STEEM's Reward System - For All or The Whales?

In his recent blog sean-king shares his view on the reward system and why it is justified that eSTEEMED Posts are welcome as these posts improves the value and distribution of STEEM especially for the ‘rational steem holder’ or Whales…

Although there is truth to increasing STEEM POWER through voting for select posts which improves the value of the currency, I tend to differ with the opinion shared in that article. It is not sustainable.

I was attracted to STEEMIT because of the long term potential that this new social media platform has to offer. I would love to see this platform mature into a platform where content is valued for what it is worth and that the author is justly rewarded for that content making a difference to someone else. I hope to see knowledge areas or forums for discussion being shared across diverse topics. This platform can be the new Knowledge Omniverse.

To quote from the steem whitepaper;

Page 5 on why STEEM.

“The Steem community provides the following services to its members:

1. A source of curated news and commentary.
2. A means to get high quality answers to personalized questions.
3. A stable cryptocurrency pegged to the U.S. dollar.
4. Free payments.
5. Jobs providing above services to other members.”

Page 6 on voting
“The fundamental unit of account on the Steem platform is STEEM, a crypto currency token. Steem operates on the basis of one-STEEM, one-vote. Under this model, individuals who have contributed the most to the platform, as measured by their account balance, have the most influence over how contributions are scored. Furthermore, Steem only allows members to vote with STEEM when it is committed to a multi-year vesting schedule. Under this model, members have a financial incentive to vote in a way that maximises the long term value of their STEEM.”

Page 6 on content value
“Steem is designed around a relatively simple concept: everyone’s meaningful contribution to the community should be recognized for the value it adds . When people are recognized for their meaningful contributions, they continue contributing and the community grows. Any imbalance in the give and take within a community is unsustainable. Eventually the givers grow tired of supporting the takers and disengage from the community.”

I urge you all to take some time and read this whitepaper. There is a lot of content in here that explains why and how STEEM is meant to work but more importantly on why STEEM is different.

It also offers you the opportunity to understand the founders vision for a sustainable platform.

https://steem.io/SteemWhitePaper.pdf

Sanj.