Stick a hard fork in it, it's done!

in #hf215 years ago (edited)


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27 August will see the steem blockchain introduce new changes to its core code with the introduction of HF21. If you haven't been here long enough to have experienced a Hard Forks and you're a little confused then let me give you the simplest explanation I can.


Any single entity can not change a blockchain by design. As a community, the most significant stakeholders get together and decide on changes they feel would benefit the STEEM blockchain.

Once the changes are approved all the witnesses, then update their nodes, and the STEEM blockchain will take on the new changes by running on a forked chain. A hard fork will not remove any information or lose it so all your data will still be available after the fork.

So what are these hard fork changes all about?

50/50 Reward split

Currently, when you post to STEEM as the author of a piece of content, you are entitled to 75% of the rewards the post receives.

While 25% is spread between the various curators, after the new hard fork, this will move to a 50/50 split.

Authors will get less from their posts come payout, but it also means you will be rewarded significantly more for curating content after the fork.

The theory behind this change is that with more emphasis on curation we will see more users looking to earn from manual curation instead of posting as much as they do.

It will also see more rewards being paid out in STEEM Power which may encourage more holding with less liquid steem payouts.

Reward curve

The rewards curve is also changing to reward users more as their posts are curated. If your blog post makes more than 20 steem in value, you will see an increase in your rewards.

We don't know for sure how this will work primarily with free downvotes, which may add more money back into the reward pool and more emphasis on curation.

I hope that the average post will receive more manual upvotes going forward instead of bots.

Curation trails could also become very popular once again.

Downvotes

A downvote mana pool will be added to help combat spamming and other bad actors. Downvotes will allow you to make a few free downvotes each day without affecting your voting power as it currently does.

This means each day you have new downvotes to use for curating.

Free downvotes may help the community flag posts that should not be rewarded.

Downvoting will send those rewards back to the reward pool, making more steem available to reward users who are creating useful content.

The allocation of free downvote may help limit abuse by not punishing you by losing your ability to earn from your standard daily curation.

Changes for the every day steemian

There are several other changes in this hard fork but these are the ones that would affect most users with their daily use of the chain. Do you think these changes will work? Do you think its the step in the right direction?


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One thing I saw in every post is that each account is 25 as reputation... but when you go to the profile, it appears with the original reputation..!!!

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Oh it happens when the page is loading

May the Steem ♨ HF21 Force B with Us 💙 ♬♬

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!ENGAGE 50

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Very clear and concise, easy to understand explanation regarding hf2. Thanks

!ENGAGE 50

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Great news thank you

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!ENGAGE 50

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!COFFEEA

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This post was curated by @theluvbug
and has received an upvote and a delayed resteem to hopefully generate some ❤ extra love ❤ for your post!

myluvbug.gif

In Proud Collaboration with The Power House Creatives
and their founder @jaynie

I think this is one of the easiest to understand explanations of what is going on now. There are other, more concise explanations out there that make the average user's head spin with technical details... this one gets straight to the basic point. Good one.

!ENGAGE 100

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I cant say I like this changes as I already see a quite big drop in my own earnings. I have a few thoughts after seeings what is happening after the HF21:

Authors will get less from their posts come payout, but it also means you will be rewarded significantly more for curating content after the fork.

The theory behind this change is that with more emphasis on curation we will see more users looking to earn from manual curation instead of posting as much as they do.

How a plankton (less than 500 sp) is supposed to earn the SP now? His curation will not be very big and most earning were coming from the posts. The post payout was cut quite a lot counting the 20 steem penalty barrier.
The curation will not cover the lost anywhere near.

I hope that the average post will receive more manual upvotes going forward instead of bots.

I read that in many places: "small users will get more votes now". And where those votes are supposed to come from? Everyone is already voting and using up the VP. I know I don't have anymore spare to vote more...

Looks to me it will his the new and small users the most. To the point that they will leave. And it is gonna be very hard for them to grow account now.
While the whales accounts will earn more on their 20 steem posts + the nice curation for having big accounts.

I also think that people will be actually more eager to use bots now. It will help them reach the 20 steem value and they will not lose anything on their posts that way.
Wasn't the HF supposed to kick the bid bots in a butt instead of users?

This whole change will just make the gap between big fish and small fish bigger and bigger.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

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