What To Expect In Hardfork 0.20.0 Velocity

in #steemit2 years ago (edited)

Hardfork 0.20.0, codenamed Velocity, it's scheduled to be implemented on September 25th at 11 AM, EST, pending a super-majority approval (17 out of 21 witnesses must agree).

Despite the fact that this hardfork will NOT implement the long awaited Smart Media Tokens, it will drastically change the way the Steem blockchain works. Most of the changes are for the best. To be honest, all of them are positive, in my view, and just a few are somehow still open to discussion, but none of the major ones.

After perusing the official announcement, I decided to make another translation from Tech to English, leaving out what I considered to be either too abstract, or too technical for my usual audience.

The changes are organized by areas and there are 5 areas in total: Blockchain Interaction, Account Creation, Curation, Blockchain Economics and Development.

Let's take them one at a time.

1. Blockchain Interaction Area

These are changes related to how the users are interacting with the blockchain, from posting to getting rewards.

Resource Credits Instead Of Bandwidth

The current bandwidth allocation system will be replaced with a new one, based on Resource Credits. I wrote extensively about this here, a few weeks ago.

Comments Every 3 Seconds

As of now, there is a 20 seconds buffer between 2 comments (an anti-spam measure). This will be replaced with a 3 second limit, which is basically every block.

Beneficiary To Be Paid In Mixed Tokens Too

That means SBD/STEEM and Steem Power and not only Steem Power. As of now, if you set a beneficiary to a post, they will be paid only in Steem Power.

2. Account Creation Area

These are changes related to how user accounts are created on the Steem blockchain.

Creating Accounts Using Resource Credits

On top of being able to create accounts by spending STEEM or Steem Power, users will be able to pay for a new account with Resource Credits. This means they may potentially pay nothing (if they generate enough RC from their activity) for a new account creation.

Discounted Tokens Pool

Every account created like this consumes a special token form a token pool, which will be controlled by witnesses. Furthermore, the price - in RC - of such a token may vary based on supply and demand. So the cost will not be linear, but decided by the market.

Burning The Delegation Power

The delegation power account creation won't be possible anymore, because the Steem Power used to create a new account will be destroyed / burned (technically sent to the null account)

3. Curation Area

These changes are related to how users are receiving curation based rewards.

Smaller Reverse Auction Window

The current reverse auction window will be reduced from 30 minutes to 15 minutes.

Redistributing The Self-Voting Curation Rewards To The Rewards Pool

If you vote your own content within the reverse auction window, you will be getting 100% of your voting power, a part of the curation from other voters and the actual rewards from being voted. With HF20, the self-voting curation rewards will be redistributed to the rewards pool (basically they will increase the potential rewards of all the users on the blockchain)

4. Blockchain Economics Area

These are changes related to how the tokens are created and what are the inflation / deflation rules.

New SBD Printing Rate

HF 20 will introduce a new SBD printing scenario: between 9% and 10% the printing will go linearly from 100% to 0%. Meaning that between 1% and 9% SBD will be printed normally. The idea is to maintain a 9% debt to ownership ratio. This change seems to be dictated by market factors, which saw in SBD a very attractive speculation vehicle.

5. Development

These are changes related to the actual development of the platform.

Testnet Before Public

Although this may seem like a very minor thing, I want to point out that this is the first hardfork (in 19) where third party devs (like me, for instance) can have access to such a tool. I see this like a sign of Steem becoming a mature community (Ethereum had a testnet from its very early days).

And that's pretty much it. Like I said, a lot of changes. In my opinion, all these changes will contribute to a much smoother onboarding experience, which is something that the Steem blockchain really, really needs if we have any ambition of going mainstream.

Again, if you want to read a detailed description of all the changes, please have a look at the official announcement.

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.

Dragos Roua

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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

It's free to use, but if you think this is a useful addition, I'd appreciate your witness vote.

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Comments Every 3 Seconds

As of now, there is a 20 seconds buffer between 2 comments (an anti-spam measure). This will be replaced with a 3 second limit, which is basically every block.

To me it means that spam attacks that are already happening will become over 6 times more successful.

You got a 100.00% upvote from @luckyvotes courtesy of @slowgrow!

You got a 100.00% upvote from @sleeplesswhale courtesy of @slowgrow!

I particularly like the idea of a more stable SBD price. It shouldn't even have a listed price. It should be so close to 1USD that nobody bothers to track a couple of decimal points either way.

there is no way how to peg it from top also supply is way lower so ... ;-)

This is still confusing...

With HF20, the self-voting curation rewards will be redistributed to the rewards pool (basically they will increase the potential rewards of all the users on the blockchain)

So what exactly happens if I upvote <15 minutes?

  • Returned to the reward pool = ?
    • Does that mean I would get no curation reward for this vote?
    • How does putting it in the reward pool end up increasing anyone else's rewards? Don't they get rewarded according to the votes they receive? I guess my confusion is what happens to "excess" ??? reward pool value? Does it get distributed out? If so, to who? and how is it figured? (Is that the inflation I see in my wallet from one day to the next?)

I ASSume if I wait 15 minutes to upvote, then it is handled just like any other upvote and I will receive a curation reward?

  • So, should I set SteemAuto to upvote my post at 15 minutes or 16 minutes?

Thanks for condensing it down so boneheads like me can understand @dragosroua!

Now that is a Great Question and I was curious about this myself.................

These are hard rules but it will bring quality only

Very glad to read this. Especially the changes regarding the creation of new accounts are very welcome I think. I work together with @fambo to hopefully make STEEM/SBD the crypto of choice in Africa, and I think easy and cheap account creation is very important to get many people there on board and start defying the current limiting systems. Please leave a nice message to @fambo, preferably in French if you want to support him with our mission :).

this is a good informations in this day
thank you for sharing

I was waiting for your post on this since you’re always the best at simplifying things like this! I’ve read enough about HF 20 that I’m confident now what is going on with it.

Posted using Partiko iOS

You have a minor typo in the following sentence:

0, codenamed Velocity, it's scheduled to be implemented on September 25th at 11 AM, EST, pending a super-majority approval (17 our of 21 witnesses must agree).
It should be out of instead of our of.

You have recieved a free upvote from minnowpond, Send 0.1 -> 10 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!

You got a 12.59% upvote from @postpromoter courtesy of @dragosroua!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

great writing

Thanks for this share man. This is a really condensed version and its tremendously helpful to guys like me. Glad to know that you are keeping an eye out for non-tech newbies :-)

from 30 mins to 15 mins will really bring joy to the curator. But my question to you sir, what if the consensus dont get 17 out of 21 votes...will it be postponed ? I am new here, so would like to know from you.

Thanks for sharing this important info @dragosroua

Hope that steemit will grow in the Future and there will be more and more new updates implemented so we'll have a healthy platform

Thanks for sharing this blog


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Great things you point out in details thanks for this detailed post :)

@dragosroua : Steemit is one of the world's mega sites. People are getting enlightened in its light and more. I am Bangladeshi Here is not a single impression on this site. There are many people who have not yet heard the name. I come here and see how far we are behind others to ask. I would request a little more if this site can be promoted more globally, then maybe the benefit of the deprived people will be of little benefit.
If you have a request or advice, how can the service be more globalized if you have time? I'm your big fan. Thank you.