Thoughts on Guarding the Reward Pool

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I've tried to explain this particular thought quite a few times. The truth is that it's very abstract and if anything its more philosophical than technical. However, I think there is something of value I have to share on this matter, and maybe there is a productive discussion to be had.

Important References


I should note that some of the things I'm talking about require a bit of background, so I'm going to include some references to this post to accompany the video. If however, anything I say makes little sense and you would like for me to clarify what I meant, please feel free to challenge me.

POS - Proof of Stake

Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has. The first cryptocurrency to adopt the PoS method was Peercoin.



information source

DPOS - Delegated Proof of Stake

Delegated Proof of Stake (DPOS) is a new method of securing a crypto-currency’s network. DPOS attempts to solve the problems of both Bitcoin’s traditional Proof of Work system, and the Proof of Stake system of Peercoin and NXT. DPOS implements a layer of technological democracy to offset the negative effects of centralization. (information source)

RATIONALE BEHIND DPOS

  • Give shareholders a way to delegate their vote to a key (one that doesn’t control coins ‘so they can mine’)
  • Maximize the dividends shareholders earn
  • Minimize the amount paid to secure the network
  • Maximize the performance of the network
  • Minimize the cost of running the network (bandwidth, CPU, etc)

Conclusion


This is where I'm trying to get at. Maybe, it makes more sense for us to focus on supporting initiatives that will allow us to create a culture that embraces steem as a currency, and not so much become the guardians of Steemit, the platform.

I am however under no illusion, I've found "the answer" and I'm very interested in listening to what others out there think about this. As with many of the things I share, specially those that toy with abstracts, my intention is to start a conversation and hopefully find a way to balance my own ideas on the subject.

Much love to you all


Other posts by yours truly

• Are you thinking about running for witness?
• Sbd about to pump? - /me grins
• If they only knew... - Bidbot abuse
• What's the deal with Ulogs?
• A Question for the Bid-Bot Owners - Dlike

My video is at DLive

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