New Proposed Change In HardFork 20: Reduce The Reverse Auction Window To 15 Minutes
I'm not sure you know this, but in the first 30 minutes after you publish a post, there is a reverse auction going on.
In layman terms, if you vote early, you get less curation rewards. In fact, you actually "lose" a part of your curation rewards, based on a linear discount, ranging from 100% to 0, in the first 30 minutes. The term "losing" is not appropriate, because what it's happening is that a percentage of what you would get, is redistributed back to the author.
So, for instance, if you vote 3 minutes after a post was made, 90% of your potential curation rewards will be redistributed to the author.
This rule was introduced in 2016 as a counter-measure against bots voting early and it seemed to work well. Because bots were front-runing each other, is seemed reasonable to discourage this race for curation rewards. And the rationale behind redistributing the discount to the author was: "if bots are fighting for a post, then the author should get more, right?".
But since the rewards algorithm changed from quadratic to linear, this rule didn't work out as well as before. Authors realized that if they vote themselves early, they can get the biggest slice of the curation pie (since the discount is eventually redistributed to them).
If you don't understand much of it, don't worry, because there is a proposal to change this. :)
According to this issue posted on GitHub, the reverse auction window may be reduced to 15 minutes, and the "lost' rewards will go back to the rewards pool (instead of being redistributed to the author).
What To Expect
If you vote yourself early on a regular basis (or pay bots to do that) you may see a decrease in your author and curation rewards. This is one of the effects. Another one would be that the curation rewards budget (currently accounting for 25% of the entire rewards pool) may see some increase, or at least a smaller decrease speed, until the bots are adjusting.
All in all, this should recalibrate a bit the voting bots and increase rewards for both valuable authors and responsible curators.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I think this is a very good idea, posts get noticed much quicker, 30 minutes is to long
I stil wonder why they are forking so much. Just improve what is there now. No need to split of i believe.
In steem universe, a hardfork is merely an upgrade, there is no split chain. In 19 hardforks there wasn't any split chain created, all witnesses participated 100% so basically it was just about enforcing changes at the blockchain level.
Ah i see, i must read more i suppose 🤓
This metric is really bad. As every minnow already knows, if you post in your particular country's "prime time," new trending posts are buried at a jaw dropping rate, and diminished curation award values make upvoting less likely if posts are even viewed at all. I think that while still long, a fifteen minute window WILL get more upvotes cast for those who use Steemit as an investment and not just a social platform.
So we would turn off the automatic upvote on our own posts?
This change will just shrink the reverse auction time window and redistribute the "lost" rewards back to the curation rewards pool.
BTW, it's not automatic, you can cross that off.
It's not automatic? I think that Trevor was talking about steemvoter or similar mechanism.
@trevor.george, you will set steemvoter to 16 minutes after the fork :)
Is this going to be in HF 20 or is it being discussed?
It's discussed for HF 20, but from the looks of it the devs started to work on it already.
this will change a lot of thing's time to start understanding this from now on
I'm not sure I fully understood this. Is the increase only due to the fact that some bots may still vote within the first 15 minutes, so a share of their vote is going back to the rewards pool, or is there more?
Because the "lost" rewards will go back to the curation rewards pool.
I always thought that was be the case O.o So my fun game of getting the best self-voting point for maximum curation actually hurt my wallet :(
i dont understand this curration rewards and not i wait for any time to vote or get i think if we see any post that we like then sure we give vote early not to wait a time
Thanks for the info