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RE: New to STEEMIT, got a question
They changed the economic model from two years to 13 weeks a while back. Steemit is still in beta so they are trying to figure out what will best serve the interests of the community, site, and future of the currency. 13 weeks is the current model, it may change but I doubt it, they are slowly figuring out what works best.
Hi Justryme, thanks for explaining.
13 weeks does seem a bit more practical indeed.
One question remains, who are 'they' and how come they can change the economics of an already functioning blockchain app? Isn't the whole idea of this technology that nobody has all the power because of its decentralised nature?
They are the steemit developers 'steemit inc' in conjunction with all of the delegates we vote for, who run the network in this DPOS crypto currency backed system. One can only change the parameters through a hard fork, which is a rewrite of the code, and must be approved by all delegates (like what Bitcoin is trying to do with segwit and the miners).
No one person has the power because of decentralization, however the collective does have the power, the delegates are our voice. They have power because we elect them.