My biggest concern with this EIP is that blogging and Steemit.com is still the main source to "mine Steem". But we all want to have a thriving SMT and Dapp economy. That is an unfair privilege for Steemit.com and blogging in general compared to all other dapps like Steemhunt, Magic dice or Steemmonsters. IMO the whole POB mechanism should be removed from the baselayer Steem and should be put in the hands of SMT and communities. Steempower should only be good for voting on witnesses, voting on worker proposals from the foundation and maybe vote on SMT main accounts to allocate some Steem from the reward pool.
When SMT and communities are here than those admins should have control over the reward curve mechanism and POB they want to implement.
But if we leave Steem with blogging only mining than its going to be an on going issue while we move towards an dapp economy.
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I would argue without PoB, if we started out as just an EOS where we are used purely for RCs/voting - I think Steem would not be in the top 1000 of crypto’s right now, and I am dead serious. I don’t take for granted the fact PoB shot Steem up in world ranking of sites thus gave us the traction we still enjoy today. I believe it helped so much it even helped us survive the current travesty that is our current economy.
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I'm not saying to remove the POB mechanism at all, but to put in the hands of communities and SMT project. Steemit.com is the first application on Steem and should become with the introduction of SMT its own community project.
Steem is not just about blogging and with more dapps coming up it becomes more clear that this focus on POB on the baselayer is blockin growth. We can't change every year the reward curve structure just to pretend that we are moving in the right direction. IMO POB without some sort of Administration or rules in place won't fullfil its true power. Users will always be complaining about Bidbots, self-voting etc...We need to find long term solution for this problem. When POB is used only in Communities than automatically competition starts to kick in and all projects need to find the best solution for its users. Now we have Steemit.com who rules us all, if your Dapp is about blogging or not you still are effected by its decision how they handle their POB.
Why not implement a minimal functioning version of POB on the Baselayer for example voting on approved community accounts / SMT projects (approved by the Steem foundation) to allocate some rewards from the Reward Pool?
Ok, I see what you're saying, basically delegate the reward pool to communities. Interesting idea, I haven't really thought about that before TBH. I already can poke some holes in it, how to choose which dapp gets the rewards etc. Competitions can be easily rigged when money is involved, and the reward pool can be worth way more than it is today. I rather give 100% control to the individual stake hodler then to rely on dapps to do the right thing. A stake hodler can be a dapp, if the dapp truly wants the power to upvote it can do a captial raise and buy steem.
dApps are already empowered with large amounts of delegations from @misterdelegation. It will be interesting to see how they will manage increase in curation rewards.
This idea is just a framework for a new way to bring more value into the Steem ecosystem and also trying to solve some of the problems with the current POB system. Its not perfect, but I would like to have some more people think about it to improve it.
I have something like this in my mind. The inflation rate for the reward pool gets cut down to 3-4%. Witnesses are still getting rewards for signing Blocks maybe 1%. Worker Proposals from the Steem Foundation get also 1% for funding.
Voting on Dapps and Communities is also handled thru the Steem Foundation organisation. They would need to approve certain projects so that they become a legit Project on the Steem Blockchain. Since the people in charge in the Steem Foundation get elected by regular users on the Blockchain, there would be a direct link between users - Foundation - Dapps and the Reward Pool.
Every user who holds Steempower can than vote on these Projects to allocate e.g. 1% of the Steem reward pool to those Communities. And for doing so, every individual Vote on a Community / Dapp Account would also earns e.g. 1% curation rewards - depending on the success of the Dapp / Community he voted for.
Therefore every Dapp or Community will have the opportunity to get some funding in Steem Tokens to support their own SMT Token and Community.
This system would represent the Baselayer for what you can do with your Steempower - Voting for Witnesses, Voting on Worker Proposals and Voting on Dapps - This is a minimal functioning POB version on the Baselayer.
All other POB versions (like this EIP Proposal) are handled within in the SMT communities.
Like, I said this is just my idea, but I think its worth working on and promoting, because it is easy to understand for what Steempower is used for and also very transparent to investors, users and developers alike.
Isn’t this already done by steemit delegating to dApps with @misterdelegation?
I have proposed a mechanism to solve that problem: the Huey Long algorithm. See my reply to the OP.
When and if SMTs are implemented, your reasonable considerations apply. Who knows when - or if - that will happen?
We'll see.
Thanks!