Why Newbies Should be Excited about the Next Hardfork?
First, since many of you are asking what the heck is a Hardfork...
You can think of a hardfork as an update to Steemit (and/or the Steem blockchain) that changes things like features on the user interface, formulas for things like voting or curation rewards, etc. I highly recommend following the @SteemitBlog user so you can see official announcements from the Steemit Inc team.
So why should you be excited about the next Hardfork (0.19)?
While you can find the official pre-release statement for Hardfork (HF) 0.19 here, I'll make it short and sweet for you. When this 'update' happens..
Your Votes will Matter MORE!
Right now, votes have are based off of the square (SP^2) of your Steem Power. Technically this has an underlying piece called rshares, but let's not complicate things...just think of it in terms of Steem Power. A person with 1000 SP has a LOT more influence than somebody with 100 SP (imagine this for whales with 500k SP or more!)
1000^2 = 1,000,000
100^2 = 10,000
In this model, a person with 10 times more SP, have 100 times more influence.
They are going to be changing this to be linear instead of squared. Meaning someone with 10 times more SP will have 10 times the influence (compared to 100.) Essentially, this means for newer and smaller users, YOU'RE VOTE WILL HAVE MORE INFLUENCE!
More Influence, but Less Votes
One thing I wanted to point out with HF 0.19 is that while 100% votes (i.e. a full slider bar vote) will be able to give more rewards to others, the number of votes we have available without having our voting power regeneration keep up will be much lower.
I have a post that get's more in depth about the slider bar and vote power percentage in works and posted today.
But the basics...right you we are allowed 40 - 100% votes a day without our vote power dropping (more than the regen rate.) After this hardfork, we will have 10 - 100% votes a day without the voting power drop-off. This simply means that if you want to give out more than 10 votes a day, you may wish to split your votes, like 20 - 50% votes or 100 - 10% votes...that's up to you.
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Fork in the Water
big thanks @sykochica you broke that down nice and sweet ;)
You're very welcome! I love concision! Lol :D
And do we know the date of this hardfork?
Quoting the @steemitblog post on it: "The hardfork has yet to be scheduled"
But right now it seems to be in the stage where witenesses look over the proposal to decide if they will vote for it. The minimum time this usually takes is two weeks...if there is a lack of consensus, sometimes longer. Once they come to an agreement (with enough witnesses voting for it) we'll get a scheduled release date, usually happening on a Tuesday.
Not yet
This seems overdue if we want wide adoption and a more even playing field.
Eh, maybe to a degree. While I personally like seeing this, there have been some other changes over the last couple of months (even if not directly in the code) that's allowed smaller users to have more influence on rewards (i.e. being able to give some/more money.)
Imo, this is the move to actually get it into the code itself.
From the stats I read, the power distribution looks extremely lopsided and I feel someone without resources should not be marginalized.
I am new and learning fast and could and may just put a few million satoshis on and run a bot. This post is helpful in making that decision.
I am looking to be a positive force on steem and in the world in general especially as it relates to block chain. Any advice towards this goal would be appreciated and thanks for your time.
While there are the large shareholders, many of them are inactive with regards to posting and voting...allowing both the author rewards and curation rewards be available to the smaller users. (You can see this in the active stake statistic.)
With the 'interest' earned by holding SP now being extremely low, to some degree this can be seen as them 'sacrificing' for the good of the community.
When you say run a bot...do you mean a voting bot? Buying some SP (with those million satoshis) will increase what you can earn through curating (i.e. voting) but how much that exactly translates do depends up how much is bought, as well as the voting practices. I get into the curation formula a bit in this recent post.
Imo, there is bigger money to be made by posting, commenting and generally getting integrated into the community itself. There is also earning by running a witness node, but that requires people voting for you as a witness.
To a large degree, it's a question of what are you looking to do. People who are caring and actively helpful do tend to do well here (though it takes a bit to get ramped up into people knowing who you are and what you do.) But one example of somebody putting some money towards SP and having a big impact at the start...check out the user @htooms.
I am looking to be active and use steemit at least an hour a day. No more youtube. My favorite creators are flocking to steemit, thanks @crypt0. And I am asking more to join. I would like to organically curate but, the voting bots seem ubiquitous among the veterans. Thanks again for your thoughtful response and your insights, definitely a new follower of yours.
From what I've seen, human curators actually tend to beat out the bots. Since there are a (soft) limit to the number of votes we can make a day, the bots don't have that huge of an advantage..even though it takes actual time at the computer.
While I only do manual voting myself (and could make more curating if I wanted to,) I don't really have an issue with bots, however, one thing they always lack is the ability to leave a good, meaningful comment that helps build relationships with other users...which is what I tend to prefer.
But definitely happy to help out. Everyone ends up playing around with the various options to find what works best for them. :)
Once again you have made I very useful Blog for us Minnows! :). Thanks for taking your time to write about your knowledge in these matters. DR
@digestingreality
Thank you! I'm glad it's helpful!
There's so much to learn on Steemit, having short, concise things like this seemed a good thing to bring back. Some of the older ones are tough to find now.
Yes well I appreciate it. And I need to do a lot more studying in regards to Steemit as I want to maximize its potential. Both in information and potential profits. DR
It definitely takes time to figure every little piece out...I'm still putting some things together myself.
Just keep with it, find what works, try new things when they don't. Staying positive and persistent goes a looong way on here.
I'm always happy to help if something comes up.
Well I will and thanks. I do have a question for you I am unable to put a pic in my profile. Is it because I am using a cell phone or am I just doing something wrong? Thanks
The profile pic actually has to be hosted somewhere on the net (like imgur.com or steemimg.com for example.) I'm assuming you were trying to upload it directly like we do in post/comment editor?
Here's one guide that just puts it into the steemit editor and has you copy the link from there.
https://steemit.com/howto/@gogogadget/go-go-gadget-tutorial-setting-your-profile-pic
Ok thanks I will give it a try.
Sounds good...lemme know if you have any issues. :)
meep
Awesome help!! Thanks for explaining this!!
Following!! oops - already was.
Thank you! Happy to be helpful. :)
Hehe, can always just unfollow and re-follow to make it doubly official. :P
I agree ! This is such great help for all of us
8 months on and still a very thoughtful post to make for the community, especially us shoaling minnows. Thank you
Good thing I ran into this great post, I didnt know that these changes were planned. Thanks for sharing
Happy to be helpful! While it had originally been discussed last month, this pre-release just came out yesterday.
BTW, I hope you've been doing better!
Thank you for caring
Thanks! Very informative!
Happy to be helpful!
Free free to ask any questions that come to mind. :)
I will, thanks.
Following you.......don't look back!
This post has been ranked within the top 10 most undervalued posts in the second half of May 24. We estimate that this post is undervalued by $38.64 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: May 24 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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