Thank you for posting dear @whatsup
Well thanks a lot for sharing this with us i appreciate this post but have some little doubts which i think you can help me to understand ...as you said
Reward Pool Concepts
The blockchain creates new Steem, these are new Steem that did not exist before.
So is there not a maximum supply of this token if this gets created everyday then i guess this will just be a pump and dump coin as the Big whale can manipulate the prices in second after searching the coinmarketcap i found out that
Circulating Supply
247,498,958 STEEM
Total Supply
264,473,052 STEEM
but would still like to know your thoughts on this one & how will system work when all the supply will get into the circulation so there will no rewards coming then
Well on the other hand you explained it quite beautifully and simply this system is quite unique and have the potential to go further and scale up too....Thanks for sharing.
Have a great day ahead
Cheers.
It is unclear if the rewards will always remain. Steem is an inflationary token the details are spelled out in the white paper.
Just because the whales are making money doesn't mean we can't... Cheers back to you.
Thanks for your Reply @whatsup
Seems like someone has to understand each line of the white paper anyways will check out the whitepaper and it will be the time to know how things will go on in future ...Thanks a ton again :)
from the white paper... But please take a look at the document.
Current Allocation & Supply
Starting with the network's 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.
75% of the new tokens that are generated go to fund the reward pool, which is split between authors and curators. 15% of the new tokens are awarded to holders of SP. The remaining 10% pays for the witnesses to power the blockchain.