DTube GitHub Repository: https://github.com/dtube/dtube
Details
In an update titled Curation and Economic Update DTube shared some released parts of update 0.8 while the rest of the update are still work in progress. The update included details around DTube sponsorship program, and bot assisted curation to fight abuse and provide arbitrage between curators. The subject of this study is the update around the redistribution of DTube beneficiary rewards.
Even before the announcement about the redistribution of rewards, the analyst have noticed transfers from dtube.rewards following entries of curation rewards from upvoting DTube contents. The analyst wish to provide some preliminary data on how this have worked out so far, a couple of weeks from implementation.
Outline
In trying to show how DTube's benefactor rewards redistribution is drastically altering the distribution of rewards between authors and curators, the analyst plotted data-points bulleted below:
- DTube Rewards Distribution Trend
a. 15 Days Distribution Between Author, Curator & Benefactor
b. 15 Days Trend of Steem Transfers from dtube.rewards
c. Old Rewards Distribution Pie Chart
d. New Reward Distributed Pie Chart - How is the New Distribution Compared to Another Frontend App
a. Reward Distribution Comparison (DLive) - 83 Days Upvotes Per Post Trend
- Top Recipients of Steem from dtube.rewards as Additional Curation Rewards
Scope of Analysis
The implementation of DTube's Benefactor Reward Redistribution is fairly new, and the analyst used as much data as available. The analyst aims to quantify how much impact the implementation had on the rewards distribution, and the changes it is bringing to upvoting behavior for contents published in DTube.
The data to build most of the charts focuses on the contents published in DTube between the first and the fifteenth of May, 2018. At the time of generating the data, published post beyond the fifteenth are yet to be paid out, and the rewards distribution data for those are not yet available. The curation participation measured via count of upvotes and unique voters was expanded to forty five days to cover the period before the redistribution of benefactor rewards, and show potential changes in behavior pre and post implementation.
To build a comparison between other frontends in terms of rewards distribution, the analyst selected one front end that does not collect benefactor reward (dlive.io).
Tools
Like in all the analyst's past contribution, he used arcange's Steem SQL Database to obtain the data related to posts, author rewards, curation rewards, benefactor rewards, and transfers. This study required the analyst to use six tables:
- Comments table to reference all posts created in DTube under the json_metadata column.
- VOAuthorRewards table
- VOCommentBenefactorRewards table
- VOCurationRewards table
- TxTransfers table
- TxVotes table
Here are a queries used to collect the data used in this study:
/*Data for Author Rewards*/
SELECT
YEAR(Comments.created) AS [YEAR],
MONTH(Comments.created) AS [MONTH],
DAY(Comments.created) AS [DAY],
Comments.permlink,
Sum(VOAuthorRewards.sbd_payout) AS [Author_SBD],
Sum(VOAuthorRewards.steem_payout) AS [Author_Steem],
Sum(VOAuthorRewards.vesting_payout) AS [Author_Vest]
FROM
Comments (NOLOCK)
INNER JOIN
VOAuthorRewards (NOLOCK) ON VOAuthorRewards.permlink = Comments.permlink
WHERE
YEAR(Comments.created) = 2018 AND
MONTH(Comments.created) = 5 AND
DAY(Comments.created) <16 AND
depth = 0 AND
IIF(isjson(comments.json_metadata) = 1, IIF(CHARINDEX('/', json_value(comments.json_metadata, '$.app')) > 0, SUBSTRING(json_value(comments.json_metadata, '$.app'), 1, CHARINDEX('/', json_value(comments.json_metadata, '$.app'))-1),json_value(comments.json_metadata, '$.app')), null) = 'dtube'
GROUP BY
YEAR(Comments.created),
MONTH(Comments.created),
DAY(Comments.created),
Comments.permlink,
VOAuthorRewards.sbd_payout,
VOAuthorRewards.steem_payout,
VOAuthorRewards.vesting_payout
/*Data for Benefactor Rewards*/
SELECT
YEAR(Comments.created) AS [YEAR],
MONTH(Comments.created) AS [MONTH],
DAY(Comments.created) AS [DAY],
Comments.permlink,
VOCommentBenefactorRewards.reward AS [Benefactor_Vest]
FROM
Comments (NOLOCK)
INNER JOIN
VOCommentBenefactorRewards (NOLOCK) ON VOCommentBenefactorRewards.permlink = Comments.permlink
WHERE
YEAR(Comments.created) = 2018 AND
MONTH(Comments.created) = 5 AND
DAY(Comments.created) < 16 AND
depth = 0 AND
IIF(isjson(comments.json_metadata) = 1, IIF(CHARINDEX('/', json_value(comments.json_metadata, '$.app')) > 0, SUBSTRING(json_value(comments.json_metadata, '$.app'), 1, CHARINDEX('/', json_value(comments.json_metadata, '$.app'))-1),json_value(comments.json_metadata, '$.app')), null) = 'dtube'
GROUP BY
YEAR(Comments.created),
MONTH(Comments.created),
DAY(Comments.created),
Comments.permlink,
VOCommentBenefactorRewards.reward
/*Data for Curation Rewards*/
SELECT
YEAR(Comments.created) AS [YEAR],
MONTH(Comments.created) AS [MONTH],
DAY(Comments.created) AS [DAY],
Comments.permlink,
VOCurationRewards.reward AS [Curator_Vest]
FROM
Comments (NOLOCK)
INNER JOIN
VOCurationRewards (NOLOCK) ON VOCurationRewards.permlink = Comments.permlink
WHERE
YEAR(Comments.created) = 2018 AND
MONTH(Comments.created) = 5 AND
DAY(Comments.created) < 16 AND
depth = 0 AND
IIF(isjson(comments.json_metadata) = 1, IIF(CHARINDEX('/', json_value(comments.json_metadata, '$.app')) > 0, SUBSTRING(json_value(comments.json_metadata, '$.app'), 1, CHARINDEX('/', json_value(comments.json_metadata, '$.app'))-1),json_value(comments.json_metadata, '$.app')), null) = 'dtube'
GROUP BY
YEAR(Comments.created),
MONTH(Comments.created),
DAY(Comments.created),
Comments.permlink,
VOCurationRewards.reward
/*Data for dtube.rewards Transfers*/
SELECT
YEAR(TXTransfers.timestamp) AS [YEAR],
MONTH(TXTransfers.timestamp) AS [MONTH],
DAY(TXTransfers.timestamp) AS [DAY],
[TO],
TXTransfers.amount_symbol,
TXTransfers.amount,
TXTransfers.memo
FROM
TXTransfers (NOLOCK)
WHERE
[FROM] in ('dtube.rewards') AND
YEAR(TXTransfers.timestamp) = 2018 AND
MONTH(TXTransfers.timestamp) = 5 AND
DAY(TXTransfers.timestamp) <23
These queries were slightly modified to capture the data and build the reward distribution comparison for dlive.io.
/*Data for DTube Voters*/
SELECT
YEAR(Comments.created) AS [YEAR],
MONTH(Comments.created) AS [MONTH],
DAY(Comments.created) AS [DAY],
Comments.permlink,
Count(TxVotes.voter) AS [Vote_Count]
FROM
Comments (NOLOCK)
INNER JOIN
TxVotes (NOLOCK) ON TxVotes.permlink = Comments.permlink
WHERE
YEAR(Comments.created) = 2018 AND
MONTH(Comments.created) = 5 AND
DAY(Comments.created) >15 AND
depth = 0 AND
IIF(isjson(comments.json_metadata) = 1, IIF(CHARINDEX('/', json_value(comments.json_metadata, '$.app')) > 0, SUBSTRING(json_value(comments.json_metadata, '$.app'), 1, CHARINDEX('/', json_value(comments.json_metadata, '$.app'))-1),json_value(comments.json_metadata, '$.app')), null) = 'dtube'
GROUP BY
YEAR(Comments.created),
MONTH(Comments.created),
DAY(Comments.created),
Comments.permlink
To get the distribution of rewards, the analyst converted all the rewards into units of Steem, and used these tools for conversion:
- CoinMarketCap's historical data feature, taking the closing price of Steem and Steem Dollars when calculating the conversion for each date.
- mauricemikkers' Vests Calculator to convert Vest to Steem Power equivalent to one Steem.
The collected data were processed in Microsoft Excel and the charts were built using Microsoft Power BI.
Results
As the DTube team pointed out, while the benefactor reward for DTube is set at 25%, when calculated using the analyst's method of converting the Vest to Steem Power, and comparing it against the Steem rewarded to Authors (Steem Dollars converted to Steem via the closing price of Steem and Steem Dollar for the day the curation reward was credited) and Curators, the calculation returns a figure closer to 13.5%. Calculated using Steem as a unit of currency, the curation reward is also nowhere close 25%.
In the yellow line in the main chart, the analyst summed all the Steem Transfers made by the account dtube.rewards (with 7 days delay from the date of the post) to calculate the distributed benefactor rewards. As the data builds up, there is going to be a more scientific way of calculating this. The earliest Transfers from dtube.rewards had no reference to the post in the memo, but the team has turned around and included links to the post when redistributing rewards now, and when the data builds up it can be referenced to the permlink moving forward.
The comparison of the two pie charts in the right hand side of the image shows a clear shift into the distribution of rewards, where the curators' rewards are almost touching 25%. Looking at the data this way, there seems to be a small portion of the DTube benefactor rewards that the DTube team is not able to redistribute. When crossed reference to the permlinks, the analyst saw that these are mostly for the sum of smaller rewards that must have gotten impossible to divide among curators.
Note: The team at DTube are not sending the rewards back to known bidbots and are instead sending the rewards back to the authors.
Rewards Distribution Comparison Between DTube & DLive
DLive does not collect benefactor rewards, and much like in DTube before the redistribution of benefactor rewards, curation rewards is near 13.5%. The analyst wanted to show in this comparison how DTube is drastically altering the rewards distribution with their redistribution effort. There are arguments about the perceived imbalance in the distribution of rewards between authors and curators, an the DTube team seems to be influencing that with their redistribution scheme for the users of their platform.
Is The Redistribution Affecting Voting Behavior Yet?
In this chart, the analyst plotted the number of posts created in DTube against the number of upvotes each post is getting to see if the redistribution of rewards is taken as an additional incentive by the community to support DTube published contents.
In the chart it seems like DTube published content's been getting growing number of supporters over time, and whether or not the reward distribution is already creating an impact on voting behavior is yet inconclusive. It is after all still very early into implementation. The first transfer from the dtube.rewards account happened on the third of May.
Top Reward Redistribution Beneficiaries
The analyst included this chart to show the potential additional rewards curators can get by curating DTube contents. adamkokesh at the top for example made an additional 526 Steem for Dtube contents published between the first and the fifteenth of May he voted on. His account has an effective Steem Power of 500,000++. Scale that into how much your effective Steem Power is, and how much of your voting power you are willing to use to support DTube contents and you'd have a rough idea of how much additional reward you can potentially get from supporting DTube contents.
Conclusion
The reward redistribution from DTube is disrupting the reward distribution in a great way. It is a good incentive for the curators to get additional rewards for their investment, which in the long run can only be good for the authors as well. By incentivizing the curators through the additional (redistributed) rewards, the authors publishing contents in DTube are likely have more supporters.
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Basically, Dtube is distributing more rewards to its curators. Comparing this with Dlive, which has 13.51% curation rewards, DTube has distributed higher at 22.35%.
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