Changes are coming to steemit! (Steem 0.12.2)

in #steem8 years ago (edited)

As of late, many people on the steemit platform have been complaining about the ever growing whales and their unprecedented power. And rightfully so! Currently, the top 212 steemit accounts control 88.93% of all STEEM. Yes, the numbers speak for themselves, a classic pyramid shape has taken its form.  


To improve upon the feedback and criticism given by the community, the steem team has been able to produce a few change that will probably lead to a slightly more fair distribution of wealth and visibility of  more peoples content. 


The Solution: 


- a hard fork

Next hard fork scheduled for: Tue, 26 Jul 2016 15:00:00 UTC 

What changes can you expect from the update?

  • 12 hours payout time instead of 24. - #177 
  • 2 payout cycles (one the fist 12 hours, the second during a 30 days period). - #177 
  • Comment Spam improvements. - #176 
  • Block size reduction. - #179
  • Liquidity rewards disable in steemit internal market. - #178 
  • CLI wallet bug fixes. - #184 


What issues will be addressed in the new version of Steem? 

Issue #176 
Each root level comment has a reward weight which impacts the end  payout of the post. We are targeting 4 posts in 24 hours. Your first 4  posts in 24 hours will not be penalized. After that, they weight is  decreased from 100% based on your average posting frequency. Having a  frequency just barely higher than 1 every 6 hours will have very little  impact, while spamming will be penalized heavily. This change is aimed  to increase the quality of content at the cost of quantity. 
Issue #177 
Each discussion goes through a two stage payout. The first one is  nearly identical to what currently happens on a new discussion except  that we are weighting payout times by 12 hours instead of 24. This  should cycle through currently trending content quicker. There is a  second voting period set to 30 days after the first payout. This should  help posts that don't have immediate viral success accumulate votes and  have more consistent payouts in the long run. After the second payout a  discussion becomes "frozen". The discussion is no longer editable and  new replies are disabled. Users can still vote on comments in these  discussions as a "nod" to the author without costing their posting power  or awarding reward shares. 
Issue #178 
There has been a lot of controversy surrounding liquidity rewards. We  are refraining from making a judgment at this point but want to spend  more time reviewing their impact. We do believe that in their current  form the liquidity rewards are simply too much for the value thy  provide. As such, we are temporarily disabling liquidity rewards until  we can design a better solution. In the meantime, a transaction fee free  market should be incentive enough for users to continue to use the  Steem internal market. 
Issue #179 
The average block size calculation is too high. We are reducing the  minimum block size limit from 128k to 64k and changing the average block  size threshold from max_block_size / 2 to max_block_size / 4.  The net result is that the average block size threshold can be 4 times  smaller. If witnesses chose to vote this way, it will make triggering  transaction bandwidth limits easier, which is currently not applying  except in the most extreme circumstances. 
Issue #184 
Fixed a bug in the cli wallet that incorrectly allowed the wallet to  attempt to broadcast an update account operation from a locked wallet.  The broadcast would fail but created a poor user experience. 
Issue #186 
Added recovery operations to account history so they can be tracked more easily.

#steem #steemit #socialmedia #platform #updates #hardfork


What is your thought on the upcoming changes? 

Will they have a profound affect on the way content is viewed and reached, and will it improve the current wealth distribution ?


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My favorite parts of these hard fork is the closure of issue #178:

The liquidity reward system is truly broken, as a Market Maker, I can speak for myself and other guys in the #market-making channel. Hoping we can come up with a solution soon because most likely the internal market is gonna be a ghost town after the HF and volume will be discounted to 5 or 10% of current level due to zero wash trades to inflate it.

Do you think that a small trading fee could change that?

Just trading fee? and no reward?
Probably, but some whales are saying maker/taker model won't work for our internal exchange.

interesting, how come?

Welcome to the Steemit community! I have added you to my list of people to follow and I hope that you will do the same.

I have also created a blog here and would like to ask if you would kindly contribute some of your knowledge to the community and perhaps answer a question or two I have posted on the links below.  

By simply answering a few general questions your help to build our collective knowledge base, and your input is valuable.

How valuable is my input?  Well answers to the questions you post have the opportunity to earn STEEM which can be converted into Bitcoin and then your countries local currency!  IT IS TRULY AMAZING!

I once answered a question on here and received 59 STEEM which converted to roughly $177.00 in USD!   The reason was that my answer was of value to readers!  So please add your value and answer a few questions here:

What should every foreigner know about your country?

What is your favorite YouTube Video of all-time?

What is your favorite quote: Which quote inspires you?

Payout timer.  When do you get paid for your contributions?

What is the role of religion or spirituality in your life?

What is the best habit that you have taken up from another person?

What is the best way to lose weight and how did you do it?

What would you do differently if you knew no one would judge you?

What are some amazing facts that sound like BS but are actually true?

What is your favorite music video of all time?

YOUR CONTRIBUTIONS MATTER!  YOUR ANSWERS MATTER!  YOUR QUALITY ANSWERS PAY!

  #QUESTIONS #ANSWERS #CONTRIBUTE #TELLYOURSTORY #DISCUSS #VIVASTEEM 


I'm glad hat STEEM is moving forward and quickly with these changes. It'll be interesting to see how these new changes affect the growth of this platform. I'm a firm believer that through trial and error Steem can make a system that works fair for everyone.

I especially excited to see implementation of anti-spamming rules. Although not perfect, its a step in the right direction.

Indeed, some change is better than none.

I also like the trial and error approach currently conducted by the steemit team. However, more transparency in the process would be nice to see. Still looking forward to see what the future brings.