Hello friends. The "SteemitCryptoAcademy" community created a great challenge by @crypto-academy which is impressive and interesting too. So, I am encouraged to submit my entry.
Steemit's reward system is a revolutionary concept that incentivizes content creation and curation. Based on the blockchain, it engages clients by circulating prizes given the quality and ubiquity of their posts. With straightforwardness and decentralization at its center, Steemit reforms how content makers are perceived and compensated.
Question:
Does the attribution of rewards on steemit follow the same convergent linear reward curve since its creation or has it undergone some modifications? If yes, talk about the causes of this change?
Ans:
The attribution of rewards on Steemit has undergone modifications since its creation. Initially, Steemit employed a convergent linear reward curve, where early adopters received substantial rewards. However, this approach was modified to address several issues. Firstly, it led to disproportionate rewards for early users, creating an imbalance. Secondly, it allowed for exploitation through vote buying and self-voting. These concerns prompted the implementation of Hardfork 19 in 2016, which introduced a new reward system called Proof of Brain. This updated algorithm aimed to distribute rewards more evenly by rewarding quality content and genuine engagement. The modifications aimed to discourage abuse, promote fairness, and encourage a thriving community of diverse and engaged users. Steemit's commitment to evolution and addressing challenges has resulted in a more sustainable and inclusive reward system.
Question:
Show the added value that brought it this convergent linear reward curve, and how this system is applied on Steemit Blockchain.
Ans:
The convergent linear reward curve implemented on the Steemit blockchain added several values. Firstly, it incentivized early adopters, attracting a dedicated user base and fostering the platform's initial growth. Their efforts in creating quality content were rewarded generously, encouraging participation. Secondly, it allowed for a fair distribution of rewards based on user engagement and popularity. Users with higher influence or stake had a proportionate impact on the reward pool, maintaining a balanced ecosystem. This system also discouraged excessive self-voting or vote manipulation, as the rewards were limited by the linear curve. The reward allocation is determined by a combination of factors, including the user's reputation, the number of votes received, and the value of Steem Power held. Through this convergence, Steemit ensures that rewards are distributed democratically, promoting a vibrant and engaging community.
Question:
What is the difference between isolated curation and community curation? What type of curation do you prefer for quality content in Steem Blockchain?
Ans:
Isolated curation and community curation represent two different approaches to content evaluation on the Steem blockchain. Isolated curation refers to individual users independently curating content based on their preferences and judgments. Users are free to select and reward posts they find valuable or interesting. On the other hand, community curation involves collaborative efforts where users come together to curate content collectively. Community curation can include initiatives like curated content hubs, voting guilds, or even consensus-based voting systems.
Both isolated curation and community curation have their merits. Isolated curation allows for diverse perspectives and subjective judgments, while community curation promotes collaboration and collective decision-making. Ultimately, the choice between the two depends on the specific goals and dynamics of the Steem community, and a combination of both approaches may be beneficial for ensuring quality content is recognized and rewarded.
Question:
Does the community curation have only a financial contribution or other benefits, if so which ones?
Ans:
Community curation on platforms like Steem offers benefits beyond financial contributions. While the essential spotlight is in many cases on the dissemination of remunerations, community curation encourages a feeling of having a place, cooperation, and commitment. By partaking in community curation, clients have the chance to associate with similar people, find new happiness, and assemble connections inside the community. Furthermore, community curation can advance a solid and productive climate, where clients give criticism, ideas, and consolation to content makers. This criticism circle assists content makers with working on their work and empowers the development of better satisfaction generally speaking. In addition, community curation can likewise prompt expanded permeability and openness for content makers, as their work is shared and advanced inside the community. These non-financial benefits contribute to a thriving and interactive ecosystem on Steem.
In conclusion, the reward system on the Steemit blockchain revolutionizes content creation and curation. Through transparent and decentralized mechanisms, it incentivizes quality content, fosters engagement, and empowers a diverse community of users.
Posted by
@azmulhaque
Thank you for dedicating your time to reading my post today. I would like to cordially invite @nazmul23, @fatemamarketing and @shawlin to participate in this amazing contest.
Steemit platform has undergone through various modification and changes. You have mentioned Hardfork 19. I have knowledge about it. I read it from many other sources too. This Lead Steemit proof of brain.It helps Steemit to be safe from any kind of abuse, torture or other negativity.
Your post is too much knowledge and concise. You have great knowledge about crypto and Steemit. It's very nice to read your post.
Best wishes in the contest.
Thank you so much.
Thank you so much friend for sharing your information about reward system at this platform and your all providing information is valid but I want to give a suggestion to you that you must do a little bit more research to make your article filled with more knowledge and overall you have present your efforts in a good way
You are right that there were different reward system since the creation of this platform and it's good to know that you also have information about both type of curation which are isolated curation and community curation. You have also talked about the benefits of community duration that you consider other than the financial benefits
I want to say Good luck to you and there are bundle of prayers from me towards you and hopefully next time you would be more good with your information which would be in more depth
I agree with your opinion that the reward attribution In Steemit has been modified Since its inception. The changes aim To address some of the issues that arose In the reward mechanism that was originally used.
One of the issues addressed was an imbalance In the disproportionate distribution of rewards to early adopters. Convergent linear reward curves initially provide large rewards to early adopters, which can create inequality across platforms. To overcome this, modifications were made so that the prize distribution is more even and fair for all users.
Additionally, there are concerns about exploitation through vote-buying and self-voting, which could affect prize outcomes. To address this issue, Steemit hardforked in 2016 by introducing Proof of Brain, a new rewards system that places an emphasis on quality content and genuine engagement. Using an updated algorithm, Steemit strives To ensure that rewards are awarded to users who contribute substantially and provide value to the community.
These modifications aim To prevent abuse, promote fairness, and encourage the growth of a diverse and engaged community on Steemit. By increasing reward attribution, the platform hopes To motivate users To continue to actively participate and produce valuable content for the Steemit Community.
Thank you for sharing your insights about the evolution of reward attribution in Steemit. This change is an important step In developing a more Inclusive and fair platform for all users.
Good luck
Thank you very much for your nice comment.
Excellent post @azmulhaque! Your analysis of the reward system on the Steemit blockchain is truly commendable. You've effectively highlighted the key aspects & mechanisms of the system allowing readers To grasp its functionality with ease.
I particularly enjoyed how you delved into the various types of rewards from author Rewards to curator rewards and beneficiary rewards . Your clear explanations and real-life examples add great value to the post making it accessible to both newcomers and experienced users.
Your commitment to providing comprehensive information shines through and its evident that you possess a deep understanding of the Steemit Ecosystem . Your post serves as an invaluable resource for anyone looking to navigate and leverage the reward system effectively .
Thank you for sharing your knowledge and insights with the community . I look forward To reading more of your informative posts in the future . Keep Up the fantastic work!
Thank you, @hamzayousafzai Your kind words mean a lot. I'm glad you found my analysis valuable and accessible. I appreciate your support and I'll keep sharing informative posts. Thank you for your encouragement!
My pleasure 😄 sir
We appreciate you providing the community with your expertise and ideas. In the future, I'm looking forward to reading more of your insightful blogs. Maintain your excellent job!
Thank you for your kind words! It's truly gratifying to know that my expertise and ideas are valued by the community. I am dedicated to continually sharing insightful blogs to contribute to the knowledge and growth of my readers. Your encouragement motivates me to maintain the high standard of my work. I appreciate your support and look forward to bringing you more valuable content in the future.
thank you.
Seperti yang anda katakan bahwa sistem pembagian hadiah di platform Steemit ini telah mengalami beberapa kali modifikasi dari tim Steemit. Dan itu sangat baik untuk pertumbuhan steem di masa mendatang..
Terimakasih untuk publikasi anda yang sangat menarik dan Semoga sukses dalam kontes ini sobat ku 👌