How exactly will this work? Will the proposals get a certain % of the total funds depending on how many votes they have or will it be more of a minimum votes needed and then they start getting paid?
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How exactly will this work? Will the proposals get a certain % of the total funds depending on how many votes they have or will it be more of a minimum votes needed and then they start getting paid?
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).
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