Steemit Crypto Academy Contest / S10W3 - Reward System on Steemit Blockchain
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By the grace of God above, I wish you all have a good time and appreciate every moment of your lovely existence. I'm really thrilled to begin this week's Steemit Crypto Academy Contest / S10W3 - Reward System on Steemit Blockchain Challenge at @crypto-academy today. Without further ado, let's get started with my attempt to inform the public about this new contest Steemit Crypto Academy Contest / S10W3 - Reward System on Steemit Blockchain . To increase the value of the steemit in our community, we must all put in a lot of effort. Be a grownup.
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Steemit uses an inverted linear reward structure for attribution of awards, as of the last update of my knowledge in September 2021, which I started before creating this contest post within Steemit. walked along the bend. In order to compensate both early and late participants to a post or conversation, Steemit's inverse linear reward curve was created. When Steemit was launched, incentives were mostly given out in accordance with users' Steem Power (SP) balances. A user's influence and potential for reward-seeking are represented by Steem Power, a currency on the Steem blockchain. Over time, the distribution of rewards improves in fairness under an inverted linear reward curve. When a post is first posted, early voters and curators who find and promote the material are given a significant percentage of the benefits. As time goes on, an increasing percentage of awards are given to later voters, ensuring that they receive a fair amount.
There are many reasons behind this design choice, some of which I would like to share with you based on my research.
Encourage early engagement:
The platform intends to encourage people to participate with content right away and contribute to its discovery and exposure by more visibly rewarding early voters and curators.
Fostering Persistent Interest:
Another goal of the reward curve is to maintain readers' interest in posts and dialogues. Even if they weren't among the original voters, those who interact with the material over time can still win incentives.
Minimizing the effect of time zones:
Because it provides users from many time zones with an equal opportunity to be rewarded for their efforts, a linear reward curve helps reduce the advantage of users in certain time zones.
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On Steemit, the convergent linear reward curve added a number of new values to the system. I want to discuss with you all some of the main advantages of this reward system and how it works with the Steemit blockchain.
Fairness and Equity:
By distributing incentives among platform users more evenly, the inverted linear reward curve aims to promote fairness. By doing this, it reduces the initial advantage of early voting and gives latecomers a fair chance to receive rewards for their significant contributions.
Encourage participation and interaction:
The reward curve encourages users to actively engage with Steemit content. Early voters and curators are paid for encouraging content discovery and maintaining an active user base. It encourages active participation in the community and discussion on topics.
Encourage participation and dialogue:
The proof-of-stake consensus method utilised by Steemit in conjunction with the reward curve helps to limit the potential dominance of users with higher Steem Power. The approach equalises the impact of stake and promotes a more democratic participation by gradually giving late voters a larger portion of the incentives.
Time zone neutrality:
By guaranteeing that customers from all locations have an equal chance of winning rewards, the reward curve helps to lessen the affects of time zones. By reducing consumers' unjustified financial advantages due to their location or time zone, this encourages inclusivity.
The following actions must be taken in order to apply a convergent linear reward curve to the Steemit blockchain:
Posting:
On the Steemit platform, individuals may post already published content or create original content.
Voting:
Users can vote up or down on posts and comments to express their approval of the material included within. Giving content Steam Power (SP) counts as voting.
Payout period:
Rewards for a post on Steemit accrue during a payout period. The length of the payment term may vary, although it is frequently set at seven days.
Distribution of Rewards:
An inverted linear reward curve is used to disperse rewards that have accrued throughout the payout period. Early voters and curators initially receive the majority of the prizes, whereas late voters eventually receive a larger share over time.
Rewards for Authors and Curators:
According to a specified ratio, rewards are split between the content creators (the authors) and the people who vote for the material (the curators). In exchange for their assistance in the discovery and marketing of content, curators earn a portion of the rewards, with the author receiving the majority of them.
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• On the Steem blockchain, there are two alternative ways to curate content: isolated curation and community curation. Here is an explanation of each and my favourite kind of curation for high-quality material.
Isolated Curation:
On the Steem blockchain, the term "isolated curation" refers to a user's independent content discovery and selection. Each user assesses the value and quality of the content based on their own preferences and assessment. Isolated curation gives users personal control over the material they support and spread.
At the end of this post I invite of my friends to participate in this contest whose names are as follows: @suboohi @artist1111 @steemdoctor1 @malikusman1 @aaliarubab
Community curation:
Community curation requires user participation and communal decision-making in order to curate content. This frequently occurs in communities or organisations on the Steam blockchain. Through discussion and evaluation of the content, participants in this technique share their ideas and opinions. A sense of group ownership over the marketing of the content and help in developing recognised quality criteria may be provided via community curation.
• It's important to understand that when it comes to finding high-quality content for the Steem blockchain, both curation methods offer advantages.
• Isolated curation promotes individual freedom and a diversity of opinions. Users have the option to select content based on their unique viewpoints and niche interests. This approach promotes subjective review and provides a broad variety of information that appeals to different specialty audiences.
• Contrarily, community curation includes the knowledge of the group or community into the curation process. This can help in setting high criteria for quality and finding data that supports community goals and beliefs. Community curation promotes user collaboration and involvement, creating a sense of shared responsibility for maintaining the calibre of the content.
• The decision between communal curation and isolated curation ultimately comes down to tastes and objectives. Some users could choose the autonomy and independence of solitary curating, whilst others would appreciate taking part in community-led curation initiatives.
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Community curation may provide advantages on the Steem blockchain that go beyond financial gain. Community curation has the extra benefits listed below:
Reputation and recognition:
People may raise their position within the group by taking part in community curation. Users may get recognition for their expertise and accomplishments by actively participating in conversations, contributing their ideas, and producing quality content. This acknowledgment could lead to visibility, supporters, and perhaps even communal backing.
Networking and Collaboration:
Community curation promotes cooperation and coordination among users who have similar goals or passions. Participation in community events may lead to networking opportunities, information sharing, and the creation of long-lasting relationships. Planning events, supporting projects, and sharing materials may all contribute to growth for both parties and a stronger impact.
Quality content Discovery:
Community curation makes it possible to find high-quality content by providing people with access to their collective knowledge and expertise. By participating in discussions and taking in the viewpoints of other community members, users may discover high-quality content that they would have missed. It increases their exposure to vital knowledge and promotes learning and personal growth.
Strengthening the community:
Community curation increases the sense of responsibility and ownership within the community. Users who collectively curate content ensure that the best content is recognised and preserve standards of quality. The community's bonds are strengthened by this cooperative effort, which also promotes participation and cooperation for everyone's advantage.
Influence and Leadership:
Community curators that are involved in their communities usually exhibit influence and leadership. Users may become respected leaders by consistently producing high-quality content, making intelligent comments, and taking part in dialogues. With this authority, the community may advocate for causes that align with its values, encourage positive change, and choose its own course.
At the end of this post I invite of my friends to participate in this contest whose names are as follows: @suboohi @artist1111 @steemdoctor1 @malikusman1 @aaliarubab
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Regards,
Brother @chahmad12
I have just read your entry and I'm very happy for you that you have explained evey point nicely about that topic. I have gained a lot of knowledge from your publication. I really appreciate your efforts 😊.
Keep growing and working hard 💪
Success to you 🤗
Thank you for your feedback.
Always well brother. I think you are just participating in crypto academy contests?? I'm right?
No bro I am participating in other contests apart from Crypto Academy contests you can visit my profile.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Hey bro, thanks for creating such an amazing entry after reading your post, I get a lot of knowledge about this topic and I hope you will continue writing such quality content in Steemit crypto Academy, to improve our knowledge and to help us to know about the Blockchain technology and how it works.
I hope you will get good marks, and we’ll get good results after the end of this contest. Best of luck, brother.
I'm so glad you read my post and got a lot of information out of it. I'm always working on this platform and my only goal is to share the knowledge I'm getting myself. I have also reached out to people so that people can benefit from it۔
Good luck bruh
Thank you & Best wishes for you.
Great post, @chahmad12! Your explanation of the reward system on Steemit is on point. I really appreciate how you simplified the complexities and provided examples. Keep up the good work!
Thank you very much bro. Mujay khushi hui k ap ko meri contest post achi lagi.
Yes exactly bas es thara mahnat karta rahna ..
Ok i got it.
I have uploaded this contest post on my social media platform Kindly, you can see my post on my social media account by clicking on my link.
https://m.facebook.com/story.php?story_fbid=pfbid02NXSa9cpW2dHGAPfdtMyqv2u8UgTXCaTZYwpY58MXq5Hqu3j8tbWYVXvBuM2rJgpyl&id=100064704416673&sfnsn=scwspmo
I agree with your statement about the reputation and recognition that can be earned through community curation. Through active participation In conversations, contributing, and producing quality content, Users can build their reputation within the group. Not only does this recognition provide visibility, it can generate wider communal Support and support.
Good luck
Thanks for your feedback and best of luck to you.Thanks so much for reading and commenting on my post.
TEAM 1
Congratulations! This post has been upvoted through steemcurator04. We support quality posts , good comments anywhere and any tags.Thank you very much sir for supporting me.
Thank you so much brother for participating in this engagement challenge of season 10 and week 3 and I highly appreciate your efforts that you made for writing this post and your high efforts can be seen in your detail article and through your good ratings
You have told about innovative clear cut way about the modifications in the reward system of platform since it's creation and there is nothing in your blog that I find wrong because every information that you provided is according to the steemit official documentation so everything that you mentioned is based on research
You have provided a very good information about the benefits of convergent linear reward that is still in use as a reward system and if I talk about the isolated and community curation then you have a good understanding of both and I agree with your preference.At last I want to say Good luck to you bro in your participation
Thank you for your feedback bro.
Brother your post is very brief, to the point and concise. Too much knowledge in it for new users who don't know about Steemit reward system or they don't know what changes has been made so far in Steemit.
I have done great research for my post. I found your post now and read it out completely. You have dealt the topic very brief. I have learned new things from it.
You have great knowledge about crypto and Steemit.
Keep carry on.
Best wishes in the contest.
Thank you for your feedback.