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RE: Everything you want to know about Steem
Hi there, thanks very much for your post. I have a quick question however. When I just upvoted your post, I was able to give you 4cents. This was my 2nd upvote for the day. My first upvote only gave me 3 cents and it was toward my own post. I have about 40 SP. Is 3-4cents how much voting power 40SP gives me, or am I using it wrong? Thank you!
Voting power is based upon how much Steem Power (aka vesting STEEM) an account holds as well as how much voting an account has done recently. The Steem network attempts to approximate your average voting rate such that your voting power on any given post is approximately:
Because Steem doesn't know how many votes you will cast in the near future, the VotesPerDay calculation is a moving average. This means each consecutive vote you make will increase your average VotesPerDay. If you go 24 hrs without voting then VotesPerDay will get reset to its minimum value: 20.
You can increase your voting power by posting and voting. 50% of all content and curation rewards are paid out as SteemPower.
The amount of benefit a vote confers on the authors of a post depends upon how many votes are already cast. This is because payout is determined by the following calculation:
NewPayout = (OldVotes + NewVotes)^2
This means that small votes have a much greater absolute benefit when added to a post with a lot of votes, and almost no apparent benefit when added to a post with no votes.
InitialPayout 1 = (0+1)^2
AfterSecondVote 4 = (1+1)^2
The outside observer would think that the second voter counted for "3" even though both voters were of the same weight. The reality is that if a 3rd down vote was cast by an another voter of equal weight the Payout would fall to 1. A fourth voter downvoting would return the payout to 0
Thank you so much for your reply! Unfortunately I don't quite understand the formula you provided :/
Is Oldvotes the number of votes before I voted, and NewVotes the number of votes after I voted?
and the numbers in your examples of InitialPayout and AfterSecondVote are in cents?
InitialPayout 1cent = (0+1cent)^2
I really appreciate the time and effort into your reply. I get the general idea, but I wish I could just understand the formula.