RE: Some questions I have about the STEEM reward pool
HI @exyle - I thought I would wait and see if anyone more knowledgeable than me (like @abit) replied with 100% and accurate info, but since nobody has yet I'll at least reply with my basic understanding. Please note, I have not actually read the code behind this, so it could be wrong. I am pretty sure it is accurate though.
At block 7,000,000 have a 9.5% instantaneous inflation rate, decreasing at a rate of 0.01% every 250k blocks. We are currently at block 11,522,830. So the inflation has dropped by .18% since HF 16. (Currently 9.32%.)
The inflation is based on the virtual supply of STEEM (which accounts for the SBD in addition to the actual STEEM). Currently the virtual supply is 252,237,004.123 STEEM.
That means that every day, 252,237,004.123 * .0932 / 365 = ~64,000 new STEEM is generated.
75% of that (64,000 * .75 = 48,000 STEEM) goes to the content rewards pool (split between authors and curators).
The rewards pool is not full yet, but once it is, it should have approximately 30 * 48,000 = 1,440,000 STEEM. At that point, the amount of STEEM going in each week (7 * 48,000 = 336,000) will be equal to the amount of STEEM going out each week.
Where it gets complicated (I don't have a full understanding of this) is that the amount that goes out each week will not be exactly 336,000. Some weeks it will be higher, and some weeks it will be lower. In the long term though, it should average out to the number.
Hope that helps :)
Very valuable info. Could have been a post onto itself. I had forgot than the pool is now a 30 days pool and not a 7 day pool.
Thank you very much for your reply and calculations. It helps a lot. The witness I spoke to said the reward pool can change a bit here and there because it continuously is moving trough time. I can understand that. It's not really hard fixed per week, so, for example, a downvote now can have some ripple effect later on. (at least that's how I understood it). But I'm happy to read the average of newly created STEEM was at least in the same vicinity of my own calculations. Thanks again!
Will you confirm that the reward pool has less than 48.000 Steem per day to split between ~15,000 authors?
If this is the case, it makes pushing folks into the 100's of Steem per post even worse.
If one 300 Steem post means that 99 posts are at zero, that is going to make this place very hard to sell to anybody that isn't favored by tptb.
The amount of STEEM in the rewards pool sounds about right. Where are you getting your number for the number of authors though? Also are they active every day?
The platform is not designed to give every active author a lot of money. Some authors will make more than others. It also depends on a lot of factors, including the quality of the author's content, and their social networking.
@bitgeek is putting out a report that has conflicting numbers with what I have stated, when I get time I will reconcile my numbers.
https://steemit.com/steemit/@bitgeek/payout-stats-report-for-26th-september-2017--part-i
Do you know how the progress, the new STEEM is created and distributed to reward pool, vesting fund and witness, is recorded in the blockchain?
Yes. If you are interested in learning about it, the best place to start is the bluepaper. There are more technical details in the whitepaper.
Thank you for replying me！ You are the very only one discussing on this problem!
Surely I've read the bluepaper, and it told me the inflation rate and the distribution proportion. However it didn't tell me in what form these inflation is created and distributed, or in what form these inflation and distribution in recorded. Given just the block data I can't find out how many the witness, vesting fund and reward pool get respectively.
I'll appreciate if you can tell me more detailed information regarding these problems.
The witness pay is credited to the witness who produced the block. Each users' vesting funds and the rewards pool get incremented each block. As far as I know they are all done as virtual operations, so they don't necessarily show up as data in the block itself.
That's exactly what i guess, but i wonder how can they know the precise number and make the change? Maybe use some global parameters and the block height to calculate?
It is calculated based on the formulas that are described in the bluepaper.
But we should know some numbers, such as the virtual supply of STEEM, it changes all the time. Where did a block get the information.
It is held in the state information. You can check the current value (for the current block) on steemd.com.