What I would love to see is a mixed rewards distribution algorithm that takes into account:

• SP: killing STEEM demand would kill the ecosystem. Shitcoins won't survive forever. So I think SP should be part of the game... to some extent
• Number of votes: democratization
• Reputation of voters: votes of respected people should count more, and this could counter spammers, especially if flagging works better. Also, this would encourage people to use one respected account instead of creating masses of fake accs to get a higher number of votes.
  Of course, this would require a new reputation algorithm whose result would actually resemble the reality.
• heavy voting malus: if an account gives more than a certain percentage of votes to a single account (let's say 5% per week?), the vote value should decrease gradually, down to 0% in extreme cases. This would have to include self-voting.

Just a quick shot, but I really think this could serve...