HardFork Velocity HF20 / Time to Hold Steem Power

in steemit •  last year

A lot of question I got the last days about the hard fork !!
So what is Hard fork !

A hard fork is a change to a cryptocurrency protocol that makes previously invalid blocks/transactions valid, and therefore requires all users / software to upgrade. It could be any alteration to a coin which changes the block structure (including block hash), difficulty rules, or increases the set of valid transactions. You can think of a hard fork as a change of rules.
To read more go to:

Steem Center

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The last successful hardfork as you know was HF19.
So what next !!

The next one will be HardFork Velocity HF20..
Development is proceeding well and HardFork Velocity will be paramount to getting us prepared for those launches and opening the floodgates for the millions of new users that will get to experience Steem in the next year.

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We propose a new method of burning STEEM on each account creation and crediting the account with permanent minimum bandwidth instead of providing Steem Power to the new account. - “Proposing Hardfork 0.20.0 Velocity”

HF20 will come with a lot of changing:

  • Burning STEEM for Account Creation to Prevent Abuse.
  • Discounted Account Creation.
  • Remove Account Creation with Delegated Steem Power.
  • Remove Vote Dust Threshold
  • End User Impact

The new upgrade can be read on:

The Official Post

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My point of view :

  • HF20 is going to be key to bringing millions of users to Steemit ..
  • The price of Steem will be directly correlated with its growth..
  • It is the time to buy & hold Steem Power, before HF20 is implemented..

What you think !
Wish you a great and sunny sunday..

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What do you mean by 'End User Impact'?

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Also curious about this - any explanation, please @lordoftruth?

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Read The Official Post https://steemit.com/steemit/@steemitblog/proposing-hardfork-0-20-0-velocity

We understand that this change is nuanced and has many moving parts, but we believe the end implementation will be simple to use. As mentioned previously, end users will not need to fully understand this system to use Steem and only those interested in creating accounts will be affected. Below is an example of what creating an account would look like under this system.

We expect the majority of accounts to be created by Steemit and our partners cheaply using stake. The account creation process will appear similar to what it is today with a fee and proof of work field. To create an account via stake, all the creator needs to do is not include a fee or a proof of work. If the creating account does not have enough stake they will need to include an adequate proof of work or STEEM fee to cover the difference. We will provide APIs and tools to calculate how much of a fee is necessary. To create an account without a creator, no creator will be specified in the operation and will include a proof of work adequate to cover the entire fee. If the dynamic cost is too high, regular account creation will be an option. To end users, this will appear identical to what it is today and only affects developers wishing to sign up new users.

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Cheers :)

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Awesome, thank you.

Thank you @lordoftruth. You have made a good point here.
I would like to add that the dev team are also working on enhancing steemit.com ( the front end) and creating a mobile app too. I think this is different from hf20. (Right ?)
If both developments come together, I believe that it would have a great effect on the platform and hence the price of STEEM.

Cool! I don't know much about it myself, so will check out the link ;)

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Thanks for great support, Upvote and Resteem
Wish you a great and sunny sunday..

Remove Vote Dust Threshold - what does it mean?:)

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The vote dust threshold was added last summer as a countermeasure to automated spam of extremely small votes. While it served an important purpose at the time, the feature interferes with the ability for new Steem users to participate in the community and build a following. The dust votes did not impact rewards significantly, but were taking up valuable space in the blockchain. The true issue was in the bandwidth algorithm, which has been updated to prevent this attack. Because accounts will now be created with 0 SP, their initial votes will not be worth anything. Removing this threshold will allow those accounts to interact with others on the blockchain while they establish themselves in our community.

Read The Official Post https://steemit.com/steemit/@steemitblog/proposing-hardfork-0-20-0-velocity

Very good point my friend I agree. We should really buy steem now and power up in order to secure ourself before the price hike of steem. Hopefully the new Hfork will help in taking care of spam and scammers -see my latest post for details. Thanks for sharing

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Thanks mate for support
Your post about scam is good one
Your last two post was readed and upvoted just now for the great content
Keep it up

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Thanks my friend, we will always support one another...let m know when you post new one too ...I upvoted yur last 2 posts, success

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Thanks my friend for great support
Wish you a great week

HF20 will be the first Hard Fork, since I have been here on Steemit. I think those improvements are great. Lets wait and see. Thank you for sharing.

I do not get how can steem burning be done?

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A significant practical problem we have experienced with account creation is automated abuse of the signup process to yield free STEEM to attackers. This increases the average cost of legitimate account creation, making the Steem Protocol more expensive and less attractive to developers and potential partners. Presently, each new account is required to be funded by the account creator with initial Steem Power. The original reason for this was to give each account the requisite minimum Steem Power needed to transact on the blockchain. However, a side effect is that when a user fully powers down, they are temporarily locked out of their account. People need to be able to cash out without being at risk of losing access to their account.

The current system also incentivizes attackers creating multiple accounts in order to acquire free STEEM, which again increases the overall cost of maintaining the protocol. To solve this problem, we propose a new method of burning STEEM (i.e. destroying the tokens and removing them from the token supply) on each account creation and crediting the account with permanent minimum bandwidth instead of providing Steem Power to the new account. This will reduce incentives to abuse the steemit.com signup system and will prevent users from temporarily preventing themselves from transacting after powering down in full.
Read The Official Post https://steemit.com/steemit/@steemitblog/proposing-hardfork-0-20-0-velocity

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I think this will only make the abuse more noticeable. Since some can still abuse the signup reward but for shorter time. Maybe bonus activity for new accounts will be simpler.

It will be really beneficial, when this hard fork will take place?

This post has received a 2.24 % upvote from @booster thanks to: @lordoftruth.

Less Steem, more users = 📈😁

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Let us wait and see
Thanks for support

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👍🏾👍🏾

Steem price is going up last days will lower power down so really nice.

Thank you so much for the information my friend !
Really useful post.

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You are welcome

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My pleasure !

finally a update on this :) thanks a lot

Join @bullionstackers to help #whalepower Community Project.

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upvote and folowed

the information you provide is very clear and useful, I hope you keep posting useful information, thanks again for your posting this one @lordonftruth

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Thanks for support
Steem on

I think its cool. Let the implementation begin

cool
keep sharing with us

👌👌👍👍👩

Do you know the date for this new hard fork? They normally appear on steemd.com, but nothing there yet.

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Thanks for visit and support
No
What I know :
Will be the next year

Development is proceeding well and HardFork Velocity will be paramount to getting us prepared for those launches and opening the floodgates for the millions of new users that will get to experience Steem in the next year.
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Sorry for the late reply.
Thanks for the answer!
Looking forward to seeing the new plans for Steemit!
Have a nice weekend!

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Thank you
Do you think is it good to start a project to support the romanian users
I mean to support and upvote the authors under tag # Romania

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It could work. Most of them are using the tag ro. The conmunity has grown a lot in the last few months and that's great. There is also a Facebook group: SteemITRomania with around 130 members

Greetings know, I am aulia. I know that I am a new member in steemit so I need your help and support, and hope you will help me
Thanks @lordoftruth
https: //steemit.com/@auliaramadhn1

Seems great!

Nice post my friend

thanks for this information.. its good to know what is coming up!
Do you know anything about the 'communities' feature that i heard may be coming? This is a feature I am longing for ;-)

intersessing so I observe this would help more steemit growth true? it seems to me then excellently if so, the idea is to turn this page into the largest social network in the world with more followers and more visits.

Congratulations very good poost excellent information @lordoftruth