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RE: HF-21: The Question of Untouchability of Witness Share from Reward Pool
Good write up ...
Note that the MIRA reductions are mostly applicable in the case of full nodes. For normal witness operations there isn't much of a cost saving. Lets say in my case I run a primary and secondary and no full nodes. I am not going to see much of an impact unless I choose to run a full node as well.
Yes, i think your are correct but point raised by @xyzashu is wrong or right. I personally think that the point raised in post is very true. The witnesses has more responsibility then a normal steemians, they have to take it. Like their share will also reduce by 20% to 30%, and by SPS witness will be get benefit more because they can more technical then others (in most of the cases). So, they will get major share from SPS pool.
Thanks for your feedback! I get what you're saying. In case of witnesses like you, there may be increase in replay time with implementation of MIRA. However, I don't understand much of technicalities, I do hope, going forward, this problem too will be taken care of.
Cost reduction is an added benefit I was pointing to but imho, the inclusion of share from witness reward pool for SPS should be irrespective of any cost reduction benefit.
Yet you have no problem implying that technical improvements have reduced the costs for witnesses.
The change in rewards structures reflects a gradual shift away from content rewards as the only use case for Steem. The importance of content creation may have decreased, but the importance of witnessing securing the blockchain most certainly has not.
Do you want your community to have less security in order to spend a similar budget on community improvements? The types of things the SPS supports are already coming out of content rewards, they just have to do funding drives and raise upvotes now.
This will make it more explicit... and could potentially increase content rewards granted to normal content creators, as projects attempting to self-fund via upvotes will be met with skepticism for asking for upvote funding instead of using SPS system...
Yesss! And I've also quoted the source in my post which helps me infer that.
This is what this SPS is doing ....decreasing the importance of author & curation rewards over witness rewards. There is no doubt that securing blockchain is important but that has always been important and there is no reason to believe that its importance has increased. How do you assume that decreasing the proportionate witness reward share in favour of SPS will make blockchain less secure? Do you know how many witness servers are functional at this moment? Is there been an increase in number of witnesses or decrease with time? I don't think there will be a dearth of witnesses because of this decrease in witness reward share.
Neither has this issue of lack of witness rewards been debated when considering SPS funding sources. May be, you can reason that even after SPS, 10% witness reward isn't sufficient to secure the blockchain. Everyone will assign / expect a different value. But when there won't be sufficient witnesses to run a witness server, this issue will become more important.
Rewarding content creators and curators has been a unique proposition of Steem blockchain that differentiates it with other blockchains. So its importance can never be undermined. All other use cases are just incidental to it and not the focus of this blockchian. Core vision of Steem should not be confused with. @bobinson too has pointed out that the direction of the platform is changing a bit. We all are seeing that. But we need to protect its core value to protect the USP of this blockchian while simultaneously supporting other use cases to some extent. Is there any denying that Steem is a social media experiment? Are we done with it?
I can understand that witness servers are receiving increased traffic because of several dapps. But as per white paper, more acceptance and usage of STEEM will result in increase in its value. Thus reduction in witness reward share doesn't imply reduction in witness reward per se.
Not only increased transactions will bring more value to STEEM but successful completion of several projects from SPS too will bring value to STEEM. And everyone is going to benefit from this value addition, including witnesses.
Its going to be very difficult to optimize MIRA further.
On taking the reward share from the witnesses, I think its very difficult to gain traction. Steem as a platform is becoming home for many dApps with SMTs I feel the content generation will greatly give way to applications like drugwars, steemhunt etc. ie the rewards are not going to be only for creating unique content and also for "interacting and engagement". So my take is the direction of the platform is changing a bit and the witness servers will see further traffic from the increased operations. I feel this is the ultimate goal behind the change in reward behavior and reason for keeping the pool for witnesses untouched.