Steem WhitePaper Updated.
One of the hardest parts of being a Steemit advocate over the last year has been the Whitepaper. It seemed every time someone wanted to troll the Steemit platform they would pull out the good old Whitepaper. This PDF was an absolute thorn in my side. The information was woefully outdated but people don't care what you say, they care what they see.
According to the Steemit Blog Post These are the Major Updates to the WhitePaper.
-Updated information regarding the new economic rules and drastically lower inflation rate implemented by Hardfork 16.
-Changed the two year power down cycle to 13 weeks.
-Removed references to liquidity rewards.
-Removed references to mining/POW.
-Updated economics with new inflation rules.
-Changed SMD to SBD.
-Changed SBD to STEEM conversion from 7 days to 3.5.
-Added info on the 10% SBD debt ratio cap.
-Added clarity to witness policy for price feeds and APR based on the SBD debt level.
-Updated expected trading range for SBD peg under normal market conditions.
-Changed voting from n^2 to linear.
-Removed information on rate limited voting.
-Added information on voting power.
-Removed information on delayed payouts.
-Removed information on the rewarding of parent posts.
-Added info for 100% SP payout option.
-Changed from 19 to 20 top witnesses.
-Added witness who miss a block and haven’t produced in the last 24 hours will be disabled until they update their block signing key.
-Updated information on bandwidth limitations.
-Added information on SP delegation.
-Used old inflation rules to create an "Initial Allocation & Supply" section.
-Removed information on 10:1 reverse split.
-Clarified Value is in the Links section.
-Other miscellaneous wording and concept clarifications.
As a Self Professed Steemit Ambassador this Makes My Life Easier.
Finally the inflation argument can be put to rest.
Starting with the network's 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.
75% of the new tokens that are generated go to fund the reward pool, which is split between authors and curators. 15% of the new tokens are awarded to holders of SP. The remaining 10% pays for the witnesses to power the blockchain.
Why I Love Steemit so Much.
You may think the only reason to love Steemit is because we earn Crypto Currency via upvotes from our peers. That is only the tip of the iceberg. Steemit is slowly becoming the hub of Crypto Currency news. Personally I shut down my 5 year old blog to post here daily. 13 months later and I have written every day on the platform.
Steemit is also a Crypto Currency onboarding platform. I believe the only Crypto Currency that can rival Bitcoin in the amount of people it has brought to the ecosystem is Steem. One other fact about Steemit is that about 30% of its users are female. No other Crypto Currency can even come close to that number!
Thank you for all the information. I am slowly starting to understand how everything works here on this platform. I will be gradually moving my content here too but I wish there were some ways to earn from posts older than 7 days. Some pieces of content do not age and if its not discovered quickly, its value is lost.
Very well written and it clears all things for any new steemians.
This post received a 1.5% upvote from @randowhale thanks to @cryptokraze! For more information, click here!
Using @Randowhale for comments. What a waste of an upvote.
Thanks for information.
very interessing post we love steeemit so much
Thank you @hilarski for making this helpful post. We must see in action how these changes will work but from the first read seem to be in a very good direction.
Thanks for bringing all your 5 year blogging experience here.
Indeed we shall become the crytocurrency news hub soon.
Thanks for labouring hard to make Steemit grow.
very useful information, the white paper update is very much needed. thanks for sharing.
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Hey @hilarski maybe i'm little lose here. But those updates look like the older ones? I mean... the two years to 13 weeks for power down, that's of the past update, and the same for the other updates.
Thanks for the update. Steemit does indeed seem to be a great way to learn your crypto's :)
Really really useful information hilarski i didn't know that updates. Thanks a lot
With the little amount of time I have Steemit has become my main source of information about crypto or at least initially and then I do a little research on my own if I find something worth investing time and/or money in. It is a postal that introduces a lot of new people to what cryptocurrencies are and this is the beauty of it - social media or a coin for some but so much more underneath that surface
Really appreciate the gems in this article. Thank you for your time. I'm in process of planning a strategy to divert a chunk of my FB fans to Steemit in the form of a contest and only way to enter is opening an account. Wish me luck 🙏😉
I don't get every change they made, but I hope it's a good change :)
When they plan to activate changes?
They already have.
Yea my mistake. Sorry.
So only whitepaper was outdated.
Great summary. If you've read the original white paper Hillarski's summary above pretty much covers all those odd things that were in there. Of course you should read the new one too, when you get time....
@hilarski - Sire, I think those changes are good for STEEM. I wish to collect more STEEMs before it take the place of BTC Sire. Thank you very much for sharing your view with us Sire. Love your work Sire. Therefore, I wish to ReSteem your post Sire.
+W+ [UpVoted & ReSteemed]
amigo #resteemia at your service
'I believe the only Crypto Currency that can rival Bitcoin in the amount of people it has brought to the ecosystem is Steem.' that's absolutely true. impressive review & analysis @hilarski
ReSteemia
'UpVote ReSteem Comment'
thanks alot for sharing your toughts on this matter of the whitepaper, I hope more and boig investors might come to steemit because of it. Hoeree to all female crypto-people!
Thanks for going through the white paper and pointing out all of the changes. You saved me lots of time! :)
This is a step in the right direction. You made a good point about it being the hub for crypto-currency news. I've new to the crypto scene but I've learned a lot from Steemit and it's users. There is a wealth of information here.
Thank you for pulling out that information from the white paper.
Always a pleasure to read you, steemit to the moon .
Great info on this post @hilarski! Also, for some reason, your last 2 paragraphs made me feel motivated! You really made it clear about the importance of Steem and Steemit is to the cryptocurrency community!
Great post again man!
Great post thank you!
thanks a lot, I really appreciate your information and all of your posts.
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Very useful and informative post. thanks for sharing.
@hilarski,
Wow thank you very much for in-detailed post of STEEM white paper! This is really useful for us and if I am not mistaken STEEM price will rise in next year and hope it will touch the moon in 2020!
Really appreciate your effort and thanks for sharing!
Cheers~
Thanks for writing this was looking for this information today :)
Thanks for the update. Didn't know about the male/female ratio. That's actually really positive considering crypto is still largely male dominated.
Sausage Fest ; )
Not terrible for the ladies! 😁
Yesss mate.. Thanks for this, I needed more material to read and this fits down my alley!! I cant wait to see all that they've added so far, and you points on that excite me :D
Whats your fav update that they've done?
Cheers bud
Great!!! Thanks. Checking it out.
Great information concerning the whitepaper. Thanks for sharing.
This was a change which was highly needed but it was a bit soul crushing since when I first saw it I thought the new huge announcement would be in it.
At least we now have a fresh up to date white paper now @hilarski! :)
How about re-posting blog? I can't find it.
very helpful. hopefully you are always successful in every business you
steemit is a unique platform where money is nothing but content is everything
thanks for sharing sir, very important news, upvoted and following you now
Yep you are right agreed with you @hilarski Thank you for sharing nice info.
Nice update and well summarized. You get an A+.......
Good to know @hilarski. I have some more reading to do!
Do steemdollars still accrue interest? From memory they used to but it seems to have stopped.
Good to hear that you are still liking Steemit and to know your thoughts about the updated whitepaper.
I've been reading your posts on trading with interest. I'll be experimenting with trading soon and just bought my first Bitshares with money earned here on Steemit.
shoot im getting into steem just for that female ratio
Well said Randy, thanks!
How about making a creative infographics that summarize all this white paper. I am good in making such things or we have many designers who can do this, something attractive and easy to understand!
Go for it
ow!!
but they were very helpful at that time..
still didnt understand interest..
9.5% inflation x years, and 15% will be distributed?
so, basically we have 1.425% interest x year on our steem power(vest) ?
I don't understand your math. Check the whitepaper for clarification.
Thanks for this information!