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RE: Steem Proposal System will be completed on Monday
There's a daily budget that will get paid out in order to the top proposals. The last such proposal will generally only get partially funded and any lower ranked proposal will not get any funding. For a better understanding of how this works, I recommend reading the original posting about it: https://steemit.com/blocktrades/@blocktrades/proposing-a-worker-proposal-system-for-steem
How similar does this work compared to Bitshare's worker proposal?
It's very similar, but there are some differences. Here's the main differences that I can think of off-hand:
Voting is with staked instead of liquid tokens like in BitShares. With tokens only unstakeable over a 3 month period in Steem, this means that a centralized exchange can't reasonably vote with tokens being held on the exchange. This happened once before in BitShares, and it was a bit of a mess, IMO. This means the Steem proposal system is much safer against abuse.
Payouts from proposals are made in a stable coin (SBD) instead of the native token (Steem). Although BitShares also has a stable coin, the proposal system was designed to pay out in the native coin (BTS). This almost inevitably led to issues because of the extreme price volatility: when BitShares went up in value, the payouts were larger than originally intended and the community was unhappy because devs were being overpaid, and when it went down too much, the devs were being paid enough. This issue is mostly worked around nowadays by using a 3rd party escrow agent that pays out in the BitShares stable coins (bitusd and bitcny), but it adds extra overhead to the process.
Bitshares has multiple "types" of proposals (regular workers, burn workers, and refund workers). Instead of defining special types of workers, the Steem proposal system has one type of worker, but unlike a BitShares worker proposal, a Steemproposal can be created by one account and payout to a different account. This allows the Steem proposal system more flexibility than is possible in the BitShares implementation. It can mimic all three types of BitShares proposals, with a simpler implementation and also allows for additional use-cases.
The funding model for the two systems is different. In BitShares, the funding "account" (it's not really an account in BitShares, but you can think of there being a virtual one) was established initially with a large amount of BitShares (about a billion, IIRC) and is funded thereafter via fees charged by the blockchain for performing operations on the blockchain. Steem doesn't charge fees, so the funding account can't be filled this way. But Steem's funding account is an actual account, so it is possible to donate funds to it and this is initially the only method it can be funded. But I expect various proposals for additional ways to fund this account, with some form of inflation being one likely mechanism (either from an existing recipient of inflation or a newly defined one).
Hey so whats going on with proposal system? can there be front ends to make it look prettier that still u ethe same steem blockchian/ Posts still show up on someones blog right?
We've delivered the code to Steemit (PR is here: https://github.com/steemit/steem/pull/3272).
Next step is the hardfork release, they're currently polling witnesses to see what if any other small changes will be included with the hardfork release.
Any frontend will be able to make a UI for the proposal system: I hope most will support it.
I can't say I understand what's going on in that picture above, I guess it's a small part of some larger conversation.
Nevermidn about the picture, and ok cool, hey if you coudl post an update ityd clear a lot fo confusioon
i ghot into an argument about how much the new worker proposal system is going to take, i didnt know you made an update and are going to do an extra 1% inflation?
COuld you PLEASE do a quick update and clear things up and give teh LATEST info on How much inflation and where its coming form, if its not being taken from author rewards anymore, are we going to add inflation now to the inflation tables?
There's no change to add inflation. There's some code there that allows for inflation to be part of the daily budget, so maybe someone saw this and assumed we had added an inflation source.
Initially, the SPS will be funded by donations (with the biggest one from Steemit), then I expect various proposals for how to fund the SPS through other mechanisms. Proposal voting will decide what those sources will be (in coordination with voting for witnesses, of course).
WOW ok ok ok sooo im happy to hear they wont be taking 10% from author rewardsm or adding inflation. and you expect steemit inc to donate to this ok ok coo cool
i just am glad we will have these referendums
greymass wallet for eos has referndums section, i wonder if @jesta can have @vessel wallet have a similar referendum section but maybe thats crazy talk
ok so yeah good to hear theres been some changes, but i really am glad theers going to be a Central place to propose steem projects and infrastructure.
I Feel like this is all just another very technical way of saying @ned is finally going to start funding large steem projects which is great
also until more people start buying steem either because of this oir via ned paying for marketing, people will make fun of us for being "centrralized" because ned owns liek half of all the steempower and like a third of all the steem or 30% or 25% something like that and it my have gone down recently, hard to tell, but if @ned perfected the art of divesting his own funds to people in a way that timelocked the steempower, beyond delegation, or maybe if ned made contracts with upstanding steemians in developed countries and didnt repeat mistake of dlive, and actually disperesed his steem to all sorts iof projects,m i mean peopel lioek aggroed and others like him and other steem devs could end up with a lot of neds wealth, in return for ownership in those subsequent steem based companies... hopefully there will be ways for ned to trade some of his steem for control of future steem dapps while making a profit and allowing steem to become more decentralized stake wise, with neds stake going down to 10% like @block.one of EOS now thatd be pretty neat
now of course all of that might not be necessary or the best thing for steem which might need this sort of central control to push through hardforks at this early stage///but i also think Ned is but ONE man, and i think no brain no matter how big of a big brain ned MAY have, can justify that large of a stake in a platform which is supposed to be for everyone on earth, and the power gap is a huge turn off to so many, a person should instead allow a large organization to handle the stake and use it while the individual can then ENJOY the fruits of the labor of all ythe working peopel using teh stake, developing with it, instead of teh way teh reward pool is being wasted today,
honestly if ned camein and paud attention to the BEST of STeem, thinsg woudl chsange over night and youd see an army of peopel raised to do marketing and advertisingwith force multiplying effects with peopel liing up to win $100 upvotes, instedof those upvotes going to many of the vcery lame circle jerk posts which, are the righst fo those voters but if ned started using his votes the current regiem woudl eb gettinga lot less upvotes, and ned coudl start usinghis own vote power to fnund all sorts of great FOSS initiatives and steem initiatives advertising campaigns on legacy social media where he couild get ten thousand steemians posting on legacy social media accounts from instagram to reddit about steem, io mean its pretty crazy what IS actually possible when you imagien what you coudl do with the upvotes just one of Neds accounst can give out, now imagien when you use @steem and @steemit
if you actually used the @steem or @steemit whichever still has SP, you could seriously breath life intopeople, creating an army of peopel in eveloping countries whose lives woudl change and theyd be lifetime steem marke8ing machines, then you coudl use upotes to pay for youtubvers and instagram influencers to come toi steem, you could really just go crazy with it, anyway, i can only dream about the paralele universe where all of that actually happens.
if @ned doenst do something soo, liek maybe advertsise theis workerproposal system at leats,then EOS is going to drink his milkshake like in There WIll be Blood the Movie, at the end scene,.... its gonna be like that man... dan larimer said "Steemit si running out of time"
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