Learning from SCOT projects - 50/50 rewards is the way to go

in #palnetlast year

As HF21 draws near, I have been reading a lot of concerns around how the Economic Improvement Proposal (EIP) will harm content creators on Steem. In particular, there's a lot of concern around how the change to 50% curation rewards will reduce the rewards for content creators. The funny thing is that, many SCOT projects are already using 50/50 rewards with a lot of success, and many of these projects also have a free downvote pool. If we look at Palnet, SPT, SCT or SportsTalk, they all utilize 50/50 rewards and I don't see anyone complaining about how little authors are receiving on these platforms.

Why I believe 50/50 will be good for Steem

Out of all the proposed changes in HF21, I'm most excited about 50/50 rewards. Here are the reasons why I think 50/50 will increase the demand for Steem in the long run:

  • It encourages manual curation - this is probably the thing that will benefit Steem most. We have already seen this on SportsTalk, SPT and other platforms, by incentivising more manual curation, it also leads to greater engagement on posts.
  • Along with a downvote pool, it disincentivizes the use of bidbots. As a result, it gives room for better content discovery, and potentially fills our trending page with better quality content.
  • The split to 50/50 encourages powering up of Steem to curate and makes Steem Power a more attractive investment. As we have seen with other SCOT projects, 50/50 has led to more staking of tokens, and I believe by encouraging investment in Steem Power, it will also lead to a greater demand for Steem in the long run.
  • Ultimately, if the above is all true, and it leads to a rise in the Steem price, then it will also provide content curators higher rewards.

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I think this split will be better for people like me that don't put out a lot of content, it makes being a consumer like me more fun and I think it will retain more people in the long run!

I think the split will put less pressure to create content and pushing down content that should be read and curated because too many people are on a frantic race to push out posts hoping to grab an upvote

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