Whaleshares hardfork 3
HF3 is going to happen after 2 days, this will be one biggest change in whaleshares and it will separate whaleshares completely from other blockchain social media with it's reward mechanism. Steemit reward mechanism is what I don't like and experimenting with it to find a better one is always good for me.
Here is how it works
Today 85% of total wls of a post goes to content creator and curator (most of it to creator), 5% to devfund and 10% to witnesses.
After hardfork 3, only 15% of reward goes to content creator pool, 70% goes to daily claim, 5% to devfund and 10% to witnesses. This seems to be counter-intuitive but it makes a lot of sense. It is more or less like UBI(Universal Basic Income), which is also counter-intuitive in first glance. I have listed some advantages of this change.
1. No shit post
If I only get 15% of the reward from posting, I will not bother to shit post. Which will make posting a thing for those who have good audience or who try to make good audience. This is what I was talking about since long time, not everyone should earn. It should be like Youtube, where crossing a threshold is hard but reward after crossing it will be huge, because of which people focus to create quality content which gave the platform overall boost.
2. No whale upvoting
This is another big concern for me. Whale circle voting them for profits, draining the reward pool. Now they need a hell lot of voting power to circle vote eachother. This can still happen but it won't give significant profit to whales. It will be better for whales to make a community, give reward to others and get some following than just circle voting, as they are already getting 70%.
3. The UBI concept
If people are already getting something for free, they will be motivated to get more with some effort. Getting few whale friends won't be enough and the only way to succeed in long run will be to build an audience, which takes effort, increasing the quality of contents.
4. Whale friends
Having whale friends is significantly important today to get some votes in post. But after HF3 whales will not be as powerful as today. Yes, having whalefriends will still help you to get more tokens in post but it will be important to get more audience than to get few extremely wealthy audience. If you get less from a whale upvote than you are already making with daily reward then you will not produce content unless you are a real content creator.
Real content creator will get more vote which can surpass their daily earning by a mile which will motivate them to create more content and more competition.
5. Giving free money
It really doesn't make sense to buy a token just to reward other, there might be some good guys (like @pankso) who really want to help others but there are very few people who actually want to promote others by buying token with a lot of money, it doesn't make sense to most people.
6. More like a social media
If I just want to browse through social media and spend my time reading some articles, I can now go to platforms like medium, where there are more good articles than in whaleshares, if I want to stake my coins, I can use a lot of staking platforms right now the only reason to browse through steemit/whaleshares is to get more upvotes in our post. (for most people and it makes sense)
If I get 70% of my vp for not voting anything or just by logging in I will be free to just browse without being worried to get more vote back or not.
7. No flags
We know whaleshares don't have flag anymore but it could have been bad for platform because of plagiarism and vote farming. Now how likely is that someone will spend their time doing that? They can make little to nothing doing it, making policing self sustaining system without wasting anything or without flag wars.
8. Pods
If we get lots of people in platform then it will make sense to use pods, make friends, socialize and get connected to like minded people to get some popularity.
9. Won't rich get richer and poor can't increase?
Yes, the propose of stake reward is to make you buy wls from market. For creator, it is good that their post are being voted for their quality and shit posts are not being voted more than them. In long run good quality creator can make more more than shit poster with more power.
Conclusion
It is an experiment which looks like to bring more good things to the platform. For me it is what I wanted in other platform since a long time because whale abuse and social media not being social media was my biggest concern. Time will tell what will actually happen but it seems to be positive change for me.
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Image : Cointelegraph