AS STEEMIT PREPARES FOR HARD FORK 0.19.0
Last night, I read from steemd.com about the scheduled date for the next update of the steemit protocol, popularly known as 'hard fork' (hf) 19.0 . This steemit hf 19.0, termed STEEM EQUALITY, from the proposal, is scheduled to hold on Tuesday, 20th of June, 2017 at 15.00 UTC .
The main focus of the proposed steem equality hard fork is to improve the rewards curve. Moreover, a very important area to highlight, according to the official hf19 pre-release 3 weeks ago from @steemitblog is increasing each vote's impact by 4X
Vote Impact
The changes to the impact of a 100% vote are more material. A 100% vote will be 4 times more powerful once HF19 is completed. As it stands now a single 100% vote uses only 0.5% of your remaining voting power (voting power regenerates fully over a 5 day period). That means real users would need to vote 40 times a day at full power to use all of their voting power. This leaves users who are less active unable to fully leverage their voting power. After this change, a single 100% vote will use 2% of your remaining voting power, meaning that 10 full-power votes a day will now exhaust the majority of your voting power. Of course, if one does not wish to use this much voting power in a single vote, anyone is still free to lower the power-percentage of their votes accordingly.Users can also feel free to simply upvote-at-will because a vote only consumes a percentage of the remaining voting power, not the total. Imagine “voting power” as a swimming pool that is constantly being refilled by the rain. Every time you upvote you reduce the amount of water (in this case “voting power”) from the pool by a percentage (i.e. it’s not like you are constantly removing 500 gallons from the lake). The next time you vote you are removing another percentage from an already diminished supply. That means there are still no limits on how much you can vote, just that the more you vote the more you incrementally decrease the amount of voting power you have (the water in the pool). To get a better sense of how powerful your votes are and the rate at which that power diminishes simply observe how much your full power upvotes increase the rewards of content creators and you should get an intuitive sense of how the algorithm works.
Source: https://steemit.com/steem/@steemitblog/2hfxx1-pre-release-hf19-linear-rewards
Major Implication
A major implication, from my understanding, will be that steem power is needed in other to benefit from curation reward, depending on how much steem power and vests that I have. For example, my vote (at 100%) is currently worth $0.16, so after the hard fork (hf) 19.0, I will begin to see it at $0.64 (4 times more).
Accumulate Steem Power
If you a Steemian and have not started accumulating steem power, the smart thing, I think, would be to get as much as you can before hf19, especially with the current price of steem selling below $2
It seems that very few would want to 'power down' after hf 19, because of the benefits that will be experienced from voting power increase, an action which might cause scarcity and as a result increase the price of steem in the coin market.
How to Accumulate Steem Power
Steem power can be earned by creating and posting very good content or bought. Check out this video of how to buy steem power using fiat and this other video on voting and it's benefits.
This is just a minnow's perspective of the upcoming hard fork 19.0.
Meanwhile, the current number of registered accounts in steemit is getting to 200,000
Great article! I didn't even know Steemit was hard forking.And the ability to increase voting power is awesome. Thanks @maryfavour !
Thank you, @paulc! Yes, steemit will be hard forking. Looks like many Steemians are not even aware. We all like the ability to increase voting power. However, this will call for the urgent need to learn to properly manage your votes. You are most welcome! Thanks for comment. I really appreciate it. STEEM ON!
Thanks mary followed you answer one of my questions about how long SP takes to regen! I was trying to find out last night
@bearbear613, I really don't understand your question. Do you mean steem power (SP) or voting power (VP)? If you meant voting power, it takes about 5 days to fully regenerate. I appreciate the follow and your comment. Cheers.
This is drive to encourage many to invest and build their SP to gain more influence. This is an advantage to those who have huge SP the same to those who are receiving their votes.
I absolutely agree with you that it is a drive to encourage many to invest and build their SP. I have been doing that since and I'm glad with how far I have gone with my ''power up challenge''. Your last sentence is the reason very many newbies run after the whales in our wonderful steemit community. I appreciate your comment, contribution and support. STEEM ON!
Feels great to know that you are powering up most of the time. I also wanted to power up but due to financial constraint, I'm ashamed that I could not do it. Hopefully, I can also start powering up in the future and I would not care even if the price goes up, I will definitely power up. For now, I have to control my patience and be hopeful because I'm currently broke.
Yes, I've been powering up most of the time, courtesy my elder brother. From money for my upkeep, I power up. Besides, for almost 3 months my mode for posting content has most of the time been on power 100%. I really empathize with you, because I know what it means to be broke. Don't worry. I hope your blog posts are getting attention for you to earn a decent living from?
Philippines. Thanks for the encouragement.
Oh you are from the Philippines! Good to know. You are most welcome.
And you are from?
Nigeria.
This really a great stuff....
it will be interesting to see how this affects the trending page
interesting information, Thanks @maryfavour would have to use this for reference in my coming post.
Thanks for this post. I finally know what Hard Fork is and why people are talking about it. I am waiting for it and I sense it will benefit more people (or people more).