A nice idea, but I can't see it ever working. There are too many groups with very different requirements & [perceived] statuses for any one algorithm to be voted in by a community - even if it was one user, one vote.
The majority of whales would never voluntarily give up the system which sees them lose their power/wealth.
The spammers want a system they can manipulate to get exposure for their agenda, and ultimately make money from (these could be new users, or established).
The silent majority wouldn't bother voting.
The newest members can barely understand the platform as it is. I'm sure that any algorithm would further complicate an already complicated system, so would further alienate them.
What is obvious is that the method for distribution of wealth on Steem needs looking at - something I believe Steem Inc are doing.
But you can't put something like that in the hands of the community. Whether it's blockchain, or offline, the rich will never vote to give their money to the poor. Those with good intentions would be outvoted by the majority with self-interest at heart - it's just human nature.
Yeah, forget about one algo, perhaps a matter of subcommunities / firms?