gtg witness update, HBD 20% APR, strings attached

in Blockchain Wizardry2 years ago (edited)

It is quite likely that, apart from the people I work with on a daily basis to improve Hive, many may not know what I am doing or that I am doing anything at all, for which I apologize.
I should have known better and posted my witness updates more frequently.
Sometimes I kind of miss those @nextgencrypto’s rants, as it was always a good wake up call ;-)

- yet another Hive logo reveal

HBD 20% APR

I’m always very careful and rather conservative when it comes to such decisions, but given current conditions this seems to be a good time to go this way.
HBD is heavily underappreciated, and I don’t mean its monetary value, which by definition should be kind of pegged to USD, but its utility.
1.5s on average to transfer funds from alice to bob.
Neither of them pays any fees.
There’s an internal, fee-less, decentralized market HBD <-> HIVE
Two-way conversions between the two.
And of course: the time-locked saving balance.

Strings attached? What does that mean?

Please remember that Hive is powerful and beautiful, but also very complex.

- strings attached, nothing else matters, well played.
Yes, like with a cello. It’s not easy to play with.

As always: do your own research.

Make sure that you know everything you need to know about HBD <-> HIVE conversions and its rules.
When is HBD interest collected?
What are HIVE/HBD supply, virtual supply, debt ratio, and the “haircut” rule?
Learn about the HBD stabilizer (see DHF proposal and @hbd.funder comments supporting it)

See also:

Upcoming HardFork

You can read a lot of details about core development in @blocktrades updates, or listen to HIve Core Dev Meetings (see @howo posts).

Public Testnet

The current instance of testnet is slowly nearing its end of life (see TESTNET_BLOCK_LIMIT). Once it's there, it will be re-deployed using an updated codebase for all the components.
Addresses of instances are in my previous post

Public Mirrornet (TBD)

Mirror instance is still experimental and there are some ongoing struggles related to its full deployment.
It takes a significant amount of time to deal with such issues, and this comes as no surprise, as unlike “regular” testnet, which is limited to 3 million, usually sparse blocks, mirror is just like the mainnet of Hive (actually slightly more complex because of an “override key” being added everywhere).
So when a bug like this happens:

database.cpp:4402             _apply_block         ] 10 assert_exception: Assert Exception
is_canonical( c, canon_type ): signature is not canonical
 {}   
 elliptic_secp256k1.cpp:161 public_key
 {}   
 database.cpp:5160 validate_block_header
 database.cpp:4402             _apply_block         ] next_block.block_num(): 26256743
 chain_plugin.cpp:668          replay_blockchain    ] 10 assert_exception: Assert Exception
is_canonical( c, canon_type ): signature is not canonical
 {}   
 elliptic_secp256k1.cpp:161 public_key
 {}   
 database.cpp:5160 validate_block_header
rethrow  
 {"next_block.block_num()":26256743}
 database.cpp:4402 _apply_block

It takes 29 hours just to get to the same point of replay, and that’s just a point of transition between HF19 and HF20 rules. Not even halfway to the mirror’s head block.

Mirror is essential for more comprehensive testing and reduces the risk of failure due to bugs in HardFork logic. It’s better catch them before they appear on the mainnet.

Public instance was not so public (only few developers were using it for their work such as @howo, as playing with Resource Credits on a regular testnet doesn’t make much sense), and is currently down waiting for fixes and fully validated reindex before it is available again.

api.openhive.network

In the near future I will be switching from the current master of hived and hivemind to their HEAD of develop.
It will continue to use regular hived-powered account history.
There are some significant challenges when it comes to hardware resources as Hive is constantly growing.
A year ago, when HF25 was coming, the block_log size was 350GB, now it’s nearly 550GB.
A running hived API instance (with account history) took 825GB, now it’s 1250GB.
Of course, that’s without taking hivemind and its database into account, which requires an additional 650GB or so (with the peak at resync being even larger).
As you can see, we’ve almost reached the 2TB requirement for fast storage (preferably NVMe).
Heavy development work on HAF and HAfAH is ongoing. It will greatly improve robustness and performance, but at the cost of even greater demand for fast storage space.

Deprecating Ubuntu 18.04 LTS

As I mentioned in one of the hivemind’s recent issues, it would be a waste of time and resources to try to support all the various mixes of software versions. We’ve been trying to stick to the recent Ubuntu LTS release while keeping support for the previous one if possible.
That shouldn’t be a big deal in the era of virtual machines and docker containers. However, new binaries taken from https://gtg.openhive.network/get might not work on older systems.

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Yes, like with a cello. It’s not easy to play with.

Ah, the cello. Such a gorgeous instrument. I played for a couple of years when I was young. Wish I'd stuck with it. What a wonderful soundtrack this is, thanks for posting it! I hadn't heard this rendition before. Stay awesome! 🐉💖

What a wonderful soundtrack this is

A masterpiece. Complete symphony. :)

I am very excited about the future of the Hive blockchain in general. It is very promising, and it has huge potential from multiple sides/aspects.

Thanks for all you are doing behind the scenes to make this place awesome

Thank you for your work, wizard of Hive!

I guess now people will have better option now, either to keep in Hive Power and get around 12% or keep it in HBD savings and get around 20%.

True. It's more complex than that. HIVE to USD could change much more than HBD to USD. There's much higher time lock on HP, but HP also gives the governance influence, etc.

We’ve been trying to stick to the recent Ubuntu LTS release while keeping support for the previous one if possible.

Nowadays Ubuntu is one of the best and most popular Linux distributions on the market. Many people are using it even on desktop PCs and on laptops. I also used it in the past. Nowadays I am using Windows 11 on my HP 15s laptop. It is easier for Windows video games. But for people, who do not (or rarely) play Windows video games, nowadays Ubuntu is perfect for everyday use both on PCs and on laptops too.

That logo vid is crazy cool! I am happy to see HBD get a higher APR, but it makes me rethink about my HP:HBD ratio..

I enjoyed very much the cello music.. Thanks!

Very well written article and interesting to see how this is all evolving with bigger pieces in the background working

Keep up the good work

HBD is way more complex than I had first imagined, seems like you guys have been working a lot since the steem days. Looking good!

In the future, please provide users the ability to mute specific tags. Thanks!

True, and we are not going to stop :-)
As for muting specific tags, it's an interesting idea but is up to specific frontend developers (hive.blog, ecency, peakd)

Thanks! This comment is actually pretty helpful! I will lobby frontend owners to obtain this feature.

You should check out @tommys.shop an ambitious project to have HBD used in the local corner shop.

Sometimes I kind of miss those @nextgencrypto’s rants, as it was always a good wake up call ;-)

He's still lurking.. in the shadows.

For the first time today, I sent HBD to my savings. I'm not sure what to expect but when will I start seeing the percentage APR increase?
At what time interval is it supposed to increase?

After you change your balance again, but not earlier than 30 days.
For those who are wondering where it comes from, it's HIVE_HBD_INTEREST_COMPOUND_INTERVAL_SEC which is set to 2592000.

Okay... Thank you!

It sounds pretty good to start seriously considering HBD as a real option for saving money. Maybe there is still the dilemma of whether it's more profitable to have Hive or HBD, but it's definitely better to have the money in HBD savings than in a bank, lol.

Thanks for the hard work.

Just wanted to drop by to say hello Gandalf, it's been a while. Trust you are well.

Thanks :-) As well as one can be these days, considering what's going on across the border.

Yes, Poland has really taken on an awful lot of responsibility. Although it is a very noble humanitarian effort, I hope it won't put too much pressure on the Polish economy and people

It will be fine, but it would be great if our pathetic gov would start doing its job and actually help instead of just pretending and abusing whole situation for their short-term political and economical gains.

Election coming up soon?

No, and they would prefer to keep it that way ;-)

It is an awesome move for the 20% APR interest you witness in the blockchain

just stop supporting themarkymark who made "whale" by selling votes not doing content or buying stuff

 2 years ago (edited) 

Oh, come on, why are you bringing such drama up here, it's a purely technical post.
(I haven't seen any wrongdoings on his part, quite the contrary, he's doing a pretty good job for Hive)
You've used to write pretty good, quality content, why you've let that go?

Its just KC being KC, ignore him. We got him under control :)

On a different note; it is great to hear from you after a while. I still appreciate your help teaching me how to use VR headset! I don't use it at all lately :)

Welcome news on the 20% HBD. I need to start making some posts :)

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Print the HBD for cheap Hive in the bear! :)

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