RE: Why Rewards Have to Change... (Fair warning, this is a long one)

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RE: Why Rewards Have to Change... (Fair warning, this is a long one)

clayboyn in #philosophy • 6 years ago

It's really about heavily incentivizing people to hold and stake their tokens and I think of it as more of a shift in where the income from the platform comes from. Should you be able to show up, post, have no interaction on the platform, and make a killing? It's just not logical. It's an attention economy and even the best authors that only show up to post amazing content, but spend no time voting others work, engaging, or staking the tokens, ultimately they're going to offer very limited value in an environment like this.

6 years ago in #philosophy by clayboyn

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metametheus 6 years ago

So we want to increase engagement to a certain degree.

Good content doesn’t necessarily mean it creates the space for engagement, but can still be liked, rewards, admired.

Incentivising engagement is not healthy or sustainable, at least in models I’ve seen or experienced so far (small cohort, not statistically relevant 😉).

I’m sure we can find a model that will work... I think you’re right with trying something for six months and changing if it doesn’t appear to work.

I guess the thing with engagement around here is we only have two ways of doing that — upvote and leaving a comment. Are there other ways?

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clayboyn 6 years ago

I think with more dynamic solutions, like what we're doing with PAL, the doors open to new opportunities. Like we have 10% of inflation going to PoI to reward active Discord members as we have a really popular broadcast network among the STEEM community. We have witness shows, music shows, I do a philosophy show, so being able to reward people for interacting in that aspect of the community is huge for us. I think the contests are one way people try to increase engagement, but ultimately the financial value that comes from engagement has to be capitalized on by things like advertisements.

We can keep advertisements in house by charging users burned stake to feature their posts, like we do on trending with PALnet or we can see steemit using traditional banner ads. There's ways to increase time spent on the site and capitalize on it financially, we just have to be willing to experiment and find what works.

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metametheus 6 years ago

YES!!!

I guess the thing is it could be argued that being on the Discord server isn’t being on Steem... even though it kinda is.

I can see the tokenBB forums playing a really important part of this too!!

We’ve been talking within the @naturalmedicine community about setting up a SCOT style tribe.... I see this as a great way of bringing people interested in that topic coming to Steem. We just need to work out how to do it... none of us are devs so it makes it a wee bit challenging to set up tokens and condensers and whatnot...

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