That system would be defeated using the same tactics that a DDOS attack is launched. IP addresses can be forwarded and spoofed. VPNs are cheap. The difference? DDOS attacks cost money, so adding a financial incentive makes the attack last forever (or until it becomes not profitable).

Also, the blockchain does not track IP addresses for a variety of many good reasons, so your whole plan rests on the shoulders of giving Steemit Inc full control centralized over the platform. Your ideas are much better suited for and an SMT or SteemEngine token.

You should get over the white/blue paper like I did. It's a pile of overzealous marketing trash. Truth be told I'm glad that is the case, as I like having the power of deciding where all my inflation goes. I don't need someone telling me they know better.