Reward Pool - Understanding the Concept
Reward Pool Concepts:
For those of you still coming up to speed, let's get a general understanding of how the Reward Pool works.
- The blockchain creates new Steem, these are new Steem that did not exist before.
- The new Steem is the reward pool.
- Each of us has the ability to distribute those rewards with our votes.
- The amount we control is limited by our SteemPower and Voting Power (if we over vote, our voting power goes down)
- Every user can use their own stake how they see fit (Upvotes, Downvotes, Delegation, No Action - are a few ways to use it)
- When we vote we are allocating our share of the newly created Steem to those we vote for.
If you do not use your votes, your shares will be allocated across the posts that received votes.
The whole thing is kind of beautiful:
If I own it I can do what I want with it. You can react by upvoting, flagging, ignoring, make a post about me, call me names, but you can't change my ability to manage my SteemPower. If you own more SteemPower than I do, you can effectively cancel me out, but only if you are willing to spend your stake taking those actions.
We are currently watching that play out in various ways around the platform.
If you look past the emotions and watch it happen it is fascinating to watch.
Steem is a stake based system your influence on the reward pool is your stake. If you have strong opinions about how the rewards are delegated you may choose to build your stake.
Don't be sad though, if you do not own a lot of stake you still have some tools. "Your Voice" is your best tool when you do not own stake. Use the blog and the comment section to try to convince others to agree with you. (Build Consensus) If what you have to say garners attention and makes sense to other users you may find that your stake grows as well as your social influence.
Participating in the experiment that is Steem
https://steemit.com/steemit/@skeptic/how-steem-is-really-made
This is how the rewards in the pool are made.
:D
lol, I love this! Cute and now we know.
:D
the truth had to come out sooner or later.
lol
i love this. had to take this for my gif library :)
Just make sure to give me credit for creating it.
:P
Glad you likes it.
It's so simple to understand. Pure code, or logic if you want. I know that newbies need to learn and understand the whole concept. But it's weird how the people which came on steemit early like us, still don't get this.
I've been watching some of the arguments happening on the site, and I realized many people don't have any idea how it actually works.
Some think they are giving their own money away.
Concise and easily understood explanations seem to be your forte, always presented with a level head. I like that very much. Watching the digital ballet of current voting/downvoting IS quite fascinating!
Thank you, there is a ton of information and Engineers and Developers tend to be a bit confusing when they try to explain. I have often found that new learners make better teachers on a topic than the experts. So, I am playing with the idea of trying to simplify the explanations.
I appreciate feedback and tips on whether or not it is understandable.
You're welcome. Yes, it is quite understandable. I also think the manner of delivery is superb in that it leaves the reader feeling enriched. You come across as nonjudgmental and that goes a long way in retaining an open mind and a receptive audience. You're kind of like the Steemit Voice of Reason LOL
You are absolutely right, the voice of each participant is important for our ecosystem and this is everyone's contribution to the pool of rewards! Thank you @whatsup
Great post. Currently, I accumulate my SP and it feels great to have more influence.
one should keep away such activities ' If you own more SteemPower than I do, you can effectively cancel me out, but only if you are willing to spend your stake taking those actions.'
because we want peaceful environment here , we are a family
Excellent post and i did like to add one more thing, it's true the blockchain produce new steem that didn't exist before just like gold miners dig and produce new gold which not exist before, so as gold produced with proof of work same case with steem, steem also created with proof of work, so steem follow the gold mining concept, it is not produced out of thinhere actually the creator's create new content and then new steem produced on basis of how useful the content is, thanks for sharing your nice thoughts with us, Stay blessed
I did sort of know all this, but you explained it in a so concise way that it became clearer for me. Thank you! : )
In addition to keeping the protocol simple, this use of voting power in one of two reward funds has an interesting side effect of creating a balance point for where to use your voting power most effectively.The comment reward fund is not going to pay out curation rewards. We want good discussion to be fully rewarded.
Currently, there is not a different reward pool for comments although the idea has been discussed several times. I am not for this concept. Each Author can spark and continue the discussion in the comments section. They can vote and reply and keep the discussion going if they choose. In my opinion a new reward pool just causes more difficulty and doesn't create new money.
Ok..Tks for gave your opinion about this reward pool.
We are interested in feedback on whether comments and post should each have their own voting power.On the one hand it allows users to upvote each without having to worry about how their votes effect the other category. However, voting power is already enough of an enigma to users that creating another type of voting power could create confusion.
Yeah, I have seen the idea bounced around several times, although I understand why people would advocate for it, I am not for the idea.