Simply Explained: HardFork 20

in steem •  2 months ago

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changes will simplify Steem, introduce amazing new features and remove unnecessary rules that are currently quite outdated and hindering for growth.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


Making Steem Greater

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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

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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?

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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.

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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.

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@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

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Maybe THIS will help you.

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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?

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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.

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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.

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

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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.

What a great summary! I'm struggling to figure out the long post, so it was a great help. Thanks! let me translate for Japanese community!

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Of course - thanks for the initiative!

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Done. they are very happy to read your summary now. Thanks!
https://steemit.com/japanese/@katakoto/simply-explained-hardfork-20-20

This was helpful

Also

the fact that the date has been announced,

Now we have a target. ..that's superb! !

Changes are necessary to keep this platform alive. It is pleasant to know that the much awaited HF20 is on the way. However, many issues needs to be addressed which this HF had not taken care of. (according to this post) This HF has not touched the issues related to self voting, downvoting, circle jerking, vote selling etc.
Recently, some new accounts were created by mischievous people which downvoted sincere users without mentioning anything. HF20 has not touched this issue. Many things needs to be changed. I am not sure how much effective HF20 will be and how much will it help this platform, if it had not addressed these issues.

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Step by step :)

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Oh I see! It means virtually nothing.

thanks @therealwolf, good summary, might be good to specifically add that the last 12 hours downvote and upvote will be both accepted during the cooldown period, and not just downvotes

often we don't want to bring up downvoting, but it's an important of this ecosystem and practice of freedom of speech as well as freedom of downvoting (until a better system comes along in future hardforks)

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


There is an error SBD must be SP.

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

Steem power is like a snowball relesed from a large cliff the more you have it the more rewards you recive as a passive income no matter if the market is bearish.
If the market turns bullish then it is a win win situation :)

Thx for the tldr version

Thanks for your concise explanation. They also mentioned this

Under the new rules, SBD tokens will continue to be printed unless/until the debt ratio reaches 9% of the STEEM market cap. Between 9% and 10%, liquid payouts will shift linearly from paying 100% SBD and 0% STEEM at 9%, to paying 0% SBD and 100% STEEM at 10%. This works the same as the shift that occurs today between 2% and 5%.

Can you please shed more light on this, plus, now that the sbd printing is zero at the moment, what is the implication on the rewards, on steem, and on the currency itself as regards the market?

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Hey,

I initially didn't explain this section as it's difficult to write it without using too many difficult terms in a few sentences, but I added it now nonetheless:

From above:

  • 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.
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Its not so bad afterall, thanks wolf (howls)

@therealwolf I love reading your posts! This helps simplify matters after reading the official SteemitBlog post. I am pumped about HF20 and can’t wait to see how Steem develops in the coming months and years. I am fully committed to the vision just like you are. This has been and will continue to be a crazy fun ride.

-Ken

Posted using Partiko iOS

this is all so very interesting.
it is good to have a high enrollment learning curve for everything.
same is with a motor vehicle license. you have to get it.
it shows you know the rules and won't do anything stupid.
i completely agree that you never should overpower a newbie.
on steemit, dedication and well being of the platform is what matters the most.
high standards as basics needs to be set.

as i learn more and more about steem, i see that you do a great service for this platform Wolf.

i wonder how many new posts per minute gets created. can someone tell me where can i get this information? thank you.

There were so many points which earlier I didn't understand by reading full original article which u simplified and make it to the point. Now it's very clearly understood.... Thanx for sharing simplified version....

Posted using Partiko Android

A lot has been left to be desired. After the great ones mentioned in this post, i want the next ones to include UI. I think much can be done in this area to make steemit more streamlined much like a modern website of the web 2.0 era. Unless there are constraints for doing this for a blockchain website. Thanks @therealwolf

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HardForks are for the blockchain, Steem.

The UI (Steemit.com) is called condenserand is a website.

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Aah! I understand the difference now.

Thanks for taking the time and effort to decipher all of the upcoming goodies for HF20.
All of that "nerdese" on the steemitblog made me scratch my head like I had a lice infection.
#KUDOS

Posted using Partiko Android

Wow it looks like great changes coming to Steemit!

Posted using Partiko Android

your articles are always informative and very quality and that is why i love reading your article and there is lot in your smartsteem project also. That is why I wish to say you not only a smart steemian but also a smart witness. Thank you sir.

Nice and easy to understand. Thanks for the breakdown. All of it looks pretty great and users will benefit from the changes... except for being able to comment every 3 seconds. There is already an overwhleming amount of spam on the platform, I feel this change might just add to the problem rather than help. Is there a clearly defined reason for this change?

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Agreed! Now these spam accounts can go non stop basically wity the comments

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I think it might be connected to the efficiency of cleaning initiatives like cheetah. It's already capped, which is crazy to me.

But... truth be told, we should be flagging spam a little more. I mean all of us, of course.

This was the news everybody was waiting for - just to finally get closer to hivemind and SMTs. I guess I am happy that more people can onboard now and promotion for Steem makes sense now. But from a gamer perspective I want to see how SMTs and communities will make Steem fly. This order was inevidably but I just want to get this behind me to get forward to the cool stuff.

Sir, I am not satisfied with the information you provided. You have not told me when it will be hardcore and for what reason we will know.

thanks bro for sharing this important information

Thanks for the high level details :)

I hope this helps the on-boarding process and it sounds like it will.

Really want to see some SMT in action too!

Thanks for the information

You're a man of ability in STEEMIT

50%
Hmmm thanks for this post.
But i don't know if the price of steem is reducing.

This is an indication for me to set aside some fiat money to invest in STEEM. Thanks for the heads up, therealwolf! Upvoted!

Thanks for the info. I have a feeling this update is going to be an excellent one

Thank you for this informative post @therealwolf. Very much appreciated.

Given your experience with our Steem Blockchain, if you were to pick the top 1 or 2 aspects of HF20 you deem to be of the greatest value to us, what would they be?

Amazing. And useful i

well the official post was quite long but you explained everything in details simplified version thanks for sharing this post :)

Quite easy to understand this way. When initially, I thought something was wrong with me when I just couldn't open my mind to grasp original steemit Inc post. With this, I could easily explain to a five year old.

Awesome! I love to hear that everything this still going as planned and people are still working hard behind the scenes even though the market is down! It is reassuring that the people behind these products are continuing to improve the platform to help grow the community!

These changes sound great and I am excited for mid September! Thank you @therealwolf for the info and using non tech, regular english to explain a VERY confusing topic quite simply!

Thanks for bringingup the brief and exact summary of HF20. Help us to keep updatedabout everything going on steem blockchain....resteemed!

this is amazing , we can follow each other to ear much money

Your post is a boon to anyone who wants to know more about Steemit. I first saw these updates in the post resteemed by Kevin Wong but hardly able to understand anything. You made it so clear to me. Thanks for sharing @therealwolf

It is very good to see Steemit Inc, improving their communication and although parts of the Hardfork are overdue, there is a ton of stuff in this one!

Thanks for the breakdown...

Meh, as long as the non-Representative Republic remains, these updates are nearly meaningless.

Can't wait for September 25th. ;)

really appreciate you keeping us updated on changes, it's so important to be able to adapt to changes and it's possible because of Excellent Witnesses like you.

I’ve been wondering when the HF would happen, it’s been rumored to be connected to the SMT release. Been hanging on waiting for steem to stabilize. Only wish I had joined sooner. Thanks for this news.

Can we expect SMTs to arrive on HF21 or do you think it will arrive later than that?

Thanks for laying that out for the rest of us mortals. Looks like a lot of things are happening in September. Hope they all turn out for the best.

What I really want to know, though, is what is a "small vote"? Are all votes below the dust threshold ($0.019) considered small votes? If they are, are they going to lose their value? I mean, my vote is worth nothing at the moment, but I'm wondering if this means it's going to take even longer or more SP before my vote means something. Thanks!

Can't understand a single sentence

i like how they chose to use 'points' instead of 'bandwidth', which wasn't very intuitive for most users.
how they're turning it into more of a game rather than tech.. :)

Can I translate your @therealwolf post about HF20 into my native language.

Beautifully summarized and explained.... The changes look good... Impressed by the vote counting change.. Looking forward for more updates from you.. Keep up the great work... It helps us a lot... Thanks

The changes which are been made is good to some extent, but we need more such small fixes to make Steem great again.

thanks for this.. good to know

any news or detail on communities functionality?

Congratulations @therealwolf!
Your post was mentioned in the Steemit Hit Parade in the following category:

  • Pending payout - Ranked 8 with $ 208,23

thank you for explaining this @therealwolf

Thank you for the plain english. As a non-native speaker it helps me a lot! I understood everything ;-)

But what i don't understand: where is the sense for changing the 20 second rule to 3 seconds? Is this not an invitation for spammers?

Greetings!

Great summary. I have read the original post and it was quite a lot to read. Your bullet points are quite on point and way better explained in my opinion :)

Regards @therealwolf!
Do you allow me to publish the Spanish version of this publication that you have made?

It is so hard to predict the exact fashion of the crypto market due to its being so unstable. in only some pump or sell off, the market actions significantly and this makes crypto an interesting asset to make investments and exchange. if you recognize how the marketplace behaves and know how to play this game then you may earn massive due to its volatility. Steem alternatively become so promising and I am so excited what steem will bring us inside the future:

Steemit is a modern idea that will carry freedom and independence for many. what we've got visible is simply the start. whilst there are tens of millions here an entirely new economy will open up. it’s been fun up to now and I'm excited to look what happens next.

Thank you for the clarification on the upcoming HF! I really wouldn't have understood it all without your post! I hope we have good times to come in the future. Can I ask how taking the curation rewards away from the author and returning them to the rewards pool is going to benefit the platform though?

I know it's hard to predict or look into the crystal ball but with all these great Enhancements and Changes if someone on here was asked where would the price of Steem be in 5 years what would you say ??

Indulge me !! lol

Is there any change that prevents a sbd bump?
How is sbd supposed to hold to $1?

This really helps! Tank you for the explanations!

Thanks for the easy going explanation @therealwolf! Very helpful, was wondering why I ain't getting no SBD on my payouts. To be honest I like getting STEEM better.

Cheers!