[Brainstroming] New Design for Voting Power
Current system allows voters to do full-upvotes about 40 times a day. There is a curve about voting power use and restoration in the white paper, but it's not simple nor easy to understand.
The problem of system now is making people think "voting is free". Actually it's free, but the way of perceiving can be different. If people feel they don't lose anything, they probably are more likely to be less responsible. In contrast, if they feel they are actually using their power, which is not infinite, they maybe more responsible in their voting. Since the voting determines reward allocation, we'd rather have a path with higher responsibility.
Here's my idea. It's somewhat technical BTW.
- Give
n * MVESTSamount points (later I will explain whynis used). We can use fancy unit names. - The point is recharged 1/24 per hour (can be per block) so that it takes a day to fully recharge from zero.
- Instead of upvote with voting power slide, the UI is "giving x points". (buttons are like +1 / +10 / +100 / +ALL / Custom)
- If a voter gives points exactly same amount is took off from its point balance.
For example:
I own 80 MVESTS (approx. 120,000 SP) and I got 240 POINT (n = 3).
I like my friends post so I cast 30 POINT to him. The post now have 30 POINT.
Then, my POINT is 210 now.
After an hour, it becomes 220 (210 + 240/24).
Now I want to explain the presence of n. One issue with STEEM is that it rewards about 7% of its market cap annually, regardless of contents quality posted. Even if there's only one post today and it only gets one small vote, it will get over $3,000 due to this design.
To deal with this, I think having some scale element is beneficial. If voters refuse to vote due to poor content qualities, the reward distributed should decrease. Simply speaking, total daily reward should be Daily Reward * sum(Voted_MVESTS) / Total_MVESTS And if sum of voted MVESTS is higher than total MVESTS due to n the multiplying factor, daily reward is 100% distributed.
Additionally, the UI should show given POINT on posts instead of $, due to similar reason told here: https://github.com/steemit/condenser/issues/992
As long as you guys end goal is for me to enjoy using Steemit more, I'm down. Oh and perhaps organize it better. We need a UX overhaul badly!
Thanks. Yes, it's should be perceived as "daily free point from Steem Power".
This has some great ideas in it.
I don't agree with removing the dollar sign (yet), because I think it has a tremendous psychological power that we can use for growth. It's certainly the reason I am on this site.
All the rest is excellent brainstorming for the idea hopper.
I agree that dollar sign is influential. Then we maybe able to show both?
Allowing users a choice of displaying which the'y like to see or have the option to perhaps have them side by side?
Neat idea here clayop!
Golos lets you choose what currency you want to be displayed.
I somewhat fancy the idea of showing both STEEM and perhaps an (estimated dollar value $VALUE) to the right of it...
The psychological effect might vary from location to location. As an alternative to the golos solution, I think displaying rewards in STEEM is a good solution. If the market value is low today, we need not feel distracted and demotivated. The user still gets 100 STEEM for instance, and to make this tangible will require a long-term commitment to the platform and to community building. Professional bloggers, passing through on the crests, are not, IMHO, necessarily good for the long-on-steem community building that will, we surely believe, increase the vitality of the platform.
The psychological effect are more for new users.
I like the points idea.
After HF17, rewards will be given based on a 30-day running average price for every rshare. The situation in your example will become "if only one post in a month", which will be less likely to happen.
The idea of leaving some of the rewards pool 'unspent' if users do not use all of their voting power though is interesting.
Interesting proposal. I like the point system you propose. Makes it much better visible voting has a cost element.
I'm not sure about changing the recharging algo, but I've had similar thoughts for the points system: e.g. buttons of
+1,+10,+100,+1000, etc where each button represents a multiple of 1M rshares.This way you could give consistent votes to posts and not have to factor in voting power unless it's drained too far (at this point, the higher-vote buttons would start to get grayed out). Also, such a feature would make it easy for whales to stay under whale-vote threshold by giving precise control.
Also, as users power up their account, they get access to more buttons (or the ability to grant more of each). The UI could display how many of each 'megavote' they have remaining, along with a bar showing vote power %.
Users would quickly see how bigger votes deplete their power faster. And they would easily & visually see how powering up gives them more power.**
** especially if powering up instantly boosted your voting power. e.g. if you have 100 SP and 0% vote power, when you power up 100 SP it should instantly boost you back to 50% vp.