BIP 1.1 – The introduction of the voting bank

Hi everybody, Qustodian here.

The testing period for the new votebank approach to Qustodian is soon to be at an end. I will release an announcement as an edit to this post, but please take note when it occurs as any votes and transfers during this period will be delayed. It is recommended to send requests after this period.

The voting bank

I provide a reminder of the algorithm with a link to the post,

The equation for the current sliding scale is,

This equation drops the weight by 2.5% for every 1% drop in voting power (VP). This is in combination with a weight adjustment due to the VP dropping. This is difficult to explain completely, so I give some visuals.

It should be clearer that the voting power decreases linearly from 100 to 70 with the vote value following a similar course. Over a 24 hour period Steemit accounts recovers 20% voting power or 0.83% per hour. A full vote drains 1.8%. As soon as the vote drops below a 50% weight it is possible to indefinitely provide a vote per hour with the above formula. Anything more and the VP drains, if less it recovers.

The voting bank will use the equation in the above quote and discussed ‘here’, but with a twist.

At midnight UTC + 0 every day the voting bank will take the voting power active at that time and calculate a vote that everyone receives equally.

I provide an explanation by example. The votebank is currently standing at 0. Midnight hits and the VP at this point is 85%. The formula produces a weight of 40%. The maximum vote the bot has is 1 SBD. This means everyone gets a 0.4 SBD upvote.

The value in the votebank is the value before applying the multiplier. That is, 0.4 SBD is divided by 2.5 (the multiplier) to give 0.16 SBD. It is this value that goes into the votebank. You now send Qustodian (me) 0.1 SBD for a 0.25 SBD upvote. This will reduce your votebank to 0.06 cents for any other upvotes.

There is a cap on the maximum voting bank. It will only build up to a 100% vote before it will stop accumulating. In this case 0.4 SBD will provide the maximum 100% upvote of 1 SBD. The votebank will never exceed this 0.4 SBD.

Other updates

There are some other smaller updates such as,

• Elimination of the 0.000000### values seen in the memos due to floating point arithmetic
• Update of the delegation code to stop the buildup of funds in Qustodian and keep it as close to 0 as possible

Planned updates

The updates in future I had in mind are,

• Build a site listing details such as votebank value, time since last qustodian vote and so forth
• Better calculation of the delegation payouts, i.e. if you delegate or undelegate inbetween payouts you still get a payout depending how much time you contributed between payouts.

I currently have no timeframes planned on the updates, but I will work on the delegation code before building the site as it should be faster to test and implement.

EDIT:
The changes have been implemented in the test account and will go live tomorrow. Current expected timeline is between 17.00 and 19.00 UTC-0 Time. I will provide an announcement as soon as the changes have been implemented. Please reduce links sent to the bot in this window. Thanks

Appreciate all your feedback! Looking forward to the community ideas!
Qustodian