Steem Version 0.12.0 Released

9 months ago
69 in steem

This version of the blockchain protocol will make some changes to how rewards are distributed to mitigate rewards earned by spammers. What follows is a brief summary of changes that will go into effect on July 26th at 11AM EST.

Removing Liquidity Rewards

It is apparent that the liquidity reward systems are not achieving their desired effect. We have disabled these rewards until a better solution can be found. This should reduce the amount of liquid STEEM on the market.

Posting Reward Rate Limiting

Each account can post up to 4 top-level posts per day before a new algorithm will kick in. The new algorithm will start taxing any rewards you earn on additional posts in the same day. Here is a chart that shows how your posting rewards will fall in percentage terms for each additional consecutive post.



This algorithm is designed to penalize those who post 100 things with the hope that 1 will go viral and earn votes.

If you post at most 4 times per day then you will never really hit this penalty. If you wish to post more than 4 times per day, then you can still earn more money so long as all of your posts are of equal quality. There will simply be diminishing returns.

If you post 10 low value posts in one day and only 1 of them “hits it big” then that one popular post will only get to keep about 15% of what it would have earned it it was the only post posted that day.

Comments are not affected by the posting reward rate limiting algorithm.

Preventing Sybil Attacks

The primary thing that will prevent sybil attacks on this algorithm is that users will eventually discover most of their content from their feed. Their feed will be produced by the people they follow. Users will be limited in the number of people they can and will follow.

A spammer using multiple accounts to bypass the posting reward rate limiting will find that most users will not see their post.

Changing Payout Periods

Originally posts would pay out a stake-weighted 24 hours after each vote. We are changing this to a stake-weighted 12 hours after each vote. The result of this change is to cause content on the “trending” page to rotate faster. Most content will still take over 24 hours to payout from the time it is posted.

We are changing the process for secondary rewards. For 30 days after the first payout a post may still accumulate new votes and at the end of 30 days one last and final payout is made. After this time, additional votes have no impact.

Preventing Edits after First Payout

To secure posts against defacement, it will not be possible to edit any post after the first payout. Future features via custom operations will allow authors to amend posts.

Preventing Replies after Second Payout

After the second payout on a discussion, the thread will be locked and no further comments may be posted.

Justification for Limits

Steem is growing rapidly and the amount of content being created and added to the blockchain is growing. It is critical for us to carefully manage the amount of data that is relevant to the blockchain consensus process. By making posts and discussions immutable we can remove them from the consensus state.

Power of Custom Operations

While the payout algorithms will prevent posts and comments from being created after the second payout, it is still possible for custom operations to enable authors to make adjustments to their posts. These adjustments will be made / interpreted separate from the payout process.

We fully recognize the value of having posts that can be edited at any time, discussions that can go on for ever, etc. These kinds of features can be implemented, but because they do not impact the distribution of rewards they do not need to be part of the current consensus state.

Misc Bug Fixes

This release also contains a number of bug fixes that impact accuracy of transaction history. This should hopefully reduce some of the issues facing exchanges at this time.

More information can be found here: https://github.com/steemit/steem/releases/tag/v0.12.0

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Sort Order:  trending
69
  ·  9 months ago

Thank you for eliminating liquidity awards.

55
  ·  9 months ago

The community has spoken, and the developers have listened.

We are seeing improvements, guys...this will definitely help reduce the amount of solicited spam and extreme payout-abuse. I LOVE IT.

Thanks STEEMIT!!

70
  ·  9 months ago

what about

  • sign-up problems Idea
  • follower stream/mute

how do you intend to listen more to the community? I feel many great proposals/ideas never come to your attention.

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69
  ·  9 months ago

follower stream / mute has been mostly implemented but has been delayed due to account recovery / security enhancements. This will come soon.

61
  ·  9 months ago

Wow. Developers really do listen, and were just away working on the issues.
Nice to know that they care about improving user experience.

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63
  ·  9 months ago

Yeah, every hour of every day I have a tradeoff:

  • (a) Write code for Steem
  • (b) Surf steemit.com

One of these options is vastly more valuable to the ecosystem than the other...

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49
  ·  9 months ago

We've been trying to reach you fellas. We've come up with an idea about how post tagging/filtering on SteemIt could be auto-curated by the community, but it's useless without dev input:

https://steemit.com/steemit/@cogliostro/2-cocky-new-curator-tools-for-steemit-green-tagging-and-red-tagging

Don't have to vote on anything for me, but I'd appreciate if you give it a look-over and leave your thoughts. About a 5-8min read, but thought provoking for hours. Cheers!

37
  ·  9 months ago

The 30 day payout limit seriously disincentivizes steemit as a source of curated knowledge. My guess is that it relieves the servers or minimizes blockchain transactions but I think modifying the last payout date warrants discussion.

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69
  ·  9 months ago

The problem we face is that individual votes trickling in slowly over time do not yield any payout if payouts are made periodically.

We have other plans for improving wikipedia style content.

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37
  ·  9 months ago

Thanks.

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53
  ·  9 months ago

Indeed, I hope to see a solution for the issue that you can't really keep receiving 'royalties' on your own content, for as long as people deem it worthy and relevant.

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61
  ·  9 months ago

Certainly agree with this comment

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65
  ·  9 months ago

@steemitblog If there is a tax on making more than 5 posts then where does the tax money go to?

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42
  ·  9 months ago

there is x amount of money that is given out every period. votes determine who gets how many. So you are just getting less of the pie.

does this make sense?

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70
  ·  9 months ago

I heard from someone that edits are counted as posts. Any truth to this? Do I get penalized if I post something and then edit it 4+ times afterwards?

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39
  ·  9 months ago

Edits don't count as posts.

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57
  ·  9 months ago

I sure hope so, nearly all of my content is designed to be utilized and adored for years. Heck, most of it won't even be appreciated by growers for months after reading it, sometimes years. The reaction they have is priceless though, was planning on cleaning up on rewards here within a year or so.

I'm hoping to see something quick, otherwise I'm going to have to repost stuff all the time. Bleah!

Thanks for working on it.

OH BY THE WAY!

WTH is wrong with this post?
I have about 6 of them with slightly different content, none of them will let me edit or reply.

TY

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58
  ·  9 months ago

My content is the exact same way. Years of progression of my work, and the stories of my mentors. I really hope that "We have other plans for improving wikipedia style content." comes to fruition as some of the artists that I feature certainly deserve a place on the pedestal.

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49
  ·  9 months ago

I agree here. Some of the best content I have written (on other sites), and indeed the content which has received the most views (by orders of magnitude) did not hit it's stride until months after it was posted (2-5m to be precise) as it took a while to matriculate through it's target audience as it got picked up by increasingly more influential hubs. This content was much longer then perhaps STEEMIT is aiming for, but it would be a shame to alienate long form from the platform.

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52
  ·  9 months ago

yes, it is more like one is selling the rights to your produced content for whatever it can earn in X amount of time and then that's the end. For me, hanging photography out that may be swiped in the future is rather uncool if I have no chance at future royalties.

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25
  ·  9 months ago

I agree with that, royalties is what bring us into steem.

62
  ·  9 months ago

We can also foresee that, if Steemit is meant to remain operational, POSTS should also have the possibility to gather more reards as MORE people joini the platform LATER and find those posts, liked and upvoted them. This should have some considerations too IMHO. -east

67
  ·  9 months ago

More and more thank you, love,, bright lights and congratulations for this historical works you are involving us into! Namaste :)

58
  ·  9 months ago

I drop a tear for poor old abit... $100,000 per day paydays will be gone in just 4-5 days... Will he survive on only the 1.5MIL annual witness salary now? I hope, I pray to god he will...

35
  ·  9 months ago

If you post 10 low value posts in one day and only 1 of them “hits it big” then that one popular post will only get to keep about 15% of what it would have earned it it was the only post posted that day.

Nice feature to deter spammers.

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25
  ·  9 months ago

I agree.

60
  ·  9 months ago

Here is an Archive of Cryptocurrency App building Code on Github for anyone creating a Steemit app
https://steemit.com/steem/@marsresident/github-cryptocurrency-app-creation-archive

65
  ·  9 months ago

Excellent spammers prevention features!

53
  ·  9 months ago

Finally , serial spammers are dead

  1. Wang
  2. Weenis
    3.cheetah
    Only question will this not limit growth? @steemitblog

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67
  ·  9 months ago

The rate limit on posting reward only affects top-level posts. Comments are not affected. The bot accounts wang and cheetah, for example, have not yet even created one top-level post, only comments. So they would not be affected by this.

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53
  ·  9 months ago

Thanks for the comment @arhag makes sense - upvoted

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62
  ·  9 months ago

Actually the cheetah is useful for pointing out possible plagiarized content. I guess we will see which bots are altruistic or just greedy.

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41
  ·  9 months ago

I don't think they will be dead. The good ones change their algorithm to match the new rules.

60
  ·  9 months ago

Finaly some actions against this.
Hope this wil work great.

56
  ·  9 months ago

Great to see you guys hearing the community and answering the problems fast.
by the way @steemitblog how can I join your slack channel, the link seems not to work.

53
  ·  9 months ago

Nice improvements dev, thanks you , but i still think perhaps we would revise the algo reward of whales, puting some kind of high limit or similar

39
  ·  9 months ago

"Comments are not affected by the posting reward rate limiting algorithm." - I think it would be logical to implement similar limits for comments to prevent comment spam.

61
  ·  9 months ago

More info to be aware of @ftlian @dollarvigilante... if you write more than four posts per 24-hour period, you'll start getting a lower percentage on subsequent posts.

52
  ·  9 months ago

nice improvements! keep it up steemit team 8]

73
  ·  9 months ago

Can someone please clarify this to me:

Removing Liquidity Rewards

It is apparent that the liquidity reward systems are not achieving their desired effect. We have disabled these rewards until a better solution can be found. This should reduce the amount of liquid STEEM on the market.

Which rewards are they talking about??

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68
  ·  9 months ago

Traders in the internal market have the opportunity to earn rewards based on a point system. It is described in the white paper, although some of the details were slightly changed in last hard fork.

61
  ·  9 months ago

@steemitblog Great work. Have you resolved the spelling social engineering trick that can cause malicious users to get away with other people's money?

68
  ·  9 months ago

"Users will be limited in the number of people they can and will follow"

Users may or may not be limited in the number of people they will follow but they can't be limited in the number of people they can follow. The information is on the blockchain and if the steemit client doesn't support the full range of following options that users want then another client will.

I also don't necessarily agree that content will be found because it is posted by a followed feed, especially not for viral content. That is almost the definition of it.

Overall I think this approach is poorly thought out with respect to sybil attacks and will incentivize spamming of candidate viral content on multiple accounts where it more difficult to Ignore.

64
  ·  9 months ago

Lovely updates guys!

59
  ·  9 months ago

The four post rule will really improve overall Post. Also I like the idea of trending changing over more frequently. Will we have a posting power stat to monitor our posting power? It might get confusing if post are distributed randomly around the day. And you are close to 4 post limit. I noticed the chart did not have step changes in it and was more gradual.

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39
  ·  9 months ago

If you want to check your voting power go to:
www.steemd.com/ (then insert your user name here) , so for me it would be www.steemd.com/@pc101. Anyone can look at anyone's account.

48
  ·  9 months ago

Will the 30 day payout be retroactive to posts before 7/26? Or will it only count for posts after that date. It's not mentioned anywhere in there, and I'm unaware if it has been covered or not.

I think it would be great if it is retroactive - I've seen a lot of cool content on Steemit so far that only got .01 or .00 in rewards - The 30 day period gives everything time to grow.

Also, does Replying count as a post? I'm assuming that it does because it shows up on your Posts feed - however it is not specified and I'd love more clarification.

Thanks!

-bigedude

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61
  ·  9 months ago

I share the same sentiment, i just barely started and rarely get noticed 😢

47
  ·  9 months ago

One thing I do not understand, and see some blogs on plataform, with some good contents, however no gain, and the contents are simply lost after a few minutes, taking the chance of someone to see what you wrote.

In places like facebook, twitter, instagram, reddit, etc. People go to your page to see what you are saying, sharing and thinking.

Already in steemit If you post something, even if it is good, and not receive votes then just what you write gets lost in the wind.

59
  ·  9 months ago

Nice to see that devs hard work on the issues.

66
  ·  9 months ago

Hello, friends. I published a post about upcoming changes and didn't get a conclusive answer about limiting posts and rewards.

Can you, please, clarify this one for me? Thanks!

If I post five posts within 24 hours will all four receive only 65% of the reward?
Or will the first four receive 100% and only the fifth will get 65%?

Thanks a lot for your answers!

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56
  ·  8 months ago

I too would like to know the answer to your question. :)

66
  ·  9 months ago

Thank you ! 🙌

61
  ·  9 months ago

This is a good change. Curators rewards and writers rewards are good concept. But a lots of copy and paste really made me want to leave also. But anyway I'm still here. I wish I can see the changes .