I'll see you all on the other side
Here we are, on the eve of one of the biggest days in Steemit.com's history.
If you are not quite sure what I am talking about, the witnesses have approved Hard Fork 19 which is set to go live in roughly 16 hours and 58 minutes.
It probably would be inaccurate to say that tomorrow is the biggest HF the currency (and site) has experienced thus far, but it certainly is a big one.
To be honest, just about every HF we have undergone over the past year seems to be "the biggest one in Steem's history" at the time, but that is a topic for another day.
What are the changes in this Hard Fork?
Since I have been involved with Steem and Steemit.com the voting curve has always been squared. Meaning the number of rewards a vote gives was dependent on the value of the post before one votes. An exponential voting curve.
Once the changes are implemented tomorrow, the amount a vote gives will be much more related to the amount of SP the voter owns. A much more linear voting curve.
That is a very basic explanation of the changes, but the full release can be seen here:
https://steemit.com/steemit/@steemitblog/hf19-equality-coming-soon-linear-rewards
Why are these changes needed?
These changes are needed because right now new and smaller accounts have basically no say in how rewards are allocated. The exponential voting curve gives large accounts an exponential advantage that makes the site not much fun for new users.
The hope is that by drastically reducing the impact the largest accounts have over the platform, or at least making that impact proportional to the amount of SP each person owns, it will help the smaller accounts feel like they matter and hopefully that will help tremendously with user retention.
The goal of these changes is not to make everyone equal, the goal is to at least give everyone a taste of what the site was intended to be. A decentralized way to reward other users based on your SP stake.
Will it work?
That is the 64 thousand dollar question.
I have no doubt that the changes will work in the context that new users will suddenly find their votes are able to actually give some rewards and undoubtedly make the site more fun for them which may help encourage them to stick with the site and possibly even make some investments in the platform as time goes on.
The part that is less clear is the vote power increase.
It will be interesting to see how people decide to use their votes with the increased power.
From my understanding the squared voting curve was set up to encourage people to vote for other people's posts. To prevent users from only voting on their own posts and comments. The new linear curve changes those incentives somewhat.
So, while it will undoubtedly help the smallest users, there could be unintended consequences going forward in regards to how people decide to use their votes.
Steemit.com in general is a giant social and economic experiment. No one really knows for sure how things are going to turn out.
Overall, I think the changes are a net positive and I look forward to seeing how it helps the site retain many of it's new users.
This will be my last post pre HF, and I will see you all on the other side!
Here's to hoping for the best!
Image Sources:
http://cz.wallpapers-fenix.eu/Railway/3/7003/
http://firedance99.deviantart.com/art/I-ll-see-you-on-the-other-side-195279022
Follow me: @jrcornel
That is a helpful definition of what is going on my friend.
There have been many posts on both sides of the argument the past week or two - some of them enlightening and some not.
I think Steemit Inc has done their research and put off this change for some time to make sure they get it right. I'm with you, this looks like it will be a net positive for the community.
If you're a bigger account having less power sucks but the system being more likely to bring in new accounts should raise the value of the Steem you holding making the HF well worth it.
Best answer
Yes, that is the hope!
I'm among the people who makes posts that are not enlightening at all.
Enlighten me, what do you mean? KIDDING! :p
I wrote one on the HF, perhaps not so enlightening!
im also curious how itl affect the price of steem
Good read @jcornel. HF19 is definitely going to bring excitement and buzz to the platform. It will be interesting to see the voting pattern from tomorrow. Can't wait to see the stats. Fingers crossed and hoping for the best :) see you on the other side
Yes the new F /A 19 Hornet will be a fine addition to americas new astronaut defense forces
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Flattening the potential for all to come to equilibrium sure will empower us all and I really look forward to see this new step being taken. Thanks a bunch for the information and we shall see each other on the other side!
Namaste :)
It will be nice to actually see my upvote mean something, It is depressing to see your favotite authors get nothing time and again when you give them an upvote,
good posting
Very nice post.... UPVOTE
Thanks for your sharing! I think we will never know whether it is right or wrong or will it work unless we tried it. So, I am quite open minded for the HF19. As yes, we are a new community (comparatively). If we don't make change, who will? As long as we will really look on the result and keep improve it.
I'm excited to see how the sites will function after the HF. As with many users this is my HF as part of the steemit network and as it seems an exciting one. As a minnow who has invested a decent amount into SP I am happy for the change. I will continue to vote for content that I fell worthy of my vote. I have not been discriminate of who I vote for as far as earning citation rewards, but forcused on the content of the article. I truly hope this helps Steemit to become scalable and truly attract the masses we all know is out there.
Looking forward to the changes HF19 will bring, as I am a newbie here, I found myself really got limited influence on upvoting others. Thank you for your sharing and we are all excited, can't wait until tomorrow! Steem On!
Yeh we have to experiment to get better, trial and error, if one thing doesn't go well we know to look at it for next time.
exciting times ahead for sure!