Trip to Safari & Adventure Park Cebu: I know instead of I should have known! (Part 3)
27 August will see the steem blockchain introduce new changes to its core code with the introduction of HF21. If you haven't been here long enough to have experienced a Hard Forks and you're a little confused then let me give you the simplest explanation I can.
Any single entity can not change a blockchain by design. As a community, the most significant stakeholders get together and decide on changes they feel would benefit the STEEM blockchain.
Once the changes are approved all the witnesses, then update their nodes, and the STEEM blockchain will take on the new changes by running on a forked chain. A hard fork will not remove any information or lose it so all your data will still be available after the fork.
So what are these hard fork changes all about?
50/50 Reward split
Currently, when you post to STEEM as the author of a piece of content, you are entitled to 75% of the rewards the post receives.
While 25% is spread between the various curators, after the new hard fork, this will move to a 50/50 split.
Authors will get less from their posts come payout, but it also means you will be rewarded significantly more for curating content after the fork.
The theory behind this change is that with more emphasis on curation we will see more users looking to earn from manual curation instead of posting as much as they do.
It will also see more rewards being paid out in STEEM Power which may encourage more holding with less liquid steem payouts.
The rewards curve is also changing to reward users more as their posts are curated. If your blog post makes more than 20 steem in value, you will see an increase in your rewards.
We don't know for sure how this will work primarily with free downvotes, which may add more money back into the reward pool and more emphasis on curation.
I hope that the average post will receive more manual upvotes going forward instead of bots.
Curation trails could also become very popular once again.
A downvote mana pool will be added to help combat spamming and other bad actors. Downvotes will allow you to make a few free downvotes each day without affecting your voting power as it currently does.
This means each day you have new downvotes to use for curating.
Free downvotes may help the community flag posts that should not be rewarded.
Downvoting will send those rewards back to the reward pool, making more steem available to reward users who are creating useful content.
The allocation of free downvote may help limit abuse by not punishing you by losing your ability to earn from your standard daily curation.
Changes for the every day steemian
There are several other changes in this hard fork but these are the ones that would affect most users with their daily use of the chain. Do you think these changes will work? Do you think its the step in the right direction?