que la comunitaria lleva un consenso más amplio.
Genial participación , te deseo el mayor de los éxitos.
Thank you so much for your comment. Really do hard research to post this challenge.
Hello brother 👋
I have stopped by your entry and very glad to read your post. You have nicely presented your views about the reward system of Steemit platform. You have also wrote well about that the current convergent linear reward system which is still applicable due to its more fairness as compared to previous reward systems.
I wish you very good luck 🤞