Steem Hard Fork June 20th!
The Steemit hard fork has been the talk of the town lately. For those who don't know, the Steemit hardfork 19, is releasing on June 20th, 2017, at 15:00:00 UTC (11:00:00 EDT), and will have a few changes, mostly concerning the upvoting process.
The codename is "Equality" and it's designed to make everyone's influence directly proportional to their stake (instead of the current system in which influence is exponentially related). So right now, whenever you upvote something, you use 0.5% of your remaining voting power (which regenerates fully after 5 days, 20% a day). This means that you would need to vote 40 times with full power to fully use your votes and have it regenerate fully the next day. With the new change, your voting power will increase 4x (to 2%), so at full voting power, you could only vote 10 times before using it all up for that day. For example, say your upvote is worth $0.25, starting tomorrow, your upvote will now be worth $1.00, so you're essentially giving people more money whenever you vote.
So what does this mean? Well for starters, it could mean that people are more stingy with their votes since they have less of them to use at full power, so only the best content will get upvoted. Another aspect is people could change their percentage of voting power they use (using the power slider that becomes available at approximately 480 Steem Power) so they can vote more times while giving less money.
Another change of this hardfork that people aren't talking about is the deleting of historical posts. So right now, if a post is older than 7 days, you can delete it. But starting tomorrow, if a post is older than 7 days, you can no longer delete it. This means that people need to be consciencious about what they post since it will now be on Steemit to stay.
So that's the hardfork 19 in a nutshell! I'm interested to see how things change with the upvoting process, but I'm sure people will adjust. Until next time, stay safe, and happy investing!
Sources:
One quick feedback I'd give is to use exclamation and other exclamatory type punctuation marks in your titles. I look forward to what you end up writing about. Hopefully some quality articles about Ethereum or strong ERC20 projects.
Thanks for the advice and thanks for the follow! I sent you a follow back. I'll definitely use exclamation points in my next article. I plan on writing about the main points affecting the cryptocurrency world. Such as the issues regarding Etherium ICOs and why it's been falling and what's the outlook for cryptocurrency in the future and how the Bitcoin hardfork will affect us etc. It'll be a lot of great quality articles and I look forward to sharing them :)
Who have some cash from his upvote will less upvote others. No? Proof me that.
The problem is newer users will have less total votes they can use, hence there will be less total voting. But more experienced users with 480 steem power or higher, will have a power slider in which they can decrease the percentage of voting power so they have more votes. So essentially it'll lower the number of total votes, but not for power users if they choose to lower that percentage.
more stingy?
are we?
Lol stingy is a loose term meaning people will be more likely to only vote on the best content versus a pleathora of things. Not meant to be negative!
it's good you clarified
don't worry
I didn't give it any meaning so I asked you
so you know :)
step it up :)
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Good post with examples!
Thanks! How'd you get so much STEEM power in a short amount of time?
Thank you for explaining it.
No problem! Glad it was useful :)