STEEMIT: Great news following yesterday's successful Hard Fork. Keep Calm & Carry On Blogging.
SCALABILITY OF STEEMIT
Following on from yesterday's successful Hard Fork and huge Congratulations once again to Ned and the Development Team, I wanted to share with you this short video I made earlier.
As most of you will be aware now following the Hard Fork yesterday the rewards appear somewhat to have been reduced dramatically.
This was to be expected, as reward structure has been altered significantly.
Before you get alarmed, this is not bad news, and if anything this is great news for Steemit.
Why?
Let me try and explain.
Currently there is now over 140,000 accounts on Steemit.
Obviously these accounts are made up of a combination of account types including: Physical Bloggers, Physical Voters, Bot Bloggers, Bot Voters and Dormant Accounts.
Setting aside the Dormant Accounts what we are left with are the Physical and Bot Accounts.
Now some will say that the Bot Accounts should be discounted, however I strongly disagree, as I strongly believe that for Steemit to operate successfully there needs to be an element of Bot Voters chomping away in the background.
Currently there are in excess of 5,000 Active Bloggers producing in excess of 2,000 Blogs per day and I assume looking at the Blogs I would comfortable say that the majority are Physical Blogs.
These 5,000 Active Bloggers producing 2,000 Blogs a day is growing and there is clear evidence of this.
Yesterday's realignment of the reward structure was needed to allow scalability as more users arrive to the Platform and begin Blogging.
At 2,000 Blogs per day and climbing we will soon be hitting a jaw dropping average of 1 new Blog every 30 seconds.
This will equate to 2 Blogs x 60 minutes x 24 hours = 2,880 Blogs per day.
It is this latest reward structure realignment that was crucial for a scalability beyond this type of volume.
Hopefully yesterday's Hard Fork has not caused too much stress, anxiety and disappointment as this realignment of rewards will smooth itself out in the coming weeks and months ahead.
As far as I am concerned yesterday confirmed the resilience of the Community to handle what some will see as a shock without any fundamental detriment to the integrity of the Community.
I hope this short video helps.
Thanks again for reading and watching.
Stephen
I'm a minnow and am quite confused. So I have a question if you will bear with me. So let's say a post (A) used to be paid out in 24 hours with a 30 day window to possibly make more. People who would see that post (A) on that day and vote....eventually more people post (B, C, D, E....) in said category pushing the post (A) down and eventually out of view if you follow me.
Now with the hard fork the payout is a 7 day period.... posting is still the same. A Steemians post (A) will get voted on and pushed down the list in said category. (In both instances no one generally looks at that post after a day to vote on it because it has been pushed down the list by posts B, C, D, E...)
I think one of the most marketable and amazing things about Steemit was the fact that you could make some $ in a 24 hour (or so) period. Now you have to wait 7 days for a payout from any posts that never really get voted on past 24 hours.
I have grown my account here organically and have seen the payouts go up and down, but mostly down. (Not because I am not generating good content). I am an active Steemian and feel free to look at my payouts from my past posts.
If a Steemian was making $5.00 for a post and now it becomes $0.05...I don't see the benefit especially if that Steemian came from a country where they might average $5.00 for the entire week. (Not an exageration but true fact) I can list 10 countries (off the top of my head) out of the 54 in Africa alone where the average wage is $0.33 per day if they are lucky.
Wasn't the unofficial slogan "Come for the rewards stay for the community?"
So let's keep this simple, HOW are my posts as a minnow going to generate any significant rewards with this HF?
My latest post has 98 views and has made $0.17 .... I can track who voted for me on steemstats.com and see the whales, dolphins and minnows and their "voting weight", hopefully you can answer my question. (Hopefully I didn't confuse the matter.)
I second this question.
I was very happy to see that the HF17/18 release was arrived at as quickly as it was... and with consensus among the witnesses. I also feel confident the "rescheduled" rewards system is going to be great... in the long run.
That said-- and "decentralization" notwithstanding-- I would still argue that we need better better communication between "Inc." and the community... like a "system newsreel" or something that gathers what's happening, what has happened and what's planned to happen in one convenient spot. From my perspective, that is also part of scalability... as more and more "general purpose" bloggers come here, they will be less and less likely to know what a "github" is... they will expect a "system message" to sit pinned at the top of their screen while something is wonky... even behemoth corps like eBay pop up little messages like "15:44 UTC: certain aspects of search are not currently working properly; support is working on the problem." This stuff is NOT rocket science... and it is essential (from a public relations angle) to keeping confidence in the site high at all times.
But other than that, yes the future does look bright!
To the moonand beyond.
Shared on twitter. Stephen
Combine seven days to the no post limit and google won't be able to handle the number of blogs each day from steemians. This is untold awareness to steemit!
Great micro-vblog at the end too Stephen! IMPRESSED :))
It is always a joy seeing an expert explaining intricate nuisances of a highly complex system ;)
https://steemit.com/comic/@lighteye/feb-20-2017-a-bug
Steemit could have been something great but the whales killed it here. You have 139 votes and got 60 cents for it. Lol. If you want to make money here you need to publish a scientific paper improving Einstein's theories.
I am not entirely sure I understand your theory. Can you please explain. The recent Hard Fork is simply realigning the reward structure and will smooth out to pre Hard Fork times. I am no Einstein but $93.32 is $93.32 more you would get on Facebook or am I missing something. Stephen
I would hope people's lives aren't so wrapped around Steemit that such a transition would cause too much stress or anxiety. Some of the whiny posts I've read do seem to indicate otherwise...
Hi @stephenkendal, I just stopped back to let you know your post was one of my favourite reads and I included it in my Steemit Ramble. You can read what I wrote about your post here.