HardFork 20 Update Simplified

in steem •  3 months ago

Greetings Steemjet Spaceforce members and to the entire world. A couple of days ago, Hardfork 20 was announced by the Steemit Development team. If you haven't read the post, please take a look at here here because as stakeholders in the Steem community, you should always be aware of development and future plans so you can make the informed decisions.
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After the announcement, a lot of Steemjet Spaceforce members have asked for explanations on a few point on the hardfork20 coming. So this is a simplified version of the Steem HF20 which is set to launch on September 25th, 2018.

  • Bandwidth system to be replaced with a new and improved Resource Credits RCs system. The RCs system promised to make Steem the most advanced freemium blockchain in the work. Freemium blockchain means users are able to carry out certain tasks for free on the blockchain as long as the hold some stakes in it.
  • Curation windows from 30min to 15min.

  • Steempower now return after 5days, no longer 7days cool down period.

  • No restrictions on powerdown. Currently you cannot power down to the last sp. This will be removed after HF20 so one can power down to the last Sp.

  • comments creation time will be 3 seconds instead of the current 20 seconds interval.

  • Selling orders on the internal market will expire after 28days.

  • Account cannot be created with Steempower delegation. Account creation fees to be burned.

  • Users can create a discounted new account for potentially free without paying any Steem or delegating any Sp. This will work by users being able to use RCs for account creation.

  • Discounted creation tokens for discount accounts creation. Above we talked about creating new accounts with RCs instead of Steem. Each time a user dues does that, a token is consumed and if all tokens are consumed then no additional discounted accounts will be allowed.

  • The dust vote threshold rule prevents the occurrence of extremely weak votes by rejecting votes to the blockchain from accounts with less then 1sp. Hf20 will allow such users to cast votes to the blockchain instead of rejecting the votes, weak votes will be accepted but will have no effect.

  • Account created after HF20 will be able to transact with zero sp (comment, upvotes, post and transfer)

  • Early self vote will no longer receive a portion of the curation rewards instead this reward will be returned to the reward pool.

  • Allowing accounts to quickly carryout delegation could be exploited by users by using up all voting power and then delegating their Sp to another account. This will be fixed after Hf20 likely delegated sp will now come with the voting power of the delegator.

  • Upvotes/downvotes will be valid during the last 12hours of the payout period but their strength will decrease linearly from 100% to 0% over the 12-hour period. This ensures last minutes upvotes/downvotes can be countered.

  • Currently, beneficiary rewards are paid out only in 100% Steempower but with HF20, the beneficiary to a post will be paid base on author's setting. This is particularly important for content creators on Steemjet account. Now we will directly share 50% payout with authors who submit posts to Steemjet.

These are some few points which are mostly important to witness are what we should expect for HF20. If you have any questions, please ask in the comment section of this post.

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Hi Guys, thanks for the summary, I have been making some new delegations and have chosen steemjet to receive 500SP :)

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That's nice!!
Thanks, we greatly appreciate.

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The Steemjet community is grateful for your support to us. We hope to make the best use of the delegated sp in supporting quality content contributors in the Steem community.

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Thanks for supporting our community

Thanks for the simplification. Makes it more easier to understand. Although i was curios on the modifications also on the witness program.

Great work
Thanks for the fiving easy way.

Great work. Thanks for giving it to us in a simple and easy way

Thanks for the update... Am gonna resteem this for easier reference...

Wonderful work...thanks for the giving easy and simple way sir...thanks for sharimg .

This an awesome development... It's a good one

No question.but your post had many answer of alot of questions of us..good and informative.

Thanks for the explanation, now I understand the in-depth of hardfork development.

explicit illustration,good job guys

This is a great simplification! Like seriously. Learned a lot in a short period of time.

This is clearly understood and I just hope the witnesses all gives it a yes

Hmm.... This is gonna be very interesting

This seems to delegate more influence on the old users of steemit while still leaving us new users at a disadvantage

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could you verify which part of the update is targeted against new users? And then every old user was at one time a new user and went through all the rituals that you are going through now. What you do is to focus on creating value for the community instead of getting angry at the progress made by others.

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I am not angry at advances made by anyone... I feel there could be more to the proposed update. But what do i know am just learning the ropes.. Sorry if that got on your wrong side

I find this very helpful for its clarity & simplicity.
Thanks.

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About the SBD?

Will it be kicked out of the market? Or it is targeted to peg at $1?

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In hardfork20, there's no plan to kick out sbd from the market. In fact, the debt ratio i.e sbd/Steem will be increased to 9%.

You may ask this because you might have noticed that sbd is no longer added to your payout. That is because sbd with a current market cap of ~16 million and Steem about 255million, the debt ratio is about 6% which is created that the acceptable 5% debt ratio, therefore it has to stop printing.

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And definitely if it stops printing(paying out) it will be scarce and there there is demand for a scarce products it inflates the price

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Thanks for the summary, @steemjet. Keep flying!