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RE: Consensus Reached for Hardfork 17+18! The New Features are Yours on Thursday, March 30th at 11am EST!
Basically, as far as I understand, one can't upvote their own post for the last 12 hours of the 7 day payout period for a post to prevent them exaggerating their rewards. This way if someone does upvote themselves in a way the community doesn't like, they have 12 hours to counter that action.
No one can upvote a post in the last 12 hours from what I understand it to be, only downvotes.
So this is not the same as the extension period we had before to allow time for alternative votes after a last minute whale vote.
I believe this is part of the move to the uniform 7 day payout period. What you're talking about was how post payouts were extended. With 7 day payouts all posts have 7 days during which they can earn rewards. Which created the issue of people knowing exactly when their last chance would be to exaggerate their rewards without risking a counter vote. If there was no lockout period everyone would wait till the last second of their payout period and upvote themselves, or create bots to do the same, and the community would not be able to counter that decision. The lockout prevents that pretty inevitable scenario from having to play out.
I'm pretty sure the lockout you're talking about is exactly what it is, not sure if @andrarchy is correct here.