Hard Fork 28, Stick a fork in it; It's Done!
Image source: Toy Story 4
Hard Fork 28
If you are a regular member of the Hive Blockchain but don't pay attention to the technical side of things you might not of noticed the Hive Blockchain recently Hard Forked (That's how smooth the process was). Before we go over some of the more interesting changes that we believe will peak your interest and possibly change the way participants view and apply their curation efforts lets go over what a hard fork is. Simply put; a hard fork on the Hive blockchain refers to a major change to the blockchains software protocol. The new version of the Hive software (Currently Hard Fork 28) operates on a different set of rules than the previous version. So in-other words; Hive has updated. So now that we went over what a Hard Fork is what are some of the major changes Hard Fork 28 implemented. The one that is most interesting to me is the voting mechanisms. In the past version if we on the Hive Blockchain applied too many 100% votes we would get depreciating returns on the later votes. In today's version of Hive (Hard Fork 28) there is no depreciating vote value. Meaning if you vote with 100% power ten times or fifty times your vote will remain the same. Ex. do you have a $1 max vote? It will stay at that value no matter how many times you vote at 100% provided you have the MANA to cover the cost. That's right; with such a change there needs to be safe-guards. We can't just endlessly vote. Each time you cast a MAX vote you use up 2% of your mana. Which means at 100% mana you can cast 50 MAX votes before depleting mana to 0%. No worries if you do deplete your mana to 0%. Mana recovers automatically and linearly at a consistent rate of 20% per day. This means it would take 5 days to recover to 100% mana if one were to fully deplete their mana resources. Why is this so interesting? I think it changes the curation game. I think Curation Rewards are about to hit an all time high in terms of returns for curation. It will be interesting to see how curators and content creators adjust; if they do at all.
Image Source: https://hive.blog/hf/@acidyo/happy-28th-hardfork-everyone
Inflation
The Hive Token has inflation. That inflation is what allows us content creators to earn. That inflation is what gives rewards to those running nodes. The new changes implemented in Hard Fork 28 will reduce the Hive Blockchain inflation by 26%. So while it looks like curation rewards are about to increase (Note: not everyone has that view point some think curation rewards will be unaffected) over-all rewards handed out daily has decreased. This isn't a bad thing. Such a change will help the tokens USD value in the future. I'm sure I don't have to tell yous that less inflation is a good thing. This also applies to the rewards earned for running nodes. As seen in the screenshot above witness @seattlea reports that block rewards went down to 1.381 per block weighted against 1.864 per block given before Hard Fork 28 was implemented. Getting back to the new vote mechanisms; I should add that each vote given doesn't reduce your mana by 2%. Each MAX vote given reduces your mana by 2%. So if you adjust your vote to 50% then your mana will reduce by 1%, so on and so forth with each different weighted vote. So there you have it. That is the extent of @rentmoney's knowledge about Hard Fork 28. With the sea of red the cryptocurrency market has been experiencing I thought this a good time to turn post earnings to 100% power-up. If you would like to do the same for your content creation simply go to the rewards settings before posting your content and select 100% powerup and it shall be so. That's it for now. No filler in this post; the information is too important for that. Thanks for taking the time to read and if you have any questions about Hard Fork 28 ask below in the comment section and I'll do my best to answer them. Placing community tags on this post to try and help spread the update knowledge inside those communities. Thanks for spending your time here with us at the @rentmoney blog. See you at our next post!
Image Source: Ecency
So far I like the new voting system, feels easier and with more control!
I like the new system.
I like the old system as well.
It'll be interesting to see how curators/ creators adjust if at all.
Have you ran out of votes yet? I have not yet, will have to test it later tonight :)
Almost😂
The upgrade was so seamless, there were no widespread reports of glitches, outages, or noticeable disruptions to the network's operation during or immediately after the fork.This is commendable.
The clarity you gave on voting is understandable,my question to you @rentmoney does this HARD FORK28 HF(28), has any direct effect on RESOURCE CREDIT (RC), which are required to performing actions like upvotes also?
To the best of my knowledge; no cost hike to our RC.
Delegation Efficiency for RC has been improved with HF28.
Thank you 👍
You're welcome.
Note:
I edited one, possibly two or three too many times. To those pinged. Sorry for the extra pings.
The update looks promising curious to see its impact on rewards.The new voting system sounds much better.
Same, and how/if curators adjust.
Whaaat, that's the extent of ur knowledge lol. Just playing, good update, makes sense I think. Good ol Fork.
!PIZZA
!MEME
That's it, used it all up. No-more left. Running on 0% RC.
I figured the vote mechanics is what most were interested in :)
!PIZZA
I don't understand what inflation is, and I don't understand why total rewards decrease; everything else is clear to me. Could you explain it more simply?
Hive Token Inflation:
There is a daily amount of Hive tokens the blockchain prints and hands out as rewards to content creators, witnesses. Because of the changes implemented by hard fork 28 there is less Hive Tokens printed daily thus cutting back on the Hive Tokens inflation. Printing more Hive Tokens equals higher inflation. Printing less Hive Tokens equals less inflation.
So, will there be fewer cures? Will they be limited? And how is that determined? Because each user is supposed to have voting power that they use.
New system
Each Hive account is limited to 50 votes at max mana capacity. Every 100% vote gives the max possible rewards for ones stake regardless of mana power (unless at 0%). This is true for all weighted votes. Ex. 50% vote will give 50% of your possible max vote. At 50% vote power someone with max mana available can vote 100 times before depleting to 0% mana.
Old system
Previously rewards attached to ones weighted vote got smaller with each additional vote casted until mana was refilled. That is no longer the case.
Bringing in Forky for the Hard Fork is a witty idea
Thanks!
It is a great news to hear that the Hive Blockchain inflation by 26% with the recent changes
I think so to.
The changes from Hard Fork 28 seem pretty big, especially the vote value fix and the inflation cut. It’s good to see everything went smoothly.
I agree, all good changes imo.
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