Steem Version 0.12.0 Released
This version of the blockchain protocol will make some changes to how rewards are distributed to mitigate rewards earned by spammers. What follows is a brief summary of changes that will go into effect on July 26th at 11AM EST.
Removing Liquidity Rewards
It is apparent that the liquidity reward systems are not achieving their desired effect. We have disabled these rewards until a better solution can be found. This should reduce the amount of liquid STEEM on the market.
Posting Reward Rate Limiting
Each account can post up to 4 top-level posts per day before a new algorithm will kick in. The new algorithm will start taxing any rewards you earn on additional posts in the same day. Here is a chart that shows how your posting rewards will fall in percentage terms for each additional consecutive post.
This algorithm is designed to penalize those who post 100 things with the hope that 1 will go viral and earn votes.
If you post at most 4 times per day then you will never really hit this penalty. If you wish to post more than 4 times per day, then you can still earn more money so long as all of your posts are of equal quality. There will simply be diminishing returns.
If you post 10 low value posts in one day and only 1 of them “hits it big” then that one popular post will only get to keep about 15% of what it would have earned it it was the only post posted that day.
Comments are not affected by the posting reward rate limiting algorithm.
Preventing Sybil Attacks
The primary thing that will prevent sybil attacks on this algorithm is that users will eventually discover most of their content from their feed. Their feed will be produced by the people they follow. Users will be limited in the number of people they can and will follow.
A spammer using multiple accounts to bypass the posting reward rate limiting will find that most users will not see their post.
Changing Payout Periods
Originally posts would pay out a stake-weighted 24 hours after each vote. We are changing this to a stake-weighted 12 hours after each vote. The result of this change is to cause content on the “trending” page to rotate faster. Most content will still take over 24 hours to payout from the time it is posted.
We are changing the process for secondary rewards. For 30 days after the first payout a post may still accumulate new votes and at the end of 30 days one last and final payout is made. After this time, additional votes have no impact.
Preventing Edits after First Payout
To secure posts against defacement, it will not be possible to edit any post after the first payout. Future features via custom operations will allow authors to amend posts.
Preventing Replies after Second Payout
After the second payout on a discussion, the thread will be locked and no further comments may be posted.
Justification for Limits
Steem is growing rapidly and the amount of content being created and added to the blockchain is growing. It is critical for us to carefully manage the amount of data that is relevant to the blockchain consensus process. By making posts and discussions immutable we can remove them from the consensus state.
Power of Custom Operations
While the payout algorithms will prevent posts and comments from being created after the second payout, it is still possible for custom operations to enable authors to make adjustments to their posts. These adjustments will be made / interpreted separate from the payout process.
We fully recognize the value of having posts that can be edited at any time, discussions that can go on for ever, etc. These kinds of features can be implemented, but because they do not impact the distribution of rewards they do not need to be part of the current consensus state.
Misc Bug Fixes
This release also contains a number of bug fixes that impact accuracy of transaction history. This should hopefully reduce some of the issues facing exchanges at this time.
More information can be found here: https://github.com/steemit/steem/releases/tag/v0.12.0
Thank you for eliminating liquidity awards.
The community has spoken, and the developers have listened.
We are seeing improvements, guys...this will definitely help reduce the amount of solicited spam and extreme payout-abuse. I LOVE IT.
Thanks STEEMIT!!
Wow. Developers really do listen, and were just away working on the issues.
Nice to know that they care about improving user experience.
Yeah, every hour of every day I have a tradeoff:
One of these options is vastly more valuable to the ecosystem than the other...
We've been trying to reach you fellas. We've come up with an idea about how post tagging/filtering on SteemIt could be auto-curated by the community, but it's useless without dev input:
https://steemit.com/steemit/@cogliostro/2-cocky-new-curator-tools-for-steemit-green-tagging-and-red-tagging
Don't have to vote on anything for me, but I'd appreciate if you give it a look-over and leave your thoughts. About a 5-8min read, but thought provoking for hours. Cheers!
The 30 day payout limit seriously disincentivizes steemit as a source of curated knowledge. My guess is that it relieves the servers or minimizes blockchain transactions but I think modifying the last payout date warrants discussion.
The problem we face is that individual votes trickling in slowly over time do not yield any payout if payouts are made periodically.
We have other plans for improving wikipedia style content.
Indeed, I hope to see a solution for the issue that you can't really keep receiving 'royalties' on your own content, for as long as people deem it worthy and relevant.
Certainly agree with this comment
I sure hope so, nearly all of my content is designed to be utilized and adored for years. Heck, most of it won't even be appreciated by growers for months after reading it, sometimes years. The reaction they have is priceless though, was planning on cleaning up on rewards here within a year or so.
I'm hoping to see something quick, otherwise I'm going to have to repost stuff all the time. Bleah!
Thanks for working on it.
OH BY THE WAY!
WTH is wrong with this post?
I have about 6 of them with slightly different content, none of them will let me edit or reply.
TY
My content is the exact same way. Years of progression of my work, and the stories of my mentors. I really hope that "We have other plans for improving wikipedia style content." comes to fruition as some of the artists that I feature certainly deserve a place on the pedestal.
Thanks.
@steemitblog If there is a tax on making more than 5 posts then where does the tax money go to?
there is x amount of money that is given out every period. votes determine who gets how many. So you are just getting less of the pie.
does this make sense?
Edits don't count as posts.
I heard from someone that edits are counted as posts. Any truth to this? Do I get penalized if I post something and then edit it 4+ times afterwards?
I agree here. Some of the best content I have written (on other sites), and indeed the content which has received the most views (by orders of magnitude) did not hit it's stride until months after it was posted (2-5m to be precise) as it took a while to matriculate through it's target audience as it got picked up by increasingly more influential hubs. This content was much longer then perhaps STEEMIT is aiming for, but it would be a shame to alienate long form from the platform.
yes, it is more like one is selling the rights to your produced content for whatever it can earn in X amount of time and then that's the end. For me, hanging photography out that may be swiped in the future is rather uncool if I have no chance at future royalties.
I agree with that, royalties is what bring us into steem.
We can also foresee that, if Steemit is meant to remain operational, POSTS should also have the possibility to gather more reards as MORE people joini the platform LATER and find those posts, liked and upvoted them. This should have some considerations too IMHO. -east
More and more thank you, love,, bright lights and congratulations for this historical works you are involving us into! Namaste :)
I drop a tear for poor old abit... $100,000 per day paydays will be gone in just 4-5 days... Will he survive on only the 1.5MIL annual witness salary now? I hope, I pray to god he will...
Nice feature to deter spammers.
I agree.
Nice improvements dev, thanks you , but i still think perhaps we would revise the algo reward of whales, puting some kind of high limit or similar
@steemitblog Great work. Have you resolved the spelling social engineering trick that can cause malicious users to get away with other people's money?