A Summary of the Important Changes with Hardfork 20 for Us Average Users

jassennessaj (71)in #hf20 • 6 years ago

Hey All!

I'm pretty much sure most of the Steemit users have read the recent @steemitblog's post - the official account of Steemit in terms of announcements/changes/updates.

The recent announcemnt is truly informative. It will be changing Steemit way better than before. However, many of us might be overwhelmed by the information or its "to technical to understand". I am trying to make this post to make it more understandable by us "the Average people". There are part of the announcement that is not much needed on us, so I picked the most important updates that will likely create "more" impact. Below will be the major (significant) changes :

Steem Hardfork 20 is scheduled to take effect on Tuesday, September 25 at 11:00 EST. It's 11:00 P.M. in the Philippines.
Curation Window will be changed from 30 to 15 mins - allowing users who discover contents early (especially if it gets trending) gets a big chunk of curation rewards.
You can now comment every 3 seconds (from 20 second comment cool down).
Delegation cooldown period will be changed from 7 days to 5 days.
We will likely be receiving SBD rewards soon because the debt ratio will be increased from 2-5% to 9-10%. Unlike now, we're receiving 100% Steem.
Curation rewards via self-voting(which happens when a user immediately upvotes his post) cannot be claimed anymore . Instead it gets back to the rewards pool - thereby increasing the overall percentage of rewards paid to curators.
You can no longer create accounts using delegation (e.g. using steeminvite).

A little bit technical changes

Dust votes (votes that are extremely weak, having close to zero vote value) will be rejected by the blockchain. However, votes can still be made but your Resource Credits gets compromised (be careful with this).
Account Creation (instant) will be more likely be 3.0 Steem but it will be burned via @null account which means new accounts will have 0 Steem Power but can still interact in Steemit by the Resource Credits they get equivalent to 3 Steem.
Bandwidth system will be changed to Resource Credits system (RC) which means in every transaction (upvote, comment, post, resteem, transfers, etc.) is made by an account, our Resource Credit decreases (the same as our Bandwidth). Our amount of RC depends on the Stake we have in the platform (in the form of Steem Power). RC replenishes over time.
Resource Credits is better than bandwidth system because 1.) It provides a better user experience for new users as this will solve their woes in terms of preventing them from interacting in the platform(they can now engage more in their early stage). 2.) It is technically efficient (in estimation and computation) in calculating the "true cost" of a transaction. 3.) RCs will be helpful in creating discounted accounts.

That's all the important things that us (average users) needs to know (for me).

If you want to add some important changes (for normal users) that I missed on this post, please do not hesitate to comment it and I will add it. If you have some corrections, feel free to comment it. After all, we want to make it more visible to the community.