Steemit Crypto Academy- Steem Blockchain(PoB, Voting Window, Curation)- Week 5

in hive-108451 •  2 months ago  (edited)

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Proof-of-Brain(PoB)

There is a reward pool in Steem Blockchain to incentivize various actors-- Content Creators, Curators, Witnesses, Steem DAO, Vested Token Holders.

Of the total reward pool, 65% is distributed to content creators and curators.

There is also a stake-weighted mechanism(SP) to allow users to distribute(upvote) or redistribute(downvote) rewards. More the SP more is the influence power to distribute/redistribute rewards.

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Being a Blockchain-based social media, it is fundamentally decentralized, empowered by the wisdom of the people(the independent insights).

The reward pool(65% of the total), the stake-weighted mechanism(SP), the wisdom of the people, all put together is known as Poof-of-Brain(PoB).

To know more about PoB, Upvote, Downvote, etc please Click Here.


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Curation, Curated Content, Content Discovery

Curation

Most of us in Steem Blockchain are blinded by the misconception that Voting a Post= Curation. Even though by definition voting=curation, in principles, it is not.

Because we don't even know whether a curator has gone through the content or not. We do not even know whether it is original content or not.

The Proof-of-Brain is empowered by the wisdom of the people(independent insights of people, Decentralized Social Blogging), but to manifest its objective engagement is necessary.

What does curation mean in Steem Blockchain?

  • Read a post.
  • Diligently check the trustworthy source of the content
  • Does it add value to your life; if yes, then do engage to further dissect & disseminate the information, you can also add your personal take.
  • If the content happens to be plagirarized/spam content, then indicate that in the post and let the community know the existence of such harmful content.
  • Independently determine how valuable/harmful the content is for Steem Blockchain.
  • Upvote it (if you find it to be useful) using the available resources(SP, VP, Voting weight).
  • Resteem the content to share it with your followers. By doing so will create a network effect.

All these put together is known as Curation. When a piece of content is curated by many such individuals it is called Curated content.

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Content Discovery

Finding, collecting, and organizing all curated content, empowered with a stake-weighted mechanism(SP) gives rise to Content Discovery. The Better Content Discovery is pivotal to organizational interactions of both individuals & the community, how good the curators are to filter out the noise, how good they are to unanimously agree on the best/quality content.

Better content discovery literally means that the best/original/relevant content is voted to the top of the trending list. In other words, you reach an agreement with the community on quality content structurally, monetarily, qualitatively.

The Reward Algorithm coded in the Steem Blockchain is Convergent Liner Reward, this also empowers the curators to reach an agreement on the brilliant content. Because when more people agree and approve the content, the reward curve tends to reach linearity. The more the number of curators, the better is the content discovery.

In convergent liner reward, the isolated judgment tends to reward less whereas the community judgment tends to reward more(linear reward). So the reward converges to linearity when the isolated judgment transforms to community judgment.


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General Voting Window

Being a Blockchain-based social media, every publication/transaction/operation in Steem Blockchain is immutably recorded, with a time-stamp. So a Blockchain-based social media is always accurate and transparent to tell you the exact age of a post.

Steem Blockchain rewards the content creators and curators at 7 days age of a post. In simple words, the post payout matures at 7 days. During these 7 days, the post receives upvotes (or downvotes if any) and the net amount of a post payout is then distributed among the author and curator(s) in a ratio of 50%/50%.

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Of the 7 days, the first 5mins of the post from the time of publishing in Steem Blockchain is known as Reverse Auction, in which a linear discount of curation reward applies.

So if you vote during the first five mins age of a post then you lose a certain percentage of curation reward(linear discount from 0 min to 5 mins age of a post, with 100% discount at 0 min and 0% discount at 5 mins age of a post). The lost curation reward returns to the reward pool.

Similarly, if you are voting after 6 Days 12 hrs age of a post, then your voting worth starts depleting at a linear rate with 0% depletion at 6 days 12 hrs and 100% depletion at 7 days the age of a post. Here the upvote worth depletes if you vote beyond 6 days 12 hrs age of a post.

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In other words, the same resource(same SP, same Voting weight) does not produce the same result(upvote value) if you vote outside 6 Days 12 Hrs age of a post and it becomes zero at 7 Days.

Put simply, the general voting window is considered as "5 mins to 6 days 12 hrs age" of a post.

Note- Even if the general voting window is considered 5 mins to 6 Days 12 hrs age of a post, advanced and sophisticated curators do vote inside the reverse auction window to compete with other curators in popular and high-quality content & earn better curation rewards.


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Curation Reward

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Original Source of the Graph, I have imported the formula into the Graph for better understanding.

The curator reward for a single curator depends upon the timing & position of the upvote and whether whale votes follow after your vote or not. So in popular posts where it gains significant traction, if you have voted before a whale, then you can earn a significant percentage of the total curation reward.

In general, 50% of the post payout is given as curation reward which is then distributed among the curators. The early voters(curators) generally receive a better percentage of total curation reward in a post, to an extent that they can earn more than 100% of their upvote value as curation reward.

How do you improve curation efficiency & What are the different payout scenarios that can earn you more than 100% upvote value as curation reward?

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Now let's get into the formula of Curator's reward.

PT= Post Payout at the end of 7 days
P0= Post Payout before voting
P1= Post Payout after voting

Assumption- All the curators vote after 5 mins age of a post. so Δt= 1


This looks complex right. But it is not that complex, if we take the perfect square.

You all have been posting and curating in Steem Blockchain for quite some time. And you all have seen different ranges of rewards-- $1, $10, $20, $40, $50, $60, $100, $200, $300 and even more than that.

To simplify things, let's take the perfect squares-- $1, $4, $16, $64, $256

Let's say you visit a post where the post payout is showing as 0. Let's say your upvote value is $1.

So as per the formula P0= 0 and P1= 1
(Because before your vote, the Post payout was showing as 0 and after your vote, the post payout is showing as $1.

Further, let's say it receives upvotes from other curators over the 7 days and the post payout at 7 days becomes $4.

So, PT= $4

You are the first curator so, P1=$1

Now, Pcurator= (1/2) * (√4) * (√1-√0)= $1

Result- Your upvote value is $1, You are the first voter, The post payout at 7 days is $4. You earned $1 as a curation reward. That's 100% upvote value as a curation reward.

In other words, we can also say, in a post payout of $4, the first $1 voter(s) earns 100% curation reward.

Let's say, the total post payout at the end of 7 days is $16.

Then PT= $16,
P0= 0, P1= $1

Now, Pcurator= (1/2) * (√16) * (√1-√0)= $2

Result- Your upvote value is $1, You are the first voter, The post payout at 7 days is $16. You earned $2 as a curation reward. That's 200% upvote value as a curation reward.

In other words, we can also say, in a post payout of $16, the first $1 voter(s) earns 200% curation reward.

Let's say, the total post payout at the end of 7 days is $64.

Then PT= $64,
P0= 0, P1= $1

Now, Pcurator= (1/2) * (√64) * (√1-√0)= $4

Result- Your upvote value is $1, You are the first voter, The post payout at 7 days is $64. You earned $4 as a curation reward. That's 400% upvote value as a curation reward.

In other words, we can also say, in a post payout of $64, the first $1 voter(s) earns 400% curation reward.

Let's say, the total post payout at the end of 7 days is $256.

Then PT= $256,
P0= 0, P1= $1

Now, Pcurator= (1/2) * (√256) * (√1-√0)= $8

Result- Your upvote value is $1, You are the first voter, The post payout at 7 days is $256. You earned $8 as a curation reward. That's 800% upvote value as a curation reward.

In other words, we can also say, in a post payout of $256, the first $1 voter(s) earns 800% curation reward.

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In a similar way, I have also calculated the curation rewards for Second voter(s)-- ($1- $4), Third Voter(s)-- ($4- $16), Fourth Voter(s)-- ($16- $64), Fifth Voter(s)-- ($64- $256).

I have presented all those figures in a tabulated format.

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Now you can see how the early voter(s) gains a significant percentage of their upvote value as curation reward.


Let's go to Steemworld.org to find any random post where you have voted to check the curation efficiency and also to check the voting position of the curator(s).

I have selected a post of @besticofinder.

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Here you can find that nutbox.mine has first voted with an upvote value of $2.66. Before him also few other curators have voted, but their vote value is zero. So we consider nutbox.mine as the first voter($0- $1).

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PT= $320 which is greater than $256,

In this case, nutbox.mine will lose a portion of the curation(approx 20%, as he has voted at 4 mins age of the post), despite that he can still manage to earn significant curation reward as he is the first real voter in ($0-$1) band. So for the first $1(out of $2.66), he will earn more than 800% curation reward, and for the remaining $1.66(out of $2.66), he will earn around 266%. Then finally the total reward will be multiplied by Δt.

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Here Δt= t/5, t=4 mins as nutbox.mine has voted at around 4mins age of the post. So Δt for nutbox.mine= 4/5= 0.8

The Pcurator will be multiplied by 0.8.

Let's check the projected curation reward of nuxbox.mine in this post.

Vote value of nutbox.mine= $2.66
Vote Position= 4th
Vote timing= 4 mins approx
Porjected curation reward= 16.548 SP(~16.548 * 0.46= $7.61)

So nuxbox.mine earns a curation reward of $7.61 against his upvote value of $2.66. That's (7.61/2.66= 286%) of the upvote value as curation reward.

Homework Task

(1) What will happen if you vote before "5 mins age of a post" & after "6 days 12 hrs age of post" in Steem Blockchain? (Include your own experiences/Examples)

(2) How do I check how much reward of a post has returned to the reward pool in Steem Blockchain? Include screenshots (Hint- Steemworld.org)

(3) Under what circumstances a curator can earn more than 100% upvote value as curation rewards?

(4) Pick any random post you have voted in Steem Blockchain and indicate the time and position of your voting, what is the projected curation reward? (Include relevant Screenshots) (Hint- Steemworld.org)

(5) What is the role of curation in better content discovery in Steem Blockchain?

Guidelines

  • Your article should be at least 300 words.
  • It is always better to gain user experience before submitting your article.
  • Refrain from spam/plagiarism. This task requires screenshot(s) of your own experience with Steemworld.org. Use images from copyright-free sources and showcase the source, if any.
  • This homework task will run until 14th-Mar'2021.
  • Add tag #sapwood-week5 #cryptoacademy in your post and should be among the first five tags. You can also use other relevant tags like #blockchain #steem #curation or any other relevant tag.

Thank you.

(Please feel free to join the comment section if you have any doubt on Homework-Task)

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Cc:-
@steemitblog
@steemcurator01
@steemcurator02

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Unless otherwise stated, all the images, infographics, charts, tables, etc(if any) are my original works.

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Excellent blog and I highly recommend others to read it.

Awesome job.!!

Upvoted and resteemed.

Stephen

Thank you so much, Sir. It's always motivating to hear from you.

And It's a privilege to host you here.

Steem on.

Dear Professor @sapwood, there is my post.

Week 5 home work

Sorry for late submission as I was a little busy recent days. Please checked out my home work .

Thank you so much Professor @sapwood for this valuable lecture on the steem blockchain. Here is the link to my homework. Thank you for taking time to read it. Best regards.

https://steemit.com/hive-108451/@inmylife/crypto-academy-week-5-homework-post-for-professor-sapwood-or-steem-blockchain-pob-voting-window-curation

Thank you sir @sapwood. I will surely make my home work post as soon as possible.

Here is my Home Work

Dear sir , I have made my home work post for week5. Please visit my post and verify my affort.

Thanks so much @sapwood. Your lecture has opened my eyes to many things I had little knowledge.

Now I better understood the concept of curation and reward on the steemit blockchain.

I just hope I can find time to do this assignment. I have been very busy lately.

Thank you so much.

I wish you manage to find time to do this assignment.

Steem on.

Terrific blog.
You really have a deep knowledge of the Steem ecosystem. A lot of useful information covered by you in this post.

Resteemed!

Thank you so much. It means a lot. Motivating!

Hello. I am new here and I confess that I feel a little lost. Thanks for sharing all these infos with us. It helped me a lot!

Mr @sapwood

Should we take the 9th second as 1 minute or the 0th minute? Someone who votes in the 9th second has won the curation prize.

Take it as 9 seconds in that case,

The Reverse Auction is the first 5 mins, so if you have voted at 9 sec (age) of a post, then the time of voting= 9 secs

If you have voted at 1 min 30 secs, then the time of voting= 1 min 30 secs.

Similarly, if you have voted after 3 curators, then your position of voting= 4th

I hope it clarifies.

Thank you.

  • Here is the translation of this post into Spanish.

LINK

Thanks professor!

Wow!!
I most confess I really learnt alot from this lecture.
I will be penning down my home work task for week 5 very soon.

Thank you professor @sapwood

Hello @sapwood.
Thanks for your class.

I want to understand something, what is reward pool?

New STEEM tokens are minted as per the inflation rate every 3 seconds(Block producing time in Steem Blockchain is 3 seconds).

The current inflation rate is somewhere below 8%. And inflation rate decreases at a rate of 0.01% every 250,000 Blocks, until it becomes 0.95%.

The newly minted tokens are then collected in a pool which is called as Reward Pool.

The beneficiary of the Reward Pool are:-

  • Content Creaters & Curators- 65%
  • Witnesses- 10%
  • Vested Tokens Holders(SP Holders)- 15%
  • Steem DAO- 10%

I hope it clarifies.

Thank you.

I understand now... Thanks so much for your explanations.

Hi,
Dear professor @sapwood
You are requested to have a look on my assignment task.
Here it is :: https://steemit.com/hive-108451/@eh-shohag/crypto-academy-week-5-homework-post-for-sapwood

This is another awesome delivery by you dear professor @sapwood. Thanks for enlightening the entire populace more about the Steem blockchain.

I've attended to the task and I present it here!

It can also be accessed through the link below;
https://steemit.com/hive-108451/@fredquantum/steemit-crypto-academy-week-5-task-steem-blockchain-or-lecture-by-sapwood

Thank you, sir

This was an amazing class!! Thanks a lot @sapwood!!

This is my homework


Have a wonderful day!!

Hola profesor, excelente clase mu ayudo a comprender muchas cosas en Steemit.

aquí dejo mi participación.

Hello professor, excellent class, it helped me to understand many things in Steemit.

Here I leave my participation.
https://steemit.com/hive-108451/@danay/steemit-crypto-academy-steem-blockchain-danay-pob-voting-window-curation-week-5

Its really nice reading from this article, with this article some areas which are not clear for me are now well explained thanks to you sir keep the great work @excellent work.

Спасибо профессор за ваш информативный и очень полезный пост. Возможно мы научимся курировать лучше...
Мне было бы интересно знать есть ли разница между курированием публикаций и комментариев? Что выгоднее для куратора?

Posting/publishing content is like setting a stage for others to join. So content is just a precursor to real social engagement. It is the engagement that creates social intersection to dissect & disseminate the information. A community also builds through engagement.

Regarding monetary benefits, both are profitable. One is direct and the other is indirect. Most of the curators rally around trending posts. In that process, they also engage with the content, they also have their individual insights, agree/disagree, and also resteem to share it with their followers. And all these sum up to better content discovery.

Иногда я читаю не менее достойные комментарии, чем публикации. Видимо все познается опытным путем. Я попробую проверить мои предположения и возможно напишу о моем опыте. Возможно я неправильно использовала слово "выгода" , здесь имелось ввиду эффективность.

Thank you professor @sapwood for this wonderful lesson. Below is link to my homework task:
https://steemit.com/hive-108451/@reminiscence01/homework-task-week-5-for-professor-sapwood-or-steemit-blockchain-or

Thank you so much professor @sapwood for the lecture.

Here is my link to the week 5 task.
https://steemit.com/hive-108451/@temitopef/homework-task-5-steem-blockchain-pob-voting-window-curation-or-lesson-by-sapwood

Thank once again.

Just as it is. Really encouraging words and great story you have here. The world is really building it's rock on crypto

Thank you.

Awesome post sir, I will make homework ASAP.
Upvoted & resteemd

Thank you.

As practical as ever. Thanks for the Lectures @sapwood.

I find your tasks very interesting @sapwood I have already read several of them and I wanted to know if I can participate in the previous ones even though the time for submissions has already expired.

Hi @sapwood

Can I do your week 5 homework task? If yes, can I do it in Hindi ?

Hello Professor @sapwood, thanks for the lecture this is the link for my homework task below

https://steempeak.com/hive-108451/@grace-p/crypto-academy-week-5-homework-post-for-sapwood

Dear, professor @sapwood, the homework task 5 I submitted has not be reviewed. I hope to have your review on it sooner. Thank you, sir. https://steemit.com/hive-108451/@temitopef/homework-task-5-steem-blockchain-pob-voting-window-curation-or-lesson-by-sapwood

Good!

My submission for week 5 housework

https://steemit.com/hive-108451/@prakhar9675/steem-cryptoacademy-home-work-post-for-sapwood-of-week-5

Thank you professor @sapwood for this very interesting lecture and homework..

Thank so much professor for your efforts. I'm happy to have participated in week 5 homework task. Here's my entry

Link here