Announcing Steem 0.14.4 . Shared DB Preview Release

in steem •  last year

Today I am happy to announce a preview release of Steem powered by our new Shared Memory database architecture. We previously introduced this as Graphene 2.0, but have chosen to rebrand it as a separate and fully independent Database library named ChainBase.

This release should be feature complete and could in theory be a fully functional replacement for all Steem nodes. We are releasing it as a preview to get some extra testing before migrating over into the official repository and making it a highly recommend update.

The new ChainBase repository is a dependency free implementation of the core database technology that powers this latest preview release of Steem. The idea is that any blockchain (or non-blockchain project) that needs a fast, efficient, version controlled, nested-transactional database can benefit from this library. In particular, there is no dependency on fc or steem. There is also no blockchain logic in this library which makes it politically neutral for any blockchain to adopt.

The benefits of this release include:

  1. Faster Startup / Shutdown Times
  2. Less frequent database corruption (less replay)
  3. Less frequent blockchain corruption (less resync)
  4. One step closer to multiple processes sharing same memory (more web clients per computer)

While most Steem users will not see any benefit from this release, those of us who provide the infrastructure will greatly appreciate these updates. Now that this migration is complete, we can begin to build new features that will benefit everyone.

Blockchain Features on the Short Term (this year) roadmap include:

  1. Allowing the community to vote on Blockchain Paramaters such as:
    a. Reducing the Inflation Rate
    b. Reducing the Vesting Withdraw Period
    c. Reducing Vesting rewards
    d. Reducing Witness pay
    f. Other properties that are currently hardcoded

  2. Curation Guilds - allow people to pool and share voting power

We are not advocating to change any blockchain parameters, but we respect that these things should be subject to community approval.

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when can we have a bookmark feature?

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found it on busy.org frontend

I'm sure "allowing the community to vote" really means allowing these parameters to be controlled by the 19 witnesses who will do whatever Dan and Ned tell them to do out of fear of losing their spots. Correct?

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My take is that Dan and Ned want to let the 19 witnesses decide out of fear of being pointed fingers at personally. They most likely want change too otherwise they wouldn't have proposed a vote in the first place.
I get your point though but I don't think that every member of the community should be able to vote on these decisions. Many people have no idea how the system actually works, 90% of people I have interacted with think that steem power gives you interest( crazy I know) I much prefer witnesses which are technically knowledgable about steem to make these decisions.
I encourage witnesses to have a look at my recent posts
https://steemit.com/saving/@bobsunday/price-will-continue-downward-unless-we-make-a-simple-change#@snowflake/re-charlieshrem-re-bobsunday-price-will-continue-downward-unless-we-make-a-simple-change-20161024t234409300z
https://steemit.com/saving/@bobsunday/round-2-community-organized-rescue-mission#@snowflake/re-timcliff-re-snowflake-re-timcliff-re-bobsunday-re-bobsunday-round-2-community-organized-rescue-mission-20161026t190225800z
https://steemit.com/steemit/@timcliff/attention-sharks-there-is-blood-in-the-water-are-you-ready-to-invest#@snowflake/re-luminousvisions-re-snowflake-re-luminousvisions-re-timcliff-attention-sharks-there-is-blood-in-the-water-are-you-ready-to-invest-20161026t210446700z

I explained in details why I think reducing inflation rate to the lowest possible is important,why reducing the vesting withdraw period to a minimum is also very important and why the current high inflation rate and vesting withdraw period serve no real purpose other than undermining the system as a whole.
I also explained why the more coins is being issued the more difficult it will be for the price of steem to increase in the future which means the more difficult for the rewards on the platform to increase hence why the steem inflation rate should be reduced at the lowest possible.

Here is why only reducing slighly the inflation rate and the vesting withdraw period would make absolutely no difference.

  • There would still be unnecessary and exponential downward pressure on the price of steem
  • The reverse- split would still have to occur
  • Users would still have the illusion that they receive VESTs for being powered up ( this is bad for many different reasons, for example users think that their influence grows naturally without doing anything nor buying any steem, so they buy less and curate less.)
  • If the inflation is say 40% speculators would still be wary and reluctant to enter the market
  • Users participation would still be restrained by an inconvenient lock time period.
  • The steem power distribution wouldn't be much faster as there would still be few buyers if the inflation is say 40%.
  • The platform would still be confusing for most people to understand ( especially investors) .
  • Steemit would still have this reputation of being this inflationnary ponzi currency and people would still want to sell it instead of holding it.

What steemit needs right now is interest from the crypto sphere, especially traders and investors. Speculation is everything in crypto, it's what gets a project like ETH to go from a few millions market cap to a billion, it's what gets you big investors pay attention. For this you need a currency with the lowest inflation possible and you need a very short time lock period so that volume can increase, more people can participate and distribution can happen faster.. Today if an investors want to buy say 1 000 000$ worth of steem he won't be able to do so without sending the price sky high which means he would pay a premium all the way up. Volume is key if you want big investors to enter the market. Volume creates confidence, there is a reason John McAfee made a remark early on about the lack of volume. Steem should aim at reducing it supply long term not increasing it. When the supply goes down the price goes up, if bitcoin was using graphene it would be perfectly suited for such a platform because it would allow the price to grow organically which means rewards would grow as more users use it.
Steem would have to burn more coins that it creates to pay for rewards ( promoted features and more) but it is totally possible to have a decreasing supply long term and that's what steem should aim for, certainely not increasing it crazy like they do know, this is insane.

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would you consider only changing or stopping the inflation rate for accounts that are powering down, if that's possible

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This wouldn't solve the problems created by the hyper inflation because it will still be there. It will probably mitigate the price drop temporarily but it's not a sustainable model. Also what this will do is that it will disincentivize people to power up in the first place. It would also create an environement where people are not equally treated which to me sets a pretty bad precedent.

I understand your mind set craig, you really like your steem power number increasing. And you are not the only one. But you need to understand that the inflation created to give people this fake illusionary feeling of having growing power/share is undermining the system as a whole, as it creates exponential downward pressure on the price of steem.

Actually if I remember correctly you very much understand the importance of VESTS.
So Im going to try to explain to you how the numbers growing in your account is just an illusion. When your steem power numbers grows your VESTS don't grow, because this steem power is distributed equally to everyone so you are not gaining VESTS when you see those numbers grows. The only way to make more VESTS is to curate or posts content or buy more steem on the market.
When people power down and you stay powered up it doesn't give you more VESTS unless you buy it on the market, all it does is that it reduces the VESTS of people selling their steem power. In other words, powering up doesn't give you any financial benefit other than being able to vote and earn curation rewards.
So if you remove the unnecessary inflation completely, your steem power balance would only grow if you curate or post content or buy more steem. You would be given a much more honest interpretation of the growth of your shares in the platform ( when your steem power grows your VESTS /share grows) and most importantly your account value is much more likely to grow in value because we wouldn't have this crazy useless printing going which scares away pretty much every investors/traders and kills the price of steem.

Many people think that if users's steem power wouldn't grow there would be no incentives to power up. This is a false misconception as already today the only real financial benefit from powering up is the curation rewards, a growing number of steem power gives you zero benefits. The only people buying steem power for this reason don't understand how the system works and you can be sure that investors won't invest on steem based on this illusion.
As I have said in one of my previous post, the 2 years vesting withdraw period's only purpose is to prevent people from selling the highly inflated steem but it's not even clear why steem is inflated in the first place. Here we have a complexe system trying to fix problems that don't exist. Btw I'm not criticizing only I also offered solutions.

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I completely disagree but not with the facts that you have listed, rather the truth you have failed to mention... I follow you because you are more knowledged than I in certain areas of life mainly caused by the growth rate at which we matured. So if Steemit matures then it will be like we will be. This we will call the new brain of all mankind finally connecting the c/entire universe. Cmd+enter

Here's the issue that I see though.... Everybody has a subconscious-willpower. Will power has a positive and negative influx of design creating the same outcome, always!

  • subconscious- Origin of meaning also known as.... Light
  • Perfection - Beginning, birth- eternal truth

Why call it what it isn't.. It is a measure in which we trust because of the algorithm has given us. So back to Vests and Steem Power, they should be considered as neurons reaching higher levels of transmit for a deeper understanding. Too much knowledge has only so much wisdom before he understands. It's like fishing without lures or bobbers... It's schools of fish.

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You sound like craig grant lol

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I am aware of how vests work, as I pay more attention to my vests than I do the steem power, and I pay close attention to the conversion rate of steem to vests, like how it goes up everyday, so in August it cost about 250 steem to get 1 MV, and now it costs 407 steem, I don't know if that rate can go down, from the time I started seeing it in July, it has always went up. I curate and blog everyday, since I started posting on steemit in June I have posted everyday except when hurricane Mathew shut the electricity off for 24 hours. I do not want the inflation rate to go down, and I do not want the steem price to go up anytime soon, it would be nice to see 1 cent steem so I can power up $5000 worth of steem.

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Hmm..so you are looking short term how you can benefit from the situation and I am looking long term how we can save this platform so we clearly have different intentions.
You need more steem to get 1MV because the supply almost doubled since august. This will always go up but this metric is not very relevant for anything.
You fail to see the repercussions of early excessive printing. The more new coins are created the harder it will be for steem to support its current price. And so the harder it will be for the rewards on the platform to increase.
The price of steem going back to its previous highs will be more and more unlikely as time passes. Steem supply has more than doubled since the last pump, which means you would need 2 times more money than the first bubble to get to the same price per steem and it's only going to get worse from there as the steem blockchain is creating a lot of news coins every day.
In july 2017, 6 times more money will be needed to get to the same price we were this July.
In july 2018, 12 times more money will be needed to get to the same price we were this July.

The more you print the harder it will be for the steem price to get to its previous high. In other words rewards on the platform will keep dropping ( they won't increase that's for sure unless huge amounts of money are exponentially poured in )

Steemit's objectives long term should be to reduce it's supply if they want to handle the growth of the platform. A supply going down means a price going up which means rewards on the platform going up to pay all new bloggers.
There are many ways that steem could have a supply going down, they would have to burn more coins than they create to pay for the rewards ( with the promoted feature for example) but it is totally possible to achieve and that's what steem should aim at if they want to be succesfull.

Everything that they print now will have consequences on the price in the future even after the unnecessary inflation is removed.

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in regards to the highs of July, I don't see steem ever getting back that high, I think the perfect price for steem is $1, and a good buy price is 25 cents, it can go to $2 or more but wont stay at that price for long. With 2000 active users now, steemit is just a fetus, with more users the the price can go up without any changes the current inflation rate. Improvements in user experience plus better distribution of voting power with curation guilds.. that's all steemit needs to see happen for the next 3 months

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It's not possible at the moment. As the system is currently designed, powering down removes a constant amount of vests from an account, determined by the vest balance at the time of power down. There is one conversion rate for Steem and VESTs.... it is used when you power up and when you power down. Inflation of SP balances is really just due to the change in the conversion rate over time... It would require a complete overhaul to basically tax people for powering down.

And honestly, that's not what we need to be doing... If people want to power down, that's great. SP balances get the highest interest. The more Steem held in SP balances, the faster the money supply grows. That's dilution... even for SP. For SP to hold its ground against dilution, the vested level needs to reach 90%

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Inflation of SP balances is really just due to the change in the conversion rate over time

Inflation of steem is completely unnecessary and it's not a consequence of anything.

SP balances get the highest interest

SP balances get zero interest, you actually lose VESTs every year when powered up

The more Steem held in SP balances, the faster the money supply grows. That's dilution... even for SP

The money supply is already shedulded in the code, the number of coins issued doesn't change when people are powering up or down.

That's dilution... even for SP

Dilution is a result of inflation, it's basically a devaluation of a currency.

the vested level needs to reach 90%

Not sure exactly what you mean. When you power up you are automatically protected by the inflation. The inflation right now is a lot higher than 100%. Another great way to protect people from inflation is to not create it in the first place.

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Bam! To be or not to be~

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I agree with most of what you said besides the fact that inflation rates are an interest only to those who want to rule the world from steempower. Personally, I would give anybody on steem anything as long as I had access to it. This means creating "coins" attached to "assets" and leaving a trail along the way for people to discover. I could go more into depth but I don't want to get to far off topic as I tend to usually do.

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Correct.

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I disagree and allow me to explain.. By no means am I a known whale on any platform but, I see the good in what they are doing. This gives me further insight on what is to come because instead of worrying about who's who, I worry about how you are doing..

Please include a Visa/Master card solution to buy steem in order to get investors to input money without buying Bitcoin first and being forced to pay 10%-20%
broker fees.

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I've suggested this as well, and I do support the idea; but just so you know this will be a very difficult change to make. Steemit, Inc. would likely need to register with the US government as a money exchanger, which has a huge regulatory burden associated with it.

[Edit] Either that, or find one that it could integrate with.

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Neither...You simply void the problem without notification redirecting traffic.

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Mmm, or just tell them that banks don't really drive your money to every purchase you make around the world... Broker fees? Is that not the same as Ripple or any other voting pool out there?

"Curation Guilds - allow people to pool and share voting power"

IMHO This curation guilds thing just lowers the value and incentive to build Steem Power, encourages sock accounts, makes things more confusing for mainstream users and is a waste of resources that could be better spent on bringing more basic social functionality to the site.

I understand that these features make a big difference under the hood for developers but please throw us a bone on some new front facing features.

User registration and retention has stagnated for months. The price is in steady decline. Morale is getting pretty low in the trenches and everyone is clamoring for features that improve the user experience.

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Eagerly anticipating!

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wow @dantheman the test-server is looking really good!
Still missing a Profile-Picture... Would you be so kind and surprise us with one before midnight? <3

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Thanks Dan!
If users use the test site, will the actions they take still be processed on the 'real' blockchain?

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Yes. I just posted from the test site with the new editor.

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(Replying here to your other comment due to the nesting level)

Ok, cool. Thanks!
Great job to everyone that worked on this. It will be a huge upgrade to the user experience!

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the site is not working at the moment. "502 Bad Gateway"

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Wow man, I was sooo close to giving up on steem as a glorified scam. Thanks so much for putting some value back in everyone's investments and curation time. This is some kick ass shit for real. Great job! :-)

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I disagree that curation guilds are a waste of time / bad idea. Curation guilds are a highly needed tool to help the community work together to better allocate whale voting power. This helps to address one of the core issues that is impacting user retention.

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I could be wrong but does it still not erode value and incentive to accumulate SP? Doesn't this incentivize the accumulation of many small accounts to latch onto a guild?

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They haven't posted all the implementation details yet, so it is hard to say for sure, but it will probably be something similar to how the Curie project works, just automated instead of everyone needing to use voting bots. There should still be incentive to hold SP because you should still be able to earn curation rewards from the voting that the guilds do with your SP.

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My incentive is this... I like to evaluate the best possible outcome no matter if I am voting you, or you voting for me. If it is better for everybody then the question prints itself.

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Yes and here's a personal example.. I as well as many others need help focusing on the real value of steemit, each one of us working together for one understanding truth. When we see whales or master levels then we tend to try harder while observing those who are closest to us- or those we admire. I also feel that each person brings a different set of values to the table making a steak dinner- A steak dinner with potatoes and lobster :D Seriously though, I like the builda-guilds.

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If the vesting withdraw period is reduced very significantly, the distribution of steem power will happen much faster and so curation guilds will quickly become useless.

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Hmmm. Not so sure about that. The law of imbalance (80/20) can't be avoided. Re new buyers: 20% will buy 80% and 80% will only by 20%.

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I agree 100%! I have been into bitcoin and blockchain for several years now and still have a hard time grasping the breakdown. I understand it mentally, thank God, but tend to focus on the smaller things that may not matter as much..

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I completely agree about the curation guilds. In my personal opinion, we need to get back to taking personal ownership of our votes, especially for content. There is too much opportunity for nepotism and no matter how hard they try, they're still going to miss great posts - and people will still be disgruntled because they weren't noticed.

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curation guild is important for steem power distribution

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Perhaps, @craig-grant, but I think it also gives new people who haven't put a lot of sweat equity in steemit a false sense of hope and the potential for huge disappointment once those guilds stop voting for them. IMHO, there's a point where too much hand-holding is detrimental to their personal growth and stamina. Just like children, you have to let them explore and get the scrapes and bruises. Just be there to kiss the boo-boos.

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curation guilds help users who want to grow their steem power by earning rewards using voting power they did not purchase, but is loaned to them by the very few who have 90% of the steem power, it's not only about bloggers earning rewards. Users with the perception that they have more fair ability to distribute and recieve rewards rather than having to wait on a hand out from a "whale bot" improves the user experience and eliminates the complaints about centralization of power. There will always be too many content creators, because creating content is not hard

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Respectfully, @craig-grant, I'm still only partially convinced because individuals are still loaning their vote power to a larger entity which is still made up of fewer individuals with discerning tastes and therefore potentially limited interests.

I am partial to individuals doing their part. Pay It Forward. Have a true gift economy where if you see something that is really outstanding, gift them with a little STEEM or SBD with a comment and let them know that you, as an individual really enjoyed the piece. I believe that is more meaningful to everyone involved. And as content creators, we can say it's easy - but for a lot of people coming into Steemit, it's their first time blogging and there are lots of challenges.

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I definitely would not gift any steem or sbd, and would not expect or wnat any gift from anyone unless the gift was being distributed to hundreds of others and myself at the same time

The graphene 2.0 link in the article didn't work. maybe you meant this one? https://steemit.com/steem/@steemitblog/steem-developer-update-graphene-2-0

This is great news! The issues we are opening up for vote are some of the things the community has been complaining about the most over the past couple months! Thank you for listening. Looking forward to some welcome changes! :)

Blockchain Features on the Short Term (this year) roadmap include:

Allowing the community to vote on Blockchain Paramaters such as:
a. Reducing the Inflation Rate
b. Reducing the Vesting Withdraw Period
c. Reducing Vesting rewards
d. Reducing Witness pay
f. Other properties that are currently hardcoded

Things might start to get interesting around here...

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So does this mean I can't buy discounted Steem anymore?

Will translate this news for the Spanish community!

@dantheman, your comments today really made a difference on the overall feel of the site. Please consider do it more often :)

WOW, this is kick ass stuff. I herby undo my scamcoin retweet after I post this, and humbly apologize. Great positioning! :-)

This sounds like a great step forward. Thanks for all of your work.

As a practical matter... how would the community vote on these parameters? Would witnesses vote on these parameters, or would each individual account?

I have a very grave concern about changing the vested withdrawal rate.. Essentially, SP balances represent debt in the same manner as SBD... There has been a lot of concern raised about the debt load of SBD, but a meaningful change in the SP withdaw period would present a much greater problem.

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The only purpose for a long 2 year withdraw period is to prevent the highly inflated steem to be dumped on the market, if you remove the inflation ( which is totally unnecessary I might add) the lock time period could be 48h and the price of steem wouldn't be impacted at all.

would present a much greater problem

What did you have in mind?

It is a great idea to publish the road map! Thank you.

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I don't read Spanish, but I appreciate the work you do to translate Steemit posts!

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You're welcome!

c. Reducing Vesting rewards

Do you mean the steem power growing in people's balance or curation rewards? If the former it's definetely not a reward. Being devalued at 10% per year is anything but a reward.

Can someone please tell me why inflation in steem is good and why it is necessary?

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I think that the inflation funds the 'free' new accounts on steemit plus the fact that it does not cost you dirrectly to vote as it will on other blockchain social networks. That's my understanding.

This feels more decentralized. I feel like it's a baby DAO! I imagine the initial proposals will cause much controversy and rough transitions, but those are a baby DAO's growing pains. What I am wondering though is if BlockChain Parameters are set with a time limitation before they can be changed? Or would users of the site be subject to constant tinkering by a shifting cadre of 19 Witnesses?

Can we please vote on a reward taxation that reduces inflation and keeps more STEEM circulating on the platform? The reward rate of STEEM is adding to the current sell pressure we're experiencing on the market. We had a reversal today after these announcements but because there's so much supply, there's a lot of it being sold, forcing the price into dangerous regions. If we don't address these inflation/creation problems soon, we could see the price of STEEM tank to $0. And this is from someone who's holding long term. It effects investors negatively. There's literally no reason to invest in the platform when there's sell orders of over 1Million+ STEEM and only 50 BTC worth of buys. This needs to be addressed, solutions need to be put forward, and a vote should be had. I don't care if there's only 19 witnesses voting, just find the solution before STEEM tanks.

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Can you please explain 'reward taxation' more?

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Because the creation of STEEM is at such a high rate, I suggested here and on other threads that we should introduce a fee on rewards. A small percentage that is taken every time STEEM is created which can be recirculated within the economy. This reduces the amount of STEEM needing to be made as there's already a supply within the economy which can be used to pay rewards. If creation of rewards then become more frequent, and if there's less rewards being handed out, we create a surplus that can be paid back to investors.

The same thing happens with banks and taxable incomes. State banks tax incomes to recirculate money, reducing inflation, and then use surplus for government spending. (As I understand)

This is great news! Thanks @steemitblog upvoted and resteemed!

"Reducing the Inflation Rate" is what other projects were not able to realize and fix early, so they just killed themselves. Hopefully it seems to not be case for STEEM :D Congrats! Now please tell us how we can help you get it done. Can't wait to see it happening!

-- @develcuy

allowing eachother to free up vests sooner than previously agreed on would be a 25 million dollar mistake. I agreed to lock my steem in because i saw that there were other long term investors in Steem. So there you go... you know how i will be voting.

I also have lost faith in curation guilds... I have been a part of more than one... Essentially they have the tendency to result in the concentration of votes and voting power. To the extent that they are successful promoting the specific content they are designed to service, they create new gaps... new cracks for other users to fall through.

This is great news!

Thanks for an update Steemit.