Today we are introducing some changes to the voting model that will make it much easier for you to earn money by voting. In fact you will be earning almost twice as much as you earned before (in expectation).
Before I explain the changes we made, let me explain the reasoning behind the voting model. The goal of the voting model is to make it easy for everybody to earn money on Yours. You do not have to be a content creator. If you have an opinion you can make money on Yours. At the same time, voters provide value to the community by finding good content early.
Here is how it works. When you vote on something you make a prediction that the community will like this piece of content. If your prediction turns out to be true you will profit. If your prediction is wrong then you donate to the content creator and the people who were just a little bit faster than you. Content creators can vote on their own content, and we recommend to do so to increase your earnings.
Every vote costs 10c and this amount is split between previous voters weighted by the amount they voted. If you vote early you get payments from later votes and profit. If you are particularly bullish about your prediction you can vote multiple times to increase your potential payout.
Shortly after we launched this model a few weeks ago, we started giving out two votes for free: the first vote to the company Yours Inc and the second to the content creator. The goal was to fix a bug where creators could vote for free on their content. However it turned out that this cut quite substantially into the amount of money our users made from of voting: nearly half of the revenue went to Yours Inc, making it harder for you to earn money.
Starting from today Yours Inc will no longer get the first vote. The content creator still gets a free vote. To prevent free voting by the creator we add the following rule: If the creator votes on their own content they pay 10c like everybody else and this money goes to Yours Inc. All subsequent votes go only to users.
If you are confused, here is an example. Sue writes a beautiful poem and posts it to Yours. She pays 10c to publish and gets one free vote in return. John finds the poem, loves it so he decides to vote. He pays 10c that go to Sue. By getting just one vote, a content creator can recover the cost to post. Later Marie finds the post and votes too. She pays 10c that are split equally between Sue and John beacause they have both voted equal amounts.
Another example: Sue writes a short story. She is confident that she will get votes, so she votes on her own story. She pays 10c to post, gets one free vote, and pays an extra 10c for a second vote. Then John finds it, pays 10c to vote, and the 10c all go to Sue as the only previous voter. Finally Marie finds it and pays 10c to vote. Because Sue voted twice and John just once, 2/3 of the new vote fees (6.7c) go to Sue and 1/3 (3.3c) go to John.
The voting model is far from perfect. We will continue to iterate. If you have any ideas on how to improve it, please let us know in the comments or by email (not that hard to guess :).
Edits: As suggested by Gianfranco in the comments.