An entry-level look at quadratic vs linear rewards
Those who've joined us since June may not be aware that there was previously a different structure to the way rewards were issued.
Most posts received very little, but the best went to the moon.
My video is at DLive
Edit: A lot of people are having problems viewing on dlive; watch on YouTube - here -
I love how you explain things. Great relatable language and the ability to simplify complicated concepts. Thank you!
Thanks mate.
I like to really drill down and understand something, then demystify it for others.
It's easy to forget what it's like to be new at this.
Aha! I think I understand the difference in the payouts now! Thanks @mattclarke!!!
Excellent question.
I'm not sure how reputation is accrued.
I seem to have stalled a little at 66, but then I only post once or twice a week, while he posts up to ten times a day.
I heard that being upvoted by a high rep individual gives more of a boost, or perhaps that only upvotes from those with higher rep than you actually count.
It hasn't really been on my radar tbh.
If he's beaten papa-pepper, then its a broken metric anyway :)
https://steemworld.org/@haejin Reputation 78.995
https://steemworld.org/@steemsports Reputation 78.717
https://steemworld.org/@papa-pepper Reputation 77.646
Great explanation!
I wish I was able to experience the quadratic rewards on Steemit prior to the change.
Recognising quality content is important and will keep this platform running, growing and making a positive name outside of our community.
In the long term that is where the growth is, and this is how the increase in overall price and profit will be measured.
#doesanyonehavethekeystothedelorean
It was the same people who are on trending now, getting even more of the reward pool
Good explanation. Unfortunately I just missed out on seeing Quadratic rewards in action, having joined in July 2017.
The first thing I'll say is that ANY system is going to be gamed to advantage. We may have bid bots and vote selling services now, but for quadratic rewards we'll just see that same phenomenon take new form via curation trails.
You make a good point about flagging to rein in those big undeserving whale posts, but there is currently a stigma against flagging and I can see an abusive whale threatening retaliation and capping the rewards (very cheaply) of anyone flagging their overpaid content. So it would need a separation of accounts for serious steemians - an author account where you create and engage, and a curation account where you hold your SP and reward or flag other content, without producing any of your own that could be retaliated against. It's even possible that whales could easily decide to cap ANY post rewards that got too high so that they can still claim a higher stake of the reward pool via middling posts.
That said I would like to see quadratic rewards in action. Maybe there will be a way via SMTs to create a platform token which uses quadratic rewards and we can run quadratic and linear rewards side-by-side.
Very insightful.
There's also a possibility that a competitor may fork the chain or start their own.
It'd be interesting to see which direction the users would go, given the choice.
STEEM definitely still has first mover advantage so they'd really have to screw up to be seriously damaged by a fork. It's hard to predict the future in this space though :)
Heheh I remember both days! Sometimes I miss the old system. But this system also helps balancing things out.
To some extent, I miss these old days, the rewards were unpredictable but also a lot more exciting. There was arguably also a better sense of community back then and higher quality of posts due to the fact most people depended on whales voting them and not just self voting.
I remember posting before bed. I'd wake up and have breakfast, excited to check the payout figure.
It was almost always tiny, but there was a chance it would be viral and huge.
You'd appreciate each upvote more too; as it represented a belief in the value of the post and wasn't just because people like you personally or want you to reciprocate.
Haha I was the same. I use to post just before bed and then check first thing in the morning.
This was very informative. Thank you for doing this.
Good video, sounds like there were a lot of advantages for the quadratic system.
Thanks mate. I could've gone twice as long but it was already 7 minutes.
Might do a follow-up.
I'm keen! At least I can understand your explanations.
Thank you so much sir for supporting .
Thank you for your continued support of SteemSilverGold