First, since many of you are asking what the heck is a Hardfork...
You can think of a hardfork as an update to Steemit (and/or the Steem blockchain) that changes things like features on the user interface, formulas for things like voting or curation rewards, etc. I highly recommend following the @SteemitBlog user so you can see official announcements from the Steemit Inc team.
So why should you be excited about the next Hardfork (0.19)?
While you can find the official pre-release statement for Hardfork (HF) 0.19 here, I'll make it short and sweet for you. When this 'update' happens..
Your Votes will Matter MORE!
Right now, votes have are based off of the square (SP^2) of your Steem Power. Technically this has an underlying piece called rshares, but let's not complicate things...just think of it in terms of Steem Power. A person with 1000 SP has a LOT more influence than somebody with 100 SP (imagine this for whales with 500k SP or more!)
1000^2 = 1,000,000
100^2 = 10,000
In this model, a person with 10 times more SP, have 100 times more influence.
They are going to be changing this to be linear instead of squared. Meaning someone with 10 times more SP will have 10 times the influence (compared to 100.) Essentially, this means for newer and smaller users, YOU'RE VOTE WILL HAVE MORE INFLUENCE!
More Influence, but Less Votes
One thing I wanted to point out with HF 0.19 is that while 100% votes (i.e. a full slider bar vote) will be able to give more rewards to others, the number of votes we have available without having our voting power regeneration keep up will be much lower.
I have a post that get's more in depth about the slider bar and vote power percentage in works and posted today.
But the basics...right you we are allowed 40 - 100% votes a day without our vote power dropping (more than the regen rate.) After this hardfork, we will have 10 - 100% votes a day without the voting power drop-off. This simply means that if you want to give out more than 10 votes a day, you may wish to split your votes, like 20 - 50% votes or 100 - 10% votes...that's up to you.
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Fork in the Water
big thanks @sykochica you broke that down nice and sweet ;)
You're very welcome! I love concision! Lol :D
And do we know the date of this hardfork?
Quoting the @steemitblog post on it: "The hardfork has yet to be scheduled"
But right now it seems to be in the stage where witenesses look over the proposal to decide if they will vote for it. The minimum time this usually takes is two weeks...if there is a lack of consensus, sometimes longer. Once they come to an agreement (with enough witnesses voting for it) we'll get a scheduled release date, usually happening on a Tuesday.
Not yet
This seems overdue if we want wide adoption and a more even playing field.
Eh, maybe to a degree. While I personally like seeing this, there have been some other changes over the last couple of months (even if not directly in the code) that's allowed smaller users to have more influence on rewards (i.e. being able to give some/more money.)
Imo, this is the move to actually get it into the code itself.
From the stats I read, the power distribution looks extremely lopsided and I feel someone without resources should not be marginalized.
I am new and learning fast and could and may just put a few million satoshis on and run a bot. This post is helpful in making that decision.
I am looking to be a positive force on steem and in the world in general especially as it relates to block chain. Any advice towards this goal would be appreciated and thanks for your time.
While there are the large shareholders, many of them are inactive with regards to posting and voting...allowing both the author rewards and curation rewards be available to the smaller users. (You can see this in the active stake statistic.)
With the 'interest' earned by holding SP now being extremely low, to some degree this can be seen as them 'sacrificing' for the good of the community.
When you say run a bot...do you mean a voting bot? Buying some SP (with those million satoshis) will increase what you can earn through curating (i.e. voting) but how much that exactly translates do depends up how much is bought, as well as the voting practices. I get into the curation formula a bit in this recent post.
Imo, there is bigger money to be made by posting, commenting and generally getting integrated into the community itself. There is also earning by running a witness node, but that requires people voting for you as a witness.
To a large degree, it's a question of what are you looking to do. People who are caring and actively helpful do tend to do well here (though it takes a bit to get ramped up into people knowing who you are and what you do.) But one example of somebody putting some money towards SP and having a big impact at the start...check out the user @htooms.
I am looking to be active and use steemit at least an hour a day. No more youtube. My favorite creators are flocking to steemit, thanks @crypt0. And I am asking more to join. I would like to organically curate but, the voting bots seem ubiquitous among the veterans. Thanks again for your thoughtful response and your insights, definitely a new follower of yours.
From what I've seen, human curators actually tend to beat out the bots. Since there are a (soft) limit to the number of votes we can make a day, the bots don't have that huge of an advantage..even though it takes actual time at the computer.
While I only do manual voting myself (and could make more curating if I wanted to,) I don't really have an issue with bots, however, one thing they always lack is the ability to leave a good, meaningful comment that helps build relationships with other users...which is what I tend to prefer.
But definitely happy to help out. Everyone ends up playing around with the various options to find what works best for them. :)
Once again you have made I very useful Blog for us Minnows! :). Thanks for taking your time to write about your knowledge in these matters. DR
@digestingreality
Thank you! I'm glad it's helpful!
There's so much to learn on Steemit, having short, concise things like this seemed a good thing to bring back. Some of the older ones are tough to find now.
Yes well I appreciate it. And I need to do a lot more studying in regards to Steemit as I want to maximize its potential. Both in information and potential profits. DR
It definitely takes time to figure every little piece out...I'm still putting some things together myself.
Just keep with it, find what works, try new things when they don't. Staying positive and persistent goes a looong way on here.
I'm always happy to help if something comes up.
Well I will and thanks. I do have a question for you I am unable to put a pic in my profile. Is it because I am using a cell phone or am I just doing something wrong? Thanks
The profile pic actually has to be hosted somewhere on the net (like imgur.com or steemimg.com for example.) I'm assuming you were trying to upload it directly like we do in post/comment editor?
Here's one guide that just puts it into the steemit editor and has you copy the link from there.
https://steemit.com/howto/@gogogadget/go-go-gadget-tutorial-setting-your-profile-pic
Ok thanks I will give it a try.
meep
Awesome help!! Thanks for explaining this!!
Following!! oops - already was.
Thank you! Happy to be helpful. :)
Hehe, can always just unfollow and re-follow to make it doubly official. :P
I agree ! This is such great help for all of us
Good thing I ran into this great post, I didnt know that these changes were planned. Thanks for sharing
Happy to be helpful! While it had originally been discussed last month, this pre-release just came out yesterday.
BTW, I hope you've been doing better!
Thanks! Very informative!
Happy to be helpful!
Free free to ask any questions that come to mind. :)
I will, thanks.
Following you.......don't look back!
Thank you for your knowledge....sooo much to learn.
Absolutely! I like helping out other Steemians. :)
Thank you for caring
This post has been ranked within the top 10 most undervalued posts in the second half of May 24. We estimate that this post is undervalued by $38.64 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: May 24 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Heey @sykochica ! another very useful post for the new ones(like me), as well as your most recent post about the vote slider bar and the vote power percentage, is good to know that. Keep sharing good info!
It was supposed that this comment I was going to publish it yesterday, but for some reason it remain in draft and until know i notice.
PS: Today I did my first post and it was very well received yay!
I'm glad that these are helpful for people! It definitely helps to keep putting them out. :) Is there anything that you'd like a guide or question/answer post for?
Hehe, no worries on yesterdays comment staying in draft...I've actually done that before.
Oh nice! Congrats! There is no better feeling that when that first post takes off like that. I'll go take a look. :)
Yes of course are helpful and you explain them very well.
Sure, i would like to know more about the trail accounts, i have noticed that they have to do with countries and languages but i don't know very well what it is about, also about challenges, how they work exactly. Those would be pretty nice topics to make a question/answer post.
Great great great :)
I remember those days when I joined and didn't understand anything. I had to read through those articles.
Hehe, me too! I had zero experience with anything like this prior. Luckily I've always liked reading and learning up on things.
While I won't claim to know everything...I like to think I've scaled up quite nicely....along with soooo many other impressive Steemians!
Nice quick explainer, my friend. This is probably the one I'm most looking forward to. Even though I've been here for many months now, my stats still make me feel like a newbie. It's great to have a more even playing field so that most votes would matter.
Thank you!
I'm with you there. To me users are a more excited, and discerning with their votes when they can actually give a little something. I'm sure there will be some unintended effects and tweaking, but I still like the direction things are going.
Great post and very well explained. If i understood correctly, the voting power will go down faster with this fork? So we'd need to vote a little more judiciously?
The short answer is yes. Right now, our vote power percent goes down about 0.5% per vote, giving us the 40 votes per 24 hours (since the regen rate is 20% a day.) This hardfork will change it to going down 2% per vote, giving us 10 votes a day.
Buuuut....our individual vote (at 100% slider bar power) will be worth about four times as much. So if you were to vote 40 times at 25% each..you'd be doing the same thing as now.
Eh, I'd more say people would need to vote with more usage of the slider bar, giving partial votes instead of 100% votes.
If I wanted to split up the power of my votes, like the 20 50% votes, how would I go about doing that? Thanks for sharing this info, I have no idea what's going on here half the time haha
It looks like you don't have access to the slider bar just yet which is what allows users to split their votes. As soon as you reach 1 Million Vests (which right now is when you have 482.434 Steem Power), the slider bar will appear for you when casting a vote.
No worries...while easy to get started and post..there is definitely a lot to learn here. It'll come over time. Heck, I'm still learning things. Lol
I wrote up a guide that shows a bit more about this here if it's helpful.
Feel free to ask any questions when they come to mind. :)
Awesome!! Thank you so much. That's my favorite thing about this place, everyone is always so welcoming and helpful :)
More than happy to help out! Feel free to ask me stuff anytime. :)
Oh definitely...that's a HUGE part of what hooked me early on. Been devoting my time ever since.
I definitely will be coming back for questions! You're the first person I've seen talk about LGBT (at least in your bio) also! More awesomeness!
Haha, thank you!
I have written some LGBT posts in the past too, just been a while. In the #LGBT thread, there are a ton of supportive people here that you can see in their comments.
I hadn't even seen that! Perfect :)
Finally understood this!... this will definitely help newbies...
Thank you! I'm glad it's been and will be useful. :)
Great post with great news! I'm very happy about this since I'm a newbie and it sounds much fairer. Couldn't help but resteem this. :)
the issue of exponential voting power being given to those with more steem is one of the main stumbling blocks of steemit - i am glad that is going to change :)
Thanks, great breakdown. You explained it perfectly.
I want to resteem this,, but csnt anymore.. Can i copy it credit to yours of course.. This is helpful? 👻👻
Ah, yea..it just went past the payout, shutting off the resteem option. I'm ok if you want to copy it...probably be best to decline payout on it though, since I figure the plagiarism bot will pick it up. But that'd at least let you get the word around.
Or can always try to put it in your own words and/or give your thoughts on it too to go along with a link or quote. This would let you keep the payout turned on.
But I'm really quite ok with any option. :)
Thank you,, its not about the payout.. Its the topic is very useful and i want to spread.. I will provide the link.. And encoutage them to follow you too as i did..
Much appreciated!
If you decline payout, you can just put a line that you couldn't resteem it. Then just copy/paste the whole thing with link if you want. But I'm easy..definitely not worried.
Thanks for reading and always feel free to ask any questions. I'm here to help.
That is amazing hope the hardfork happens soon
8 months on and still a very thoughtful post to make for the community, especially us shoaling minnows. Thank you