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RE: Fixing Steemit: Where's our Rewarded TRX Going at Payout?

in American Steem13 days ago (edited)

Oh, right, I always forget that new arrivals would be unaware of this. TRX reward distribution was "paused" last November. My guess is that the pause is permanent. I don't know why the condenser and wallet front-ends still show them.

TRX Rewards

Because of the current crypto market conditions it has been decided to pause TRX rewards.

This pause will allow Steem / Tron to thoroughly analyze the program’s impact and explore innovative approaches that will provide greater value to our users in the future.

During this pause, we encourage users to continue engaging with our platform and exploring all the features and opportunities it offers.

Editing to add a couple other clarifying points, since the entire rewards system may not be clear to you:

  1. "In small talk, I read someone (can't remember who) stipulate it would take a hard fork to remove the TRX rewards system". I'm pretty sure that's not correct. First, I don't think they did a hardfork when they implemented the TRX rewards in the first place, and second, they paused it last year without a hardfork. I believe that the rewards were implemented with a read-only operation on the Steem blockchain, and some sort of smart contract or other distribution mechanism on the Tron blockchain.

  2. To summarize Steem rewards, it's something like this:

    1. The total reward payout is split 50/50 between authors and curators
    2. If the curator votes before a post is 5 minutes old, they lose a portion of their rewards. If they vote at 1 minute, for example, they get 20% of the rewards. If they vote at 4 minutes, they get 80%. 50% at 21/2 minutes, and so on.
    3. After a post is 6 1/2 days old, the added value from a new vote starts to decline (this allows time for downvoting of abusive content).
    4. The closer you are to being "first voter", the higher your share of the rewards on the post - subject to the 5-minute constraint above.
    5. Curation payouts are entirely in Steem Power (SP).
    6. Unless set to 100% powerup, author payouts are a mix of liquid rewards and Steem Power.
    7. The form of the liquid rewards depends on the market cap of STEEM and SBDs. If the market cap of SBDs is below 9% of STEEM's market cap, the rewards are paid in SBD. If the SBD market cap is above 10%, then STEEM is paid out. If it's between 9 and 10%, the liquid rewards are a mix of STEEM and SBD. The portion of SBDs gets bigger as it gets closer to 9%. This is done because SBDs are debt instruments that are worth $1 of STEEM, so it prevents the blockchain from issuing too much debt.
    8. A 100% vote costs 2% of your remaining voting power, and your voting power is replenished at a rate of 20% per day. Combined, this means that you don't need to worry much about voting power for rewards purposes, except to make sure that you're always below 100% or else you miss out on the replenishment gains. However, when your voting power goes down, your vote is less valuable, so that is something to consider. In short, you get the equivalent influence of about 10 (100%) votes per day. If you vote more, your total influence is the same, but it is spread out more thinly.

That's all I'm getting off the top of my head. There have been some good posts on the topic, so I'll see if I can suggest some links during the next week or so.

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Thank you for this reply!

So, then, they should be able to remove the TRX reward system just as easily as they instituted it, correct? It just seems like this has been let go on for too long. If it's coming back, great, let's bring it back. But it's HIGHLY misleading to new users, who I would be willing to bet are turned off when they see the rewards for TRX do not pay out—just as I have been, especially with the TRX price flirting with passing STEEM currently.

"In small talk, I read someone (can't remember who) stipulate it would take a hard fork to remove the TRX rewards system". I'm pretty sure that's not correct. First, I don't think they did a hardfork when they implemented the TRX rewards in the first place, and second, they paused it last year without a hardfork. I believe that the rewards were implemented with a read-only operation on the Steem blockchain, and some sort of smart contract or other distribution mechanism on the Tron blockchain.

So, then, they should be able to remove the TRX reward system just as easily as they instituted it, correct?

I don't have first-hand knowledge, but that's what I surmise.

It just seems like this has been let go on for too long.

Maybe @the-gorilla can remove it from condenser as part of his ongoing renovation project, but I guess that Steemit would have to remove it from the wallet. Maybe SC01/SC02 will follow-up, since they were tagged...

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