Steem power is the heart and soul of Steem and Steemit and shows a long term commitment to the ecosystem , it is fixed and can be achieved through powering up your steem. Even though it takes a while to power down to steem , there are , still a lot of advantages of accumulating steem power which was explained handsomely by @kevinwong , @lukestokes , @shredlord , @zeartu and @liberosist (to mention only few) some examples are : influence on upvotes (down votes) , curation rewards , gains in interests, grow your share of steem overtime , be a co-owner or even invest in a platform that you love and trust thus it gives you the power to have influence in the future of social media. However these advantages goes with a big responsibilities.
With Hardfork 18 came : the ability to Delegate Steem Power to another account. This has several benefits :
- Creating accounts with a lower fee.
- Donating your SP to curators you trust.
- Combining your SP from different accounts to a single voting account.
Moreover, large amount of delegated steem power has given rise to a lot of great projects ,see @benjojo blog post for some examples.These projects were funded with large delegated steem power either directly or indirectly through post upvoting - thus making this platform to be more entrepreneurial and innovative. Some of the projects are:
- Humanitarian and charity fund raising projects
- Steemit music and Radio community projects
- Scientific medical research
- Sustainability projects for farmers and green concept lovers
- Entrepreneurial projects
- spam and plagiarism fighting bots
Even though delegated steem power has been great for our steemit community, it is, however, not without its limitations:
- Mass up voting scam and spam see my former blog post
- Exploiting the reward system to benefit few members
- Rise in weird up voting bots, scamming poor minnows of their little money
- Abuse of power through flagging wars- see my former blog post here .
Conclusion: Steem power is among the best investments (in my opinion) in the blockchain segment with a lot of advantages which are indicated in this article. Moreover, delegating a lot of steem power to good people who will use it wisely to do good is great for our community . On the other hand, it can destroy steemit if it is delegated to those whose interest lies on greed and exploitation.
What do you guys think?
- Delegated power is bad for steemit
- Not all delegated power is bad
- I do not know what you are talking about and thus do not care
- Delegated power is good for steemit
Send in your comment, please resteem this for others to join and up vote to send your support.
Please join us to fight spam and scam on steemit- read my former post: How Spam is killing steemit and what to do about it