N^2 was the original formula for all votes. It meant that votes of whales counted exponentially more than votes of minnows. Simplified example: 1 Steem Power = 1 vote, 100 SP = 10,000 votes, 1,000 SP = 1,000,000 votes etc. Today, your voting power is equal to the amount of Steem Power you have.

I don't agree that going back and making most users powerless is a good solution.