The current rep system on Steem was developed as a quick bandaid for spam problems. It's pretty broken as a system for real reputation. It's interesting you bring this up, though, because one of the main things I want to introduce to Steem is a reputation system that really works.
The tech I'm talking about also has many implications besides reputation as well. I've spent the last couple of years kicking around the applications for it and trying to decide where to find an initial home for these ideas and the corresponding software implementation. With Steem finally having a chance to be a true decentralized platform for idea exchange, I decided this was an ideal place to introduce it and I'm looking forward to setting up a team to develop it.
RE: The History of Delegated Proof-of-Stake (DPOS)