Following the Steemit path in the fastest way possible. Golos.io reward curve adjustments implemented in less than one week due to advanced smart contracts functionality of CyberWay
@golosio has just managed to switch to the converging linear curve introduced and deployed recently by the Steemit dev team. The advantage that enjoyed Golos users is the high speed of decision making and implementation that is possible thanks to smart contracts.
Golos.io, the first application built on top of CyberWay is a decentralized application to be governed by leaders. The governing body of 21 leaders is elected by community. They can adjust a lot of key parameters of Golos.io including the reward functions. You can learn more about Golos leaders in Russian here golos.io.
Each leader is legitimate to propose various suggestions. ⅔ +1 of the top 21 is a success formula for accepting the proposal, meaning 15 out of 21 top leaders must support the initiative.
A proposal to switch to another reward curve was brought out to the community by @lex - one of the most prominent and tech-savvy leaders of the application. All the leaders were informed about the option before the actual proposal submission in about a week advance.
They discussed different alternatives to the linear reward function including @vandeberg’s (Senior Blockchain Developer at Steemit) converging linear curve proposal.
A discussion was held in telegram chat of Golos Leaders. As a matter of fact, the following four options were brought out to the leaders’ table:
- Linear curve (the one in the current use in the application since accepting the HF-17 )
- Quadratic curve (the one that was previously in rotation in the Golos blockchain before accepting the HF-17)
- Logarithmic curve (never tested before)
- Converging linear Steemit-like curve (tested on Steemit, for the original description visit https://steemit.com/steem/@vandeberg/reward-curve-deep-dive)
Given the fact that the logarithmic curve was never modeled, it was quickly discontinued from the group’s consideration. It would be too risky to implement this curve without any testing beforehand. When it comes to linear and quadratic curves, the author’s and curator’s reward possibilities were already obvious in terms of having them in rotation for quite a long period of time.
The quadratic function was considered unfair as rewards were leaning towards the accounts with a bigger amount of stake. During the initial stages, it encouraged users to buy tokens and transfer them to the stake. But it lasted a very short time due to the unfairness of reward distribution.
As for the linear one, most of the leaders assume, it could not incentivize users to participate in the post curation.
The converging linear function performs similarly to quadratic at the very beginning, encouraging users to perform well. Then it also resembles the linear one further as it’s bringing greater stability and providing a sense of equality and honesty in terms of rewards for posts.
To sum up quickly, 16 leaders have supported the initiative brought out by @lex, and the voting process was successfully completed. In less than a week, a case of switching to a brand new reward system was solved! The advantage of having an application on smart contracts on CyberWay blockchain is thus proved (on Golos blockchain the described change would have been possible only via Hardfork and thus within several weeks or months taking into account the usual functionality of the hardforks).
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