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×
Steemit Updates Summarized From Launch to 19.0!
11 hours ago
jerrybanfield63 in steem-help
steemit updates from lauch to hf 19.png

Ready for Steemit to be easier to understand? View all the major Steem changes from release in 2016 to through 19.0 in June 2017 in this one list! Reading the whitepaper when I first signed up for Steemit in May 2017 combined with hundreds of Steemit posts from many months ago left me really confused!

Today, I finally went through every version update and wrote this to summarize all of the changes I think are most important because I want to have a better understanding of how Steemit works today instead of thinking things that were true a year ago still apply! View the most current updates and the complete history at https://github.com/steemit/steem/releases.

Top confusions for me getting started with Steemit!

The total Steem inflation is now 9.5% a year and dropping each year instead of 100% as originally written in the whitepaper. What a shock after I bought over $10,000 of Steem in May 2017 and was expecting the really high interest rate once I powered it up! The interest is paid frequently enough that with enough Steem Power we can literally refresh the page and watch it go up a little bit all the time. After my first 24 hours of doing this, I wish I could have captured my face the moment I saw that I was getting about 2% interest per year or about 0.0055 % a day instead of 100%! Soon I learned that in December 2016 the original model of doubling Steem available every year was thrown out in favor of the new system starting at 9.5% total inflation yearly and then reducing that each year going forward.
75% of Steem inflation goes to authors and curators on posts and upvotes while 15% is given to Steem Power and 10% to witnesses. This means out of the 9.5% current total inflation, about 7.1% of all new Steem "printed" is given out to users making posts, comments, and upvoting through curation. Before 16.0 the inflation went mostly to Steem power with authors, curators, and witnesses getting a few remaining percent. Starting out on Steemit this was another huge point of confusion which I hope is clear now as to how authors and curators upvoting posts get paid!
Power Down in 13 weeks instead of 104! After 16.0, we can now transfer all Steem Power into Steem with 13 payments starting in just one week with about 8% of the account balance 1 week after powering down. Seeing the shorter power down period encouraged me to invest much more in Steem Power and was confusing for weeks getting started as to whether it was actually 13 weeks or 104 weeks as originally setup in the whitepaper.
Witnesses now do all mining in Steem because of the change in "Steem Simplicity 0.17.0" which removes Proof of Work and eliminates participation in mining Steem outside of being a witness! This was still confusing me up until a few minutes ago because almost every old witness guide mentions mining as does the official documentation still even though it does not exist today.
Reporting a witness for double minting a block no longer results in losing the entire vesting account balance. Or in simple language a mistake in setting up or managing a witness server previously could cause a complete loss of all Steem Power! The steem.io documentation at https://steem.io/documentation/how-to-mine/ still provides this warning even though there have been so many changes since it was published! Up until yesterday that one little sentence in there nearly stopped me from becoming a witness out of fear of losing everything because of my lack of experience managing Linux servers. Thankfully @someguy123 explained to me that this was changed because several people did lose their whole account balance and they were predictably not very happy about it!
Account recovery is now possible starting with Steem 11.0. In the original whitepaper and initial use of Steem account recovery was not possible meaning there was no hope for getting back into a stolen account. Account recovery is possible if an account is stolen by using the original password and verifying identity with Steemit. There might be some hope even without the password using a private key if the password is lost. Going through the recovery process then allows for a password change to lock anyone else out of using the account. Without a password or private key valid within the last 30 days, account recovery may not be possible! Long story short better to err on the side of having the password too available than to keep it so secure it is easy to lose! Ideally use a password manager and keep an offline backup also. I wrote an in depth post about account security you might enjoy at https://steemit.com/steemit-guides/@jerrybanfield/the-steemit-account-security-tutorial-june-2017.
Witnesses get paid 10% of total inflation while witness runner ups pay per block is now 5 times the top 20 witnesses. If you are considering becoming a witness, this makes it worth it to not be in the top 20 because we should at least be able to pay for server costs! Witness pay effectively now is around 0.19 Steem Power every 63 seconds in the top 20 and about 1 Steem Power every hour or few hours from 21 to 50 or so. Outside of the top 100 it will be difficult to even get one block.
The owner private key is no longer visible on Steemit. Using the CLI wallet or an algorithm with the password is now required to reveal the owner key because the wallet on Steemit no longer shows the private owner key. The public owner key is visible to anyone on Steemit as are all the other public keys.
Top changes versus the whitepaper and previous versions of Steemit!

Rewards are now linear for upvotes instead of exponential as of the 19.0 equality release in June 2017. Before this, if you had 1000 times as much Steem Power as me your vote was worth 1 MILLION times more. Today everyone's vote is directly proportional to how much Steem Power we have which I think is very helpful for allowing everyone more of an equal say.
Curation rewards on upvotes are now on a square root calculation instead of linear meaning upvoting a post early should now be worth significantly more and upvoting a post that is already popular worth less.
Posts cannot be deleted after 7 days but can be edited indefinitely.
The voting period is 7 days instead of 30 days because 99 percent of upvotes happen within the first 7 days. Upvotes still count on older posts but do not contribute to payout or use voting power.
Comments no longer have a separate reward pool from posts making a comment really just another post!
No posting rate limit. In earlier versions a posting rate limit was tested and has since then been removed! Post away!
Steemd is now completely free to use with an MIT License! For developers this is great news because previously it was more difficult and today anyone can develop tools for Steemit!
12 hour lockout on upvotes prior to payment allowing downvotes to reduce payment as needed! Apparently it used to just be an hour and now I think it is good the final 12 hours can be used to downvote only if post rewards are too high!
The single biggest changes seem to be Steem 0.16.0, Steem Simplicity 0.17.0, and Steem Equality 0.19.0 with links to read more below!

https://steemit.com/steem/@steemitblog/final-review-of-steem-economic-changes.
https://steemit.com/simplicity/@steemitblog/update-on-simplicity-cutting-complexity-with-steem-0-17-0
https://steemit.com/steemit/@steemitblog/hf19-equality-coming-soon-linear-rewards
Review more updates on the Steemit blog from @steemitblog at https://steemit.com/@steemitblog.

Stay ahead of the game in 2017 by viewing the roadmap at https://steem.io/2017roadmap.pdf.

Did I miss anything important or mess anything up?

If so, would you please comment below to help me know what edits to make to ensure this is valid for the foreseeable future when new Steemians are looking to learn about all the changes in a very short amount of time?

Thank you for reading this!

If you think this post makes a positive contribution to our community, would you please upvote it because each upvote helps me dedicate most of my time to Steemit without the need to hustle for money somewhere else?

Love,
Jerry Banfield

PROMOTE
steem-help steemit steem hf19
11 hours ago by jerrybanfield63$1,072.51
672 votes
Reply 201 1,151
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[-]marco-delsalto55 · 5 hours ago
sweet ty
$9.23
2 votes
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[-]vcelier65 · 10 hours ago
75% of Steem inflation goes to authors and curators on posts and upvotes while 15% is given to Steem Power and 10% to witnesses. This means out of the 9.5% current total inflation, about 7.1% of all new Steem "printed" is given out to users making posts, comments, and upvoting through curation.
Obviously, by "Steem printed", you mean the Steem inflation (9.5% of the total Steem already released). So, 75% of the Steem inflation is the same as 75% of the "Steem printed", which is roughly 7.1% of the total Steem released over a year.

Posts cannot be deleted after 7 days but can be edited indefinitely.
Yes, posts cannot be deleted after 7 days, but No, currently posts cannot be updated after 7 days. At least through the steemit.com web site.
$7.70
9 votes
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[-]thecooldude25 · 10 hours ago
Yes you are absolutely right.
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[-]pastorlea34 · 7 hours ago
that's right, I noticed also @vcelier. Thank you, we love you
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[-]lexiconical55 · 11 hours ago
@jerrybanfield,

I notice your top two (nearly instant) upvoters here also appear to be upvoting "spam" for businesses I suspect they are affiliated with, since their only posts are resteeming that business' posts. They are also massive whales worth almost $3 million.

I just posted about this today, and can't get a handle on it, do you know anything?:

https://steemit.com/curation/@lexiconical/exposing-advertiser-circle-jerks-in-trending-reward-pool-rape-and-bookingteam-com
$4.23
9 votes
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[-]chefcryptoshark40 · 8 hours ago
@lexiconical While I support the ethical harvesting of animals for consumption, some of these "circle jerk" whales need to be whaled out of existence. At very least, I would hope to see a future fork address this.
$0.99
1 vote
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[-]ginacarole28 · 10 hours ago
That's interesting!
$0.54
2 votes
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[-]humblebitcoin25 · 7 hours ago
very interesting
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1 vote
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[-]heelzkinu46 · 11 hours ago
@jerrybanefield
I don't know from where do you collect these information but I always get shocked after seeing them

Thank You for sharing this amazing post with us
God bless you
$0.03
3 votes
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[-]gregm67 · 10 hours ago
I think post can NOT be edited after 7 days... but maybe I am wrong?
$3.11
3 votes
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[-]vcelier65 · 10 hours ago
No, you are correct. Currently a post cannot be edited after 7 days.
$0.65
4 votes
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[-]gregm67 · 10 hours ago
Thanks for confirming this! 👍
$0.01
1 vote
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[-]tamsguitar59 · 10 hours ago
No it cannot be edited. i tried recently thus got to know. How ever if you want to copy the contents to repost along with photos included then copy the link and replace steemit by steemd and paste n go then you can copy it as it is for repost.
$0.10
1 vote
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[-]lexiconical55 · 10 hours ago
Edited: Wrong info, can not edit currently after 7 days.
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[-]gregm67 · 10 hours ago
This I know, but after 7 days you can't even edit.
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1 vote
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[-]lexiconical55 · 10 hours ago
Yep, you are correct, sorry about that.
$0.29
1 vote
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[-]fisch46 · 10 hours ago
@jerrybanfield is the go-to author on everything Steemit.
$2.09
1 vote
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[-]coinlend45 · 7 hours ago
Thanks for this summary!
$1.78
1 vote
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[-]stackin57 · 11 hours ago
Yooo @jerrybanfield always bringin that value to the community! Bringin that positivity! 💪🏼🙌🏼💯

UPVOTED and RESTEEMED!
$1.64
7 votes
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[-]virtualcoin41 · 11 hours ago

$1.55
7 votes
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[-]paco55 · 8 hours ago
Awesome !!! great post....i wish i were a noob to steem this would be sooo helpful :)
$1.18
1 vote
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[-]richreck42 · 9 hours ago
Great info
$1.08
1 vote
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[-]mindfreak66 · 11 hours ago
2 minutes, and 808$ are you kidding me? this is my whole year salary for working 9 to 6 every day for 6 days a week, in India.
Sheetz.
$0.80
4 votes
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[-]stackin57 · 11 hours ago
That some Gansta stuff... mad respect 😎🙌🏼
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[-]mindfreak66 · 11 hours ago
Totally.
$0.07
2 votes
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[-]enazwahsdarb43 · 10 hours ago
Couldn't agree more. It's quite ridiculous if you think about it :D
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[-]fundurian55 · 3 hours ago
awesome post, this clear up everything that confuse me, thanks a lot
$0.74
1 vote
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[-]austinsandersco43 · 11 hours ago
@jerrybanfield mentioned you here buddy https://steemit.com/whale/@austinsandersco/becoming-a-whale-on-steemit-let-s-look-at-some-whales-and-see-how-they-got-big
$0.42
1 vote
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[-]redris38 · 56 minutes ago
Powering down was 104 days? That would have been 2 years. Too long
$0.27
1 vote
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[-]cryptohunt37 · 11 hours ago
808$ in 2 mins,you are truly the best here,you never seize to amaze me,nice post as usual.
$0.23
6 votes
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[-]stackin57 · 11 hours ago
He's a beast, I get jealous at times 😂😂😂
$0.10
1 vote
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[-]lexiconical55 · 11 hours ago
There may be a reason for this, but I do not know what it is:

https://steemit.com/curation/@lexiconical/exposing-advertiser-circle-jerks-in-trending-reward-pool-rape-and-bookingteam-com
$0.00Reply
[-]cryptobref40 · 7 hours ago
Pretty cool work!
$0.20
2 votes
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[-]hms81858 · 11 hours ago
Thanks @jerrybanfield for sharing these important updates, learnt a lot from this post... truly awesome!
$0.15
2 votes
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[-]ginacarole28 · 10 hours ago
Thanks so much for your time and effort. Your posts help me more than anyone's . I have no problem upvoting you. You deserve all that comes to you.
$0.12
1 vote
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[-]me-do50 · 11 hours ago
Keep up the good work Jerry!
$0.09
3 votes
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[-]kryptokayden41 · 11 hours ago
Informative and well researched as always. Keep these posts coming Jerry!
$0.04
2 votes
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[-]gary-wood44 · 11 hours ago
So, are you thinking of being a witness or changed your mind?
$0.04
1 vote
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[-]heelzkinu46 · 11 hours ago
@jerrybanefield
I don't know from where do you collect these information but I always get shocked after seeing them

Thank You for sharing this amazing post with us
God bless you
$0.03
2 votes
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[-]bitcoinflood47 · 10 hours ago
Top quality stuff yet again thank you Jerry always enjoy your training and loved your course! Ive been reading some new posts that counteract some of the findings above but most likely they might just not yet understand the changes that have taken place since they first joined. These all do seem for the better though in making steem high demand and worthy.
$0.03
1 vote
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[-]riseofth28 · 11 hours ago
Thanks @jerrybanfield. That helped me save couple of days reading and researching. I have few more questions-

Even if there is a big increase in number of new members, postings, voting activities, comments than usual; total inflation is kept limited. What I understand is that total voting power (STEEM creation) is limited to number of powered up STEEMs by the holders. Does it mean that if holders do not vote frequently, STEEM inflation may be kept lower?

Upvoted and resteemed :)
$0.03
2 votes
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[-]lazarescu.irinel38 · 9 hours ago

$0.02
1 vote
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[-]callistus36 · 11 hours ago
You are truely the best
$0.02
1 vote
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[-]renssmit36 · 11 hours ago
incredible research, you can see that you spent alot of efford in your posts. You have 66 upvotes and 815,99 dollar. How is that possible? Is that because the people who upvoted have a lot of steempower? Thanks!
$0.02
1 vote
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[-]africangold36 · 11 hours ago
Nice work Jerry!
$0.01
1 vote
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[-]muftykutink43 · 11 hours ago
WOWW, nice post @jerrybanfield
from the first join in steemit I've followed you and already a lot of your posts that I read
I really like your posts
follow back @muftykutink
thanks :)
$0.01
2 votes
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[-]brandonvogel42 · 11 hours ago
Awesome research and update Jerry! I was doing my own research this morning trying to see what was new and just happened to come across your article when searching Steemit to find out how lone the voting period last on a post.

As always thank you for beating me to the research! :-) Keep it up and love the content!
$0.01
1 vote
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[-]stonesteem35 · 9 hours ago
Thank you. It's a very good article. Passing it along to the few Steemians I have right now. I knew all of them except #3 and #4 (does that mean that we can post as much as we want without any penalty?). I'll have to test a few of these out.
$0.01
1 vote
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[-]gojbonny25 · 9 hours ago
Hi jerry
Am Goj from Nigeria, i follow u on facebook where i saw ur ad about steemit in a video presentation last sunday so i decided to give it a try. Am very grateful to be informed.
Please help me make my first steemdollars as promised. I've made my first post. @gojbonny
$0.01
1 vote
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[-]nitesh930 · 2 hours ago
Awesome article.

I really didn't know about so many things that have been changed in Steemit 19.0.

Now linear method is followed for awarding upvotes, thats really awesome and just for new members.

@jerrybanfield you said that now a days earlier voting is profitable. But I knew that voting a post before 30 mins will not be counted as 100% vote. Is that true?

If yes, then what will be the correct timing to upvote a post to get the maximum benefit?
$0.01
1 vote
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[-]royschuh47 · 11 hours ago
You always keep is updated @jerrybanfield and for that I thank you! Much love and success.

Keep the content flowing! Upvoted, resteemed and of course following!

Your detail blows me away each time, hence your big following.
$0.01
1 vote
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[-]cryptochallenge25 · 10 hours ago
Interesting post! For myself as a newbie here, I have been a week or so here and not so active yet (since I am on holiday :)). But I am reading and reading to catch up with what Steem(it) is all about, for my challenge, but also for general. This post helps, thanks( again)!
$0.01
1 vote
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[-]letstalkcrypto25 · 6 hours ago
@jerrybanfield totally agree with this. You have taught us lots, really enjoy watching your videos. Keep up the great work.
$0.01
1 vote
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[-]hadimemories47 · 10 hours ago
Cool... Nice post brother, please follback n vote n comment @hadimemories. I need your help upvote in my blog. Thanks
$0.01
1 vote
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[-]matthew2325 · 7 hours ago
thanks for the info!
$0.01
1 vote
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[-]patasieduagh38 · 9 hours ago
am your follower now pls upvote me
$0.01
1 vote
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[-]shovonswift5 · 5 hours ago
thanks for your sharing :(
$0.01
1 vote
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[-]bluemist28 · 11 hours ago
You never cease to amaze me with your ideas
$0.01
1 vote
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[-]joshuaatiemo57 · 11 hours ago
Nice post thanks for sharing
$0.01
1 vote
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[-]alexandruionescu25 · 11 hours ago
@jerrybanfield waiting for new youtube videos !
$0.01
1 vote
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[-]spranckx30 · 11 hours ago
way to go!
$0.01
1 vote
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[-]buster54445 · 9 hours ago
I appreciate you taking time and posting this information, love your posts!
But the only thing I really don't like and agree with others is number 2 on the list about upvoting early gets you more.
What's happening are people don't even read the article, and I say this because 28 seconds into in being posted there are 8 plus votes which tells me people are following the BIG fish, just posting their upvote and not even a comment, while some will comment, their reply has nothing to do with the content.
These post are earning 250.00 and in a few cases I've seen it hit 1000.00
I guess it's smart to find the most popular people with the biggest fan base and just follow them around and upvote everything they post,
Get a piece of the action right?
I thought this was about being better than that?
I'm not saying everyone is doing this, I'm not, but it is happening and it is a problem.
What are your thoughts?
$0.00
1 vote
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[-]iosif38 · 7 hours ago
Thanks @jerrybanfield for this extensive updatest list – been searching for it !
$0.00
1 vote
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[-]joelaldrich40 · 11 hours ago

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[-]farhanali38 · 11 hours ago
Informative post keep it up good job.
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[-]lifestory37 · 11 hours ago
Your video's are awesome! Thank you for spending your time to teach us the ins and outs!
$0.00Reply
[-]globalvision25 · 11 hours ago
Helpful information..thanks
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[-]ishratamin33 · 11 hours ago
Your contents are so helpful for us @jerrybanfield ! I almost wait for those!
$0.00Reply
[-]jodipamungkas50 · 11 hours ago
thanks for this information @jerrybanfield
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[-]itachi43 · 11 hours ago
Thank you for the most recent update sir!
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[-]resteemit25 · 11 hours ago
good information, I upvote your post
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[-]cobalus47 · 11 hours ago
Wow Jerry, this is an amazing roundup of all the interesting changes that happened in steemit through it's lifetime (:

Do you even sleep? I mean you're just pumping out one excellent and informative post after the other :D

Keep on doing that good job!
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[-]melowd48 · 11 hours ago
I will never get tired of your blog. Another good one. Thanks your works are valuable.
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[-]sighmanjestah50 · 11 hours ago
One question that I'd like to ask @jerrybanfield and that is how often do the updates happen and who are the ones who make the decisions? Witnesses? Programmers? This is a great summary and thanks for putting it together.

SDG
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[-]joshua-pace37 · 11 hours ago
Very helpful and informative post, Jerry! I'm new to this whole thing but loving it. Cheers
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[-]steemitnow22242 · 11 hours ago
I understand why you breaking all these numbers down...you have much invested in steemit:) Really appreciate your efforts @jerrybanfield, all the links and information really helps users like me understand steemit better!
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[-]ticopurelife39 · 11 hours ago
Wow that's a lot of information I really appreciate it man...great stuff
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[-]xgrosz38 · 11 hours ago
Jerry has always something good to say - and its also entertaining watching him
the moment he speaks so fast and suddenly he has to swallow that's the part cracks me up :)
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[-]tohamy758 · 10 hours ago
A good topic for you+follow
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[-]flexifriday45 · 10 hours ago
Holy smokes this is still confusing.
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[-]abdullahmushtaq34 · 10 hours ago
boy.. its really quite interesting . i get more knowledge from it .
thankyou for posting such content as i am still a beginner . hope to see your upcoming post soon
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[-]techwizardry45 · 11 hours ago
I still don't understand the saving account and the APR percentage. Can anyone explain that?
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[-]sirwin40 · 10 hours ago
Another book marked post and a definite candidate for wikisteem. I feel lucky to be part of a community with advocates such as yourself as members. I know that a lot of time and effort was placed in this post and it is recognized and acknowledged, to the best of my ability...lol
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[-]trendo45 · 11 hours ago
Cool post. A lot of changes happened and all for the better so that steemit would have a bright future !
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[-]yanyzx32 · 10 hours ago
Steem upgrade the value to 1000000W0000W% in 4 months :o

In other words;
20 steem = 0.2 USD (4 months ago)
20 steem = 200 USD (TODAY)

Am I ok?
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[-]anomiej36 · 11 hours ago
Awesome, as a new user this kind of post definitely helps understanding what steemit was and what it is becoming now!
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[-]longstocksilver40 · 10 hours ago
Thanks for the breakdown.
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[-]groupmgpbank25 · 11 hours ago
Jerry Is always full of rich new ideas..comber to rest of us -- don't really know why?!?
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[-]manonlescaut41 · 10 hours ago
Like everyone else, I would like to reach more traction. But not to upvote or follow me, but to take a look if the content is worth to follow or upvote. For me it seems, that the only well-known option for promoting your posts is through "classical" direct spamming in chatrooms and comment-sections. Most of the decent minnows don't feel comfortable with spamming but, rather sooner than later also start to spam, which is reasoned. Everybody just wants to survive (virtually) .

So lets not focus on disliking this "spammy" self-preservation drove but working on solutions to satisfy this natural instinct.

How about "mainstreaming" these private "whale- & influencer power"-contests where you can promote your posts without getting flagged for spamming.

Steem Up
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[-]jasminrose25 · 10 hours ago
Thanks that's great to know :)
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[-]serioustalk9931 · 10 hours ago

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[-]manonlescaut41 · 10 hours ago
Wait, you compliment yourself :D
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[-]jupiter541 · 10 hours ago
Cool, thanks, upvoted and followed.
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[-]the-traveller47 · 11 hours ago
hi Jerry! great initiatives, I especially appreciate your efforts to bootstrap the platform itself.
(From your other post here. That is true investing!
Don't know if you realize it but it is one of the new rules for the new economy (written by Kevin Kelly)

Especially #5 of the new rules for the new economy applies:

1. Feed the Web First. As networks entangle all commerce, a firm's primary focus shifts from maximizing the firm's value to maximizing the network's value. Unless the net survives, the firm perishes.

Think of yourself as a firm of course! Would be fun seeing you do a course on these rules, since you are living them every day!

Check it out the original reference here (Kevin Kelly)
http://kk.org/newrules/

my write up as it applies to steemit.com here
https://steemit.com/economy/@the-traveller/how-to-think-about-steemit-com-and-navigate-it-lessons-from-new-rules-for-the-new-economy-by-kevin-kelly
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[-]hiimamazing42 · 10 hours ago
Great history lesson.

mrrthanks.jpg
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[-]cryptomonitor40 · 10 hours ago
Great post again Jerry !
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[-]muhammadyasir25 · 10 hours ago
@jerrybanfield I didn't get the Top changes section point number 5. about comments. Did you mean that a comment becomes a post in itself making the person commenting to be treated as author? If that's the case then this comment which I am posting right now will be treated as a post of which I am the author. So if someone for instance (you) upvotes this comment then the money this comment makes will be shared between you and me. 75% mine and 25% yours assuming I don't upvote this comment before you and nobody upvotes it after you.

Tell me if I am right ?
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[-]practicaleric39 · 10 hours ago
That's a nice summary of steemit and how it works. Thanks for sharing, keep steeming :)
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[-]muhammaddanar25 · 10 hours ago
It ia very cool
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[-]tamsguitar59 · 10 hours ago
This is really amazing info great research and I am proud to say I read a complete @jerrybanfield post, which in most cases are impossible to finish in a short time. Once again great info and I see some improvement in hair growth as well, looking younger. Cheers!!!!!
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[-]vinaypsychic27 · 10 hours ago
Your information is really great @jerrybanfield and I am looking forward to read some new and insightful information in the coming weeks. Thank you!
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[-]deserttree49 · 10 hours ago
@jerrybanfield Great explanation. Two things: 1) I don't think you can edit after 7 days 2) you didn't mention how post reward decreases by payday if newer posts get more popular. I guess you never experience this, because your posts are always popular :)
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[-]enazwahsdarb43 · 10 hours ago
Beast mode bro! Thanks for bringing us that quality content @JerryBanfield!

U5dtDKwxDR17buL2ouXtWkQcmSSUbRJ_1680x8400.jpg
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[-]arcadiocruz38 · 11 hours ago

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[-]taimur31 · 10 hours ago
Very helpful and detailed post
Thanks a bunch :-)
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[-]carface56 · 10 hours ago
Thanks Jerry, a nice refresher! We really need to make things simpler here, in todays world you don't get mass adoption if people are scared to lose their money, especially with all the passwords.
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[-]evanrvoss52 · 10 hours ago
Another nice postJerry. Can someone please describe to me what a witness does on Steemit? Thank you
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[-]pal59 · 10 hours ago
Nice refresher. If you new to steem - read whitepaper, then this updates and you good to go.
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[-]josedariocamacho38 · 10 hours ago
excelente post en verdad son temas que nos llenan de entusiasmo.
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[-]myindonesia47 · 11 hours ago
Hello, thanks for this amazing post !! keep up the good work :)
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[-]greatmb42 · 11 hours ago
Love it! Keep up the good work Jerry!
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[-]randompic39 · 10 hours ago
Great article and report @jerrybanfiled!

Upvoted, again and resteemed.

Show me some love.
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[-]jibi33338 · 10 hours ago
Great post and personally i like the way you smile @jerrybanfield
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[-]rightwithin32 · 10 hours ago
NIce!

RightWithin
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[-]cryptokraze48 · 10 hours ago
One more very detailed post by jerry that will help majority of the new as well as old steemians. Keep them coming.
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[-]mykos40 · 10 hours ago
i can appreciate the posting limit removal. I'm always coming up with something to post. Good job steemit.
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[-]syedalihassan25 · 10 hours ago
@jerrybanfield your all posts are so informative keep it up.
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[-]mikivich36 · 10 hours ago
Great blogger
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[-]reiki-trail59 · 10 hours ago
Great Article @jerrybanfield. Thank you very much for taking the time to compile and share this information with us. :)

Bright Blessings! Namaste
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[-]hamzaoui44 · 10 hours ago
Well done post You deserve for getting Upvote from me. I appreciate on it and like it so much . Waiting for your latest post. Keep your good work and steeming on. Let's walk to my blog. I have a latest post. Your upvote is high motivation for me. Almost all Steemians do their best on this site. Keep steeming and earning.
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[-]saikrishna25 · 10 hours ago
I am a new user. Thanks for the info.. I guess that was nice to know about. But I would love to know where to get started.
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[-]norrko36 · 10 hours ago
Wow Jerry that's a lot to take in to learn, i can't believe your reputation has climbed that high in a month. I am still trying to learn everything but it's going to take a while.
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[-]thesaurus22 · 9 hours ago
I believe that the up voted within 30 days are paid out, I may be wrong !
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[-]livelifefullest33 · 9 hours ago
Thanks for thoe updates, makes life easier :-) Good Job done !!!
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[-]alainite41 · 9 hours ago
Hello from Steemit South Africa!

steemit logo.png
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[-]znaffe39 · 9 hours ago
Thank you for providing these in depth guides and information for us noobs. It's a lot of stuff to navigate and take in!

Followed and upvoted :D
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[-]jakariashikder33 · 9 hours ago
thanks for this information
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[-]alainite41 · 9 hours ago

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[-]sudipn74937 · 7 minutes ago
Amazing insights @jerrybanfied .. have sent you a friend request on Facebook and followed you too
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[-]alej44 · 9 hours ago
Check my content and support with upvote! Please with your little contribution you would help me and my family, a hug from a Venezuelan.

Https://steemit.com/music/@alej/difference-between-acoustic-and-the-chapel

Thank you, we accept donations.
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[-]adamzy25 · 11 hours ago
Cool article. I just followed. I love your videos, its really good I just followed your steps in your video on facebook.
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[-]babobabko25 · 9 hours ago
Steemit is so cool. I hope it stays on and doesnt die out.
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[-]team10158 · 9 hours ago
Thanks for your research, Jerry.

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[-]lqss6445 · 9 hours ago
Thank you Jerry for your complete reports.
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[-]nibzter842 · 9 hours ago
You just did us a huge! I probably would have never understood any of this if I read it elsewhere so, thank you! It's great to know that there's someone on the ball that I happened to follow. Been with you on youtube and now here. It has been quite the journey. Keep up all the great work man! This comment is now treated as a post! haha show me some love? :D Cheers!

#upvoted #follow4follow
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[-]saffisara41 · 9 hours ago
Great post and helpful info :0) blows me away.
Thx for sharing good reading as ever.
Upvoted resteemed
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[-]pennystockhelp39 · 11 hours ago
Thanks for the great work done
keep it up!!
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[-]shariff26 · 11 minutes ago
Awesome writer, awesome speaker. Thanks always.
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[-]mosfik25 · 9 hours ago
Great help full post. I need to know more detals about Steem Power.
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[-]scott-za44 · 11 hours ago
You are an absolute legend, thanks for everything you do Jerry.
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[-]kontora45 · 9 hours ago
Jerry you do so much to help this community and find ways to improve it and nurture it's growth. Thanks for everything you do for SteemIt!
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[-]xeleos46 · 9 hours ago
Woah, I didn't know many of these. Thank you for sharing! This was interesting! :D
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[-]alej44 · 9 hours ago
Good contribution wanted to communicate my sense of support to what you have written, who can read this message with his voting power would be helping me enormously, I want to leave the country of Venezuela and really by my own means cost me a lot. I would thank you with all my heart, I am in need of doing this because of the serious situation my family is suffering and I would like to be able to work where I was part of the world to send my family contributions of money and food. Thank you.
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[-]gdreyer41 · 11 hours ago
Great overview
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[-]shariff26 · 8 hours ago
Awesome writeup. Thank you always
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[-]assetminds27 · 8 hours ago
This is fantastic. I now have a much better perspective on how steemit works!
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[-]fiss29 · 8 hours ago
Very useful info. Thank you.
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[-]fobz88831 · 8 hours ago
I mean I'm not trying to make 1000$ a post, but i something more then .05cents. I feel i put more effort into my posts then most people do. Even to get into the sollar range i would be stoked. Is it followers or what? Also the more i post the less my 80 cent account is worth
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[-]patricklaguna38 · 11 hours ago
this great news thanks jerry <3
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[-]chefcryptoshark40 · 8 hours ago
@jerrybanfield thank you for being the unofficial sherpa for virtually every newcomer on Steemit!
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[-]naeemnaz29 · 8 hours ago
Thank you for sharing this useful information and it will help for taking better decision.
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[-]wilson434327 · 8 hours ago
hi Jerry I rely enjoy your videos like the way you present them;thanks for the content and the many things you teach, wonder you check one of my videos and give me any advise;Most of them are in Spanish and talk about the best business now bitcoin and currencies
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[-]steemblake40 · 8 hours ago
@jerrybanfield, your page is full of useful information. I've learned more in the last 3 days from catching up on your posts than I have in the last three months trying to sift through multiple sources. Thank you for putting together and delivering such great content.
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[-]orcaman4238 · 7 hours ago
Jerry I like you better in text, at least you're not screaming. :)
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[-]olgalucia9730 · 7 hours ago
Hi Jerry very interesting your post, if u wanna see my first sexiest photoshoot in the Caribe you are welcome to my blog https://steemit.com/photography/@olgalucia97/photoshoot-bikini-margarita-venezuela
you will not regret
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[-]tanversaadakash25 · 11 hours ago
$816.32 !!!!!!!
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[-]ihab-mu27 · 7 hours ago
Gr8 :-)
Hey Jerry .. i'm new here can you upvote for my me please :)
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[-]pixzelplethora41 · 7 hours ago
Another intelligent post full of real world information from @jerrybanfield.
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[-]evgsk32 · 11 hours ago
Thanks for info!
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[-]shedrack31 · 7 hours ago
Great job
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[-]pastorlea34 · 7 hours ago
You always bring some more light than what we had before your posts. I always spend time to read and I am still praying for SteemJ vision. But thank you for always trying to have the newbies on point concerning how we do on here. We love and appreciate you. Thank you @jerrybanfield
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[-]jwolf51 · 7 hours ago
You need to be more generous with your followers!
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[-]bobiecayao41 · 7 hours ago
This article help to understan further about the sytem of st
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[-]moderninvestor46 · 11 hours ago
104 weeks for power down was OUTRAGEOUS

and Anyone else notice Jerry made $800+ on this post in less than 10 minutes...
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[-]dailyaffirmation25 · 7 hours ago
Hello! I just upvoted you! I help new Steemit members! Upvote this comment and follow me! I will upvote your future posts! To any other visitor, upvote this post also to receive free UpVotes from me! Happy SteemIt! @dailyaffirmation
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[-]fshllc35 · 7 hours ago
Got it. Thanks for the info.
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[-]abegail38 · 11 hours ago
I enjoy reading your posts, @jerrybanfield very informative
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[-]ihab-mu27 · 6 hours ago
That's interesting!
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[-]zammie30 · 11 hours ago
Keep the great work Jerry. It helps a lot.

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[-]adamm51 · 6 hours ago
Pretty good round up! They should allow people to update the documentation on Steemit to keep things like this up to date. Something like a wiki and keep that the official place.
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[-]kingofdew56 · 6 hours ago
Excellent post. Can you please bullet point all the ways Steem or SBD are burned. Promotion would be one way SBD are burned.
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[-]mahmoudibrahim27 · 6 hours ago
this is good @jerrybanfield
Upvote and Follow me too @mahmoudibrahim and thanks
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[-]hotpoint41 · 5 hours ago
Thank you for this post :)
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[-]vida660025 · 5 hours ago
Need followers but no one follow me :'( whyyyy
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[-]jordanmchale43 · 5 hours ago
How can you edit an old post, older than 7 days?
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[-]jordanmchale43 · 5 hours ago
I do wish we could delete posts. On facebook or Instagram, as your life changes it is good to be able to go back and delete old posts. It seems like whatever I put on steemit lives forever.
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[-]steemfluencer43 · 5 hours ago
Thanks for the summary Jerry! Bookmarking for reference.
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[-]master-set49 · 11 hours ago
Great job, Jerry.
But i looked thru my curation rewards for a last week and it's not good at all. Even when I'm upvoting higly rewarded post early (and i'm trying to do so often) the curation reward tends to be roughly the same as with a low-rewarded posts (about 25% of upvote).

Does not look as a

Curation rewards on upvotes are now on a square root
but more like opposite...
Only the self-upvotes got a good rewards, upvoting other authors post are discouraged economically... ((((
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[-]dwkehl28 · 5 hours ago
Thank you Jerry. You are so positive and helpful. I appreciate seeing your "Prayer" tee shirt and your closing "Love, Jerry". You are a powerful witness to the influence of good to encourage, build up, bear with, and model for others. Please keep up the great work in building our community!
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[-]rondoncr28 · 5 hours ago
Como hago para subir de reputacion ?
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[-]crystalpacheco38 · 11 hours ago
Great post as usual! Wasn't aware of the updates! Thanks for sharing!
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[-]tylersr34 · 4 hours ago
Can anybody tell me why a user's 2 month-old post would show a $0 payout despite having 22 votes (despite older posts with less votes showing positive payouts)?
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[-]bogey25 · 4 hours ago
Good to know that
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[-]joechiappetta43 · 3 hours ago
Wow, Jerry, it must have taken days of major research to sort all these Steemit changes out. Thanks for succinctly putting all this in front of the community.
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[-]rawpride44 · 3 hours ago
This will help a lot of new people catch up jerry., thanks for doing this
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[-]mother2chicks40 · 11 hours ago
Very informative post! Cleared up many questions for me regarding the HF19 and it's overall effect on rewards and payouts. I stumbled here via Reddit and looked at the whitepaper before registering. It makes much more sense now. Thank-you and going to resteem your post.🐓
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[-]krishnavohra35 · 3 hours ago
HOW DO I GET COINS AFTER CONVERTING INTO ETHEREUM FROM STEEM . I HAVE PUT VALID ADDRESS OF JAXX.
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[-]otraza35 · 2 hours ago
Thanks for the consolidating all of this info into one easy to read place, I was very curious about how the recent changes impacted all the features in Steem!
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[-]kingdomman38 · 11 hours ago
Lots of great info, definitely a bookmark for future reference!!
Blessings to you!!
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[-]heart-to-heart39 · 2 hours ago
Jerry Banfield, you have been showing up all over what I am reading. I really enjoy your content and how user-accessible you make everything. Thank you for taking your time to decipher this kind of thing for people like me who are confused as... Just completely unsure about what is going on in here. It's articles like these that are helping me acclimate to this new environment. Thanks for sharing, I'll definitely be following you, your posts have been...overwhelmingly helpful so far. :)
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[-]pfunk72 · 1 hour ago
Good summary of changes. It's unfortunate there is so much out-of-date information regarding Steem which has seen many iterations and updates. Me and @timcliff made an overhaul to the FAQ page but it's long and doesn't cover most of the differences over time.

Some minor corrections:

The total Steem inflation is now 9.5% a year and dropping each year
Steem inflation drops continuously at a rate of 0.01% per 250,000 blocks (~8.7 days). It's been 208 days since December 6th 2016 when the new economic changes were implemented, and 208/8.7 is about 24, so the current Steem inflation rate is about 9.26% annually. Reference

Which means these numbers are a bit off:

Witness pay effectively now is around 0.19 Steem Power every 63 seconds in the top 20 and about 1 Steem Power every hour or few hours from 21 to 50
The math works out to about 0.18 SP rewarded for every block created successfully per top-20 witness and about 0.9 SP rewarded for blocks created by those in the backup slot.

As far as average compensation goes, witness ranking below #20 is not as meaningful as the stake approving the witness accounts. For instance if #21 has 90% of voting stake approval among the total amount of voting approval stake for backup witnesses, they will produce 90% of the blocks in the 21st slot.

Witnesses now do all mining in Steem
It's semantics but it's not really 'mining' in the way the word is commonly used in the smart money world.

Posts cannot be deleted after 7 days but can be edited indefinitely.
The last hard fork allows it but the software is currently soft-forking to disallow indefinite editing, pending the coding of handling older posts to prevent catastrophic vandalism.

Comments no longer have a separate reward pool from posts making a comment really just another post!
The reward pool has always been this way. The implementation to insert arbitrary dividers into it was rejected by Steem witnesses.

No posting rate limit. In earlier versions a posting rate limit was tested and has since then been removed! Post away!
There have only been top-level-post rate limits of 5 minutes per post, and 20 seconds per comment, which is still implemented.

There was an implementation to disincentivize accounts posting more than 4 times in a 24 hour period to reduce the 5th+ posts' rewards by an increasing amount. This is what has been removed.

12 hour lockout on upvotes prior to payment allowing downvotes to reduce payment as needed! Apparently it used to just be an hour
Formerly it was 1 minute, but initial post payouts were 24-hours and would stretch out to longer depending on the voting weight and time to the pending payout. Then there was a fixed second payout period extending to 30 days after the post was made. The time extension on the first payout was to be the original last-minute-vote-abuse prevention mechanism, and the fixed 2nd payout was added without thought to abuse prevention.

Initially, hard fork 17 would have not included any abuse prevention for the new 7-day payout time, but it was implemented after Steem witnesses did not upgrade to v0.17.0. It's not perfect and there may be a change to the upvote-lockout in the future.

For developers this is great news because previously it was more difficult and today anyone can develop tools for Steemit!
This is not necessarily true. The license was written to prevent potentially competing blockchains built with Steem code. Here is what it used to say: https://github.com/steemit/steem/blob/follow/LICENSE.md

A couple things missed:
Originally Steem paid out posts and comments as 50% author rewards, 50% curation rewards. Prevalence of profit-hunting curation bots drove demand for the change to a 30-minute reverse auction curation reward system. Curation rewards were also reduced from 50% of a post's payout to 25%. There have also been changes to the way curation rewards are weighted per account, but hardly anyone would remember the old-old way.

I'm not sure if it's still mentioned in the presently-available white paper, but originally (way back, before the first Steem payouts of July 4th 2016) editing a post would forfeit all rewards for it! That was a good "feature" removal eh? :)