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RE: Financial breakdown of the steem blockchain - Steem allocation and Voting Use

in #utopian-io • 7 years ago

Hey, sorry, I was a bit short on time to leave a meaningful comment with the approval earlier.
Great work again! You made me recognize that there is currently around a third of all SP held by steemit, more than all whales together. On the other hand it's not "used". Is this good or bad? I don't know...
Do you have earlier data on the steemit account? Seems like it "lost" around 8% of it's SP since November.

7 years ago in #utopian-io by
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     7 years ago 

    Hey @crokkon.

    I think the steemit account was always meant to release their holdings slowly over time to support the blockchain, although I never read anything on the method that was to be followed to achieve this. The fact that the power is not currently "used" to me is both a plus and a minus:

    • If it were all employed at once by a single user it would overwhelm everything else. That user would have huge power, (almost) enough power in fact to vote down everyone else and take the entire reward pool for themselves.
    • However some of this huge power could be employed to promote the blockchain initiatives. This could be a huge plus. I think this is the route now being taken.

    The reduction in their SP is due to their recent power down. So far it's been rerouted for delegation (I'll write an article about that later probably). It will be interesting to see if this continues to be the approach. But essentially this should increase the overall level of voting, reducing each user's subsidy from steemit. If it's routed to the right projects this could help resolve some of the current issues, like spam, or promote the alternative apps, like DLive etc.

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