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RE: How Does Steemit Reward System Work? Complete Research Paper on Steemit Economy and Reward System!
Wow you describe the whole system gracefully but my concern is that how much steem tokens created daily is it a fixed amount or it fluctuates and how a minnow like me able to evaluate daily amount of the reward pool, second one is did newly created reward pool determine the vote worth or our vote worth is peg with steemprice and the third one is that we all know that like in bitcoin we can mine max only 21m bitcoin and then it's mining will be over, did steem has a fixed amount of supply as well or it is unlimited.
Thanks for asking.
A fixed amount of Steem is available in the reward pool everyday. For exact amounts, please visit @dragosroua post that I mentioned in the post. It's an FAQ on Steemit rewards.
The price of Steem on any given day determine the $ value of rewards distributed everyday. For example if Steem is $2 and total 50,000 Steem are available for reward pool, the total rewards distributed would be $100,000. However, if Steem is $0.80, rewards tumble to $40,000. Value of vote also fluctuates with Steem's price because the total amount is fixed so the value comes down or goes up proporionately with change in Steem's price.
As mentioned in the post, annual inflation is at 9.5 % at the moment and it will decrease by roughly 0.5 % every year until the inflation rate remains just 0.95 % (a 10x decrease from the initial rate). From thereon, the inflation rate will be fixed and only 0.95 % of the total supply will be made available for reward pool and witnesses. So, there is no planned hard cap but the inflation is controlled.
I hope I have answered all your questions. I have to admit that your comment contained the most brilliant questions ever put up. Glad to find you and follow you. Please consider connecting. Thanks.
thanks for your kind response my friend, so in order to determine the daily reward pool we have to find 9.5% of total supply and then minus 25% from it for witnesses the remaining amount will be the next day reward pool for authors and curators am i right.
Here's what you are looking for.
This is 75 % of all the Steem available everyday. The authors portion.