RE: Hardfork 21 - Steem Proposal System (SPS) + Economic Improvement Proposal (EIP)

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RE: Hardfork 21 - Steem Proposal System (SPS) + Economic Improvement Proposal (EIP)

timcliff in #hf21 • 6 years ago (edited)

From what I've gathered, it seems the most likely long-term funding source for the SPS will be 10% of the total inflation. This would be "paid for" by reducing the amount of inflation that goes into the rewards pool from 75% to 65%.

With this change, the inflation would be:

65% Rewards Pool
15% SP Interest
10% Witness
10% SPS

Very dangerous ground in my opinion to drop them both at once and try to figure out which changes are having which impact.

Again, this gets into "my way" vs. "consensus" way. I'd prefer to see them split up too, but there are also some valid reasons to justify combining them.

6 years ago in #hf21 by timcliff

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shanibeer 6 years ago

could you explain the valid reasons for combining these changes, please?

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timcliff 6 years ago

I would prefer to separate out SPS and EIP, but that gets into what I said about the change not being 100% done the way I want it to be.

The main two reasons that I see are:
-We are trying to change the culture of behavior. This is more difficult than just tweaking math. When the changes are bundled together, then the package as a whole is more likely to cause users to think and act differently than if we did them one at a time.

More hardforks means more support work for exchanges, which can lead to more down time and in extreme cases possibly even being delisted from exchanges.

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shanibeer 6 years ago

Okay, thanks.

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preparedwombat 6 years ago (edited)

So effectively, we’d really be changing from 75/25 to 45/45 rather than 50/50, i.e., author rewards would be falling even more than most people realize?

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stayoutoftherz 6 years ago

That is a disaster for smaller accounts, as they can´t get out much of curation either!
Did nobody consider, that Steem´s future is dependent on the - now - small accounts?

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timcliff 6 years ago

The math works out a little bit differently, but basically yes. As I said in the post, a "more than 50% reduction".

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preparedwombat 6 years ago

The math works out a little bit differently

You’re right.

Currently, 0.75x0.75 (authors) and 0.75x0.25 (curators) of inflation.
Post-HF21, 0.65x0.50 and 0.65x0.50

So author rewards would be going from the current 56.25% of inflation to 32.5% of inflation, and curation rewards would change from the current 18.75% of inflation to 32.5% of inflation.

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timcliff 6 years ago

That is closer :) It technically gets even more complicated because 100% of the curation does not go to curators (if votes are placed within the first 15 minutes). But it is the correct line of thought.

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josephsavage 6 years ago

Change from 56.25% to 32.5% is only 42.22% reduction.

_#sbi-skip

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movingman 6 years ago

I'm not tech minded before I continue, and thanks for all this info in the post by the way, but has anyone ever thought about having not just one reward pool? Just something that popped to mind, could it be possible to somehow have multiple reward pools and so all the users are not all dependent on just one that can get drained too easy?

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ecoinstant 6 years ago

The reward pool never drains - its made of a special kind of magic called inflation. This inflation fills it everyday and then using another special power, this one called division, distributes it perfectly to all the sources. It literally can never be drained!

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movingman 6 years ago

Oh yes! Of course! The 60k daily steem? I wonder though if somehow to have a graded system of different reward pools from the fresh tokens produced somehow separately allocated to accounts based on something like ...... ? I get lost at this point :)

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marki99 6 years ago

Yes but we have to wait for SMTs to get that. Each coin will have its reward pool.

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