HF 20 Stabilizing - And What Was All This About
In a blog post published about 12 hours ago on @steemitblog, the dev and operations teams of Steem INC are confirming that the blockchain is finally stable. It was a very strange week, but all is well when it ends well, so to speak. This is not to say the Steem blockchain ends here, obviously, but only the upgrade operation. Hopefully.
So, what was really at stake with this hradfork? What was the most important issue solved by these modifications?
You may say it was about spam, and, to a certain extent, it was. The new RC mechanism makes it a bit harder for spammer to abuse the system.
But, in reality, it was about the number of accounts that can be created in the Steem ecosystem. Yes, you read that well.
Before this hardfork, accounts on the Steem blockchain were capped to a maximum, and that maximum was basically the total amount of circulating STEEM, divided by the account creation fee.
I don't usually like to tell "I told you", but this time I think it's appropriate. Just a couple of months after I joined Steemit, in 2016, I had a long discussion in chat about this issue. I even made some calculations trying to find out when the platform will reach its limit and it was just about 2-3 years. It's all buried in the chat logs now but I clearly remember this and how the majority of the participants at that chat considered this a non-issue. It's all in the past now, anyway.
Let's get back to present.
The new RC mechanism and subsidized accounts will finally allow the creation of as many accounts as desirable, given the witnesses, who are controlling the number of subsidized accounts, are allowing it.
So, we went from a hardcoded limit, to a consensus limit. That's not bad. That's not bad at all.
The new accounts pool and the tools required to use it are still new and I don't have any relevant data about the trends, but I expect to see something soon in the ecosystem.
So, the metrics by which we should evaluate this HF should be adoption. I'm going to keep an eye on this for the next weeks and post when there is something relevant to post.
Steem on!
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
First step seems to be resolved, now we can focus on user enrollment and retention as @toofasteddie said
Hopefully, from now on, we can think about how improve user's retention as well...
Steem on
I still don't enjoy having to wait 15 minutes to upvote somebody's comment though
Yes, it is hard to keep this in mind when you are reading, voting and commenting.
Can you do some new calculations using the new resource credits?
I wonder how many new accounts could created and do one comment and one upvote a day for example?
It seems there is still a limit for functional accounts.
I am researching this now, it's a bit more complex than just linear calculations. Once I have some data, I will make a post.
This is a good bottom line to hold fast to amid all the noise.
I guess the other element is retention ... new accounts are hard work to integrate into the ecosystem, so much to explain, which carries a cost for accounts if not for the blockchain.
can anyone explain me here what's that 15 minute comment policy
It's here to prevent vote abusing. If you vote during the first 15 minute, your curation rewards starts at 0% in the first second and goes to 100% after 15 minutes. So if you vote a post after 7 minutes and a half, your curation reward will be only 50% of what it should be and the rest is sent to rewards pool.
It's called "reverse auction" and it discourages people to upvote instantly a post. The same "feature" was also before HF 20, only the time window was 30 minutes instead of 15.
thanku so much drago 😉😘
It has been a strange week and I am glad that things are more or less back to normal. We need to bear with some inconvenience for the good of Steem.
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Sounds like some good came out of hardfork and sounds like we are back to stable operations. On the down side, I still have some friends that have not returned. Mostly small accounts. But active. To grow to the size user base we all want there are going to be some (actually necessarily lots) casual users. They will not tolerate these kind of one week glitches well
As always thanks for the update and info.
Hope HF is for good. I am not a techy person but your post helps
Didn't know that the issue of creating account was this? I knew there was an issue but a cap of number of accounts?! Glad it was solved :)