Suggestion: Incentive to Promote Creation of Wikipedia Style Content on Steemit by Rewarding Posts Older than 7 days
I think this is LONG overdue. I wrote about this briefly in this article. In this article, I will detail a way to promote this through rewarding this!
This post was triggered by seeing a comment on here. It reads:
Reward Pool
Basically, save 10% of the daily rewards pool (authors get paid 10% less) for content older than 7 days. At the end of each month, authors with upvotes on old posts (7+ days) will receive their share of the monthly accumulated rewards pool as Steem Power (SBD converted into Steem power at the $1 peg). This will prevent a sudden influx of Steem on the markets each month as that would cause the price to be unstable.
Practicalities
You can upvote old posts like normal! However, it will only consume 10% of your normal vote power.
E.g a 100% vote at 100% vote power will cost 0.2%, instead of 2% vote power.
This is because authors with posts older than 7 days are sharing 10% of the rewards pool, thus upvotes should only cost 10%.
At the end of each month, you share a portion of the accumulated rewards pool proportional to the amount of Steem Power consumed.
- Someone vote 100% at 100% vote power with 1000SP = 100 SP consumed,
- 50% upvote at 50% vote power with 1000SP = 25 SP consumed
This will create more incentive to create long lasting knowledge!
Actual payouts
Some months the total amount of SP consumed by upvoting old posts might fluctuate, so payouts will too.
E.g total SP consumed = 1000 in a month, 10 SP was consumed on your posts, therefore 1% of the monthly payout will be to you.
The monthly rewards pool for older posts = the accumulation of 10% of each day's rewards pool, reserved for the end of each month.
Implications (positives and negatives)
- Authors will feel more rewards posting content that withstands the test of time
- Authors rewarded once per month, not too much strain on blockchain
- Reduce the amount of SBD issued, could cause SBD price to increase more as there's less supply
- Higher percentage of post rewards are put into Steem Power, thus less supply of liquid steem on market and more long term investment in Steem/Steemit, thus probably increase in price
- Steemit next Wikipedia???
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Although I'm new to this platform, it seems to me that quality content should be voted for, and rewarded, regardless of the time at which it was submitted. Otherwise, the only incentive is not to generate quality content, but hip content more aligned with what may be popular at the moment and doesn't thrive for anything other than a quick buck - but then again, that may be what most people are interested in here.
I think we should definitely reward long lasting content!! I've read many guides on from Steemit, and there's no way to thank the author (apart from send a donation but no one does that haha)
Interesting idea, I just wonder if people would be willing to sacrifice 10% of the reward pool for something like this. I would be all for it, if this was something that the community was behind.
Now your only option is to add an affiliate link at the end of your post to get any sort of returns after 7 days. Your proposal would definitely contribute greatly to your long-term success.
Yeah... I add that stuff but no one ever clicks on it, thinking of removing them because it just takes away from my credibility/reputation as an author haha
it great article written by you all are briefly describe!
yaah Higher percentage of post rewards are put into Steem Power, thus less supply of liquid steem on market! follow you and upvored and resteem because of you quality information.
good post
Maybe a quality of post score say from 1 through 100 would help.
I have to say I think this is an excellent idea. Unfortunately when I first started here I drained most of my voting power upvoting old posts (mainly because I was searching for how to guides and they were older). I had NO idea that old posts didnt pay out and I felt like an idiot when people pointed it out to me!
I could say that it was my first problem with Steemit... you know I started scouting the payout rules and found out it was 7 days and I said WTF?
But then I started reading about the blockchain, the steady supply of steem, delegated power and the whole deal and started breaking into technical difficulties... hey but if we can save 10% of the daily pool to stand for quality content, that will definitely help steemit in becoming legit platform, cause people love stuff that's not just some fad piece... it will probably push the price of steem up too, but isn't that the point in the long run?
Anyway I'm backing up this idea, which leads me to one question, how's that gonna work? Does it have to be included in hard fork or sth and how do we find consensus? And if we do, can it still be suddenly downvoted by some superpower account or an army of bots, so we end up in square one, but without the rep?