Simply Explained: HardFork 20

in #steem6 years ago (edited)

HF20.png

Steemit Inc. has just published a post about the next big update coming to Steem, the highly anticipated: HF20.

The coming changes will simplify Steem, introduce amazing new features and remove unnecessary rules that are currently quite outdated and hindering for growth.

However, the post is very long and it can be somewhat difficult for the average Steemian to fully grasp - no matter how smart said Steemian might be :)

That's why your witness, @therealwolf is here for the rescue:

HF20 in plain english

First off: for HF20 to be implemented, 17 of the top 21 Witnesses have to be in favour of it.

When will it happen?

Tuesday, September 25, at 11:00am EST.

A testnet will be available prior the date in September. (this is to ensure no hiccups would compromise the blockchain)

Key upgrades you should be excited about

  • Previously, if a vote was made within the first 30 minutes after a post was created, the voter would receive less curation rewards, as those rewards would go to the author instead. This amount has been changed from 30 minutes to 15 minutes. Additionally, the curation-rewards which previously went to the author, are now being returned to the reward pool.

  • Bandwidth will be replaced by Resource Credits (RCs) which will make Steem the most advanced freemium blockchain in the world. (More about RCs)

  • Accounts can be created with RCs instead of STEEM delegations. How many RCs it costs to create an account is based on the demand aka an internal market. The global pool of Discount Account Creation tokens will limit the accounts that can be created that way. The total number of tokens allowed at any time and the amount of daily tokens will be controlled by the witnesses.

  • Accounts that will be created with STEEM have their initial STEEM burned/destroyed. For example: if it costs 3 STEEM to create an account - instead of the account having 3SP - the 3 STEEM will be send to @null aka burned. Accounts can not be created with Steempower delegations anymore.

  • Very small accounts with less than 1 SP couldn't previously vote due to the Dust Vote Threshold. This has been changed by allowing users with any amount of SP to make votes as long as they have enough RCs. However, very small votes could be worth nothing with this change.

  • The period until Steempower will return after canceling a delegation is now 5 days, down from 7 days.

  • The powering down of Steempower has no more minimum restriction.

  • The amount of SBD you receive with your author rewards has been indirectly changed. You currently receive a lot of STEEM instead of SBD as the debt ratio is above 2%. If it were at 5% or above you would receive 50% STEEM and 50% SP. In HF20, you'll receive SBD unless the debt-ratio is above 9% and under 10%. If it's above 10%, then you'll receive 50% STEEM and 50% SP as well.

  • Instead of being able to create a new comment every 20 seconds, you can now create a comment every new block (3 seconds).

  • If you create an order on the internal market - for example to sell SBD for STEEM, then these orders will now expire after 28 days.

  • Previously, in the last 12 hours before the payout of a post, no votes were being counted. This has been changed now in a way that the effectiveness of a vote in these last 12 hours goes from 100% to 0%. Which means: if you vote 30 minutes before the payout, your vote uses the same amount of votingpower but would have pretty much no impact on the rewards.

  • The Double Voting Exploit has been fixed (more info here) in addition with increasing the precision of voting power (now voting mana).

And for Witnesses?

Yes, there are many things Witnesses need to learn and to be honest I thought about adding the changes for witnesses in this short post as well, but decided against it, as every witness should read the main-post aka coming changes for HF20 after all.

Don't let the market keep you down

Everything you are seeing, the development happening right in front of our eyes is an indication that there is absolutely no stopping STEEM. HF20 is actually a necessary stepping stone for SMTs to launch.

For me, the fact that the date has been announced, the excellent communication from Steemit Inc in the last months, is just an indication that they intend to deliver a superb product.

I for one am excited for the last quarter of 2018 and I can't wait to see how we will close this year. I'm willing to bet these markets will become very easy to forget in a few months.

Keep on Steemin!

Your witness,
@therealwolf


Do you believe that my work is valuable for Steem? Then please vote for me as witness.

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Glad to hear that!

Too bad the hard fork wont do anything to stop abuse like that comment ^ getting 4 dollars in upvotes

My account was flagged to -11 by an abusive whale, some users don't agree with this and are trying to help by upvoting my posts and comments.

You can find the details of all this if you look at the #flagwars tag and related posts

Hi, I have just activated my acct in your site pls check and reply if any issues or changes needed for best results

Wow oh wow, firstly I must commend your effort for taking your time to explain to us. Particularly I don’t like long posts as I’d loose interest as the words seems non ending. Well maybe I might not have a deep comprehension if I’m reading on my own. But you sure had made it easier and more comprehensive.

About the changes, I agree with it even without being a witness, and this I know others will too say 70% of others will. The creation of account with steem sounds actually very nice and smart in my own opinion. Conclusively, I’d love to say all these change I’ve read will only bring more efficiency in the platform and most activities on it. As we all know , growth is defined by positive changes and this implies growth for the platform. Thanks once again, you’re much appreciated

Okay, proceed to waiting another «Stepping stone to SMT» for another year.

great stuff, @therealwolf!
i was pushing the date for reading all about HF20 so far that i've already forgot about it :)
now, thanks to your post i have read everything, incuding @steemitblog's announcements too.
thanks for the reminder, and i think too that it'll be an exciting 4th quarter 2018, indeed :D

Mission accomplished! :)

"The powering down of Steempower has no more minimum restriction."
what do you mean by that? no more 13 week's to Power Down?

No, in the past a account needed a minimum of 10 Steempower to power down. If you had less, let's say 8, you could not power down.

HF20 is actually a necessary stepping stone for SMTs to launch.

Hmm, can you explain why? Realy, i want to know it.
Why can't they start this now? Why is the HF20 needed?

Most of all, I thought the tokens were coming with the HF20. That the HF20 "contains" the tokens.

HF20 brought fundamental changes, which are needed for a robust Steem Ecosystem.

For example the new Resource Credit system, instead of bandwidth, is important for Steem and SMTs.

Additionally, quite a few changes in HF20 were bug-fixes and removals of outdated rules.

@therealwolf, you may remember me. I'm stupid when it comes to all this crypto talk.
What is this "SMT" that is starting and a foundation being laid down for?
Please help me understand more. Thanks

Thanks for trying @b-s. I got SOME information I could understand but,
It is still as clear as mud.
How does this benefit ME, the USER, how do I get more
$ out of it, me, who hasn't made a single dime of USD in the
13 months I've been in Steemit, me who last Autumn saw
my account value at almost $5,000 USD, but which is now
below $1,200, despite the fact that I've been continually
adding pennies per day, but withdrawing NOTHING?
How can I understand this?
How can I benefit?
What do I do to utilize this?
These are the things I need to understand.
Would someone Please write a short, concise
white paper explaining things in layman user terms?

From what I've been gathering. The HF is the leading steps towards laying down the foundation that will support SMT's. And probably more to come as well.

How was I not following you? Im going to report on this post soon, I think more people need to see it.

Heyy @therealwolf. Thankyou so much for this condensing and simplifying of the key points.

Many people do just the opposite when it comes to sharing news of key updates etc...They start simple then descend into a techie flavoured version of what I can only describe as dev-speak.

The vast majority of community members here generally want to learn, want to become more informed but are at their very core laymen.

I am incredibly excited at the intention set-forth within this hardfork especially with regards to redistribution of some elements of the reward pool...This in my opinion is key and will be instrumental n Steemit inc sending out a signal that they are listening, are sympathetic to concerns and are moving to remedy certain gray areas.

I am seeing much to be positive about in HF20 but do not be misled there are many who will rant and rave that it is nowhere near enough, they will focus on one element that they perceive to be negative and shout it form the rooftops of the blockchain that Steem is going to catastrophically plummet to three cents...These people will always exist and misery does love company.

I have never had real fears for steem...I believe that any crypto backed and adopted by such a huge community is destined for far, far greater things moving forward and that people forget crypto is still absolutely in it's infancy. I wholeheartedly believe that blockchain tech is set to revolutuionise the world and impact some of the poorest people on the planet in ways that we cannot even begin to comprehend right now.

If it's above 10%, then you'll receive 50% STEEM and 50% SBD as well.

Is actually

If it's above 10%, then you'll receive 50% SP and 50% STEEM as well.

Ah yes, made a small typo there. Thank you for making me aware of it!

Thanks for keeping it brief and simple, although I think this might lead to a SBD manipulation in the near future. Since less Sbd is being made its price should rise more than steem, or I'm getting it wrong? I'm really thinking to convert my available steem into SBD, its kinda logical scenario.

The change with the SBD printing percentage should actually result in more SBD being printed in comparison to now.

Thank you for your time. I have one more question if not problem. Why is there no Ads on steemit? I guess more and more money would be injected through time which should eventually influence the steem price. Moreover, scandals about censorship on youtube, Facebook and simular networks should make steemit blossom and prosper like never before, yet we are standing still like it doesn't effect us.