Everybody Loves a Good Hard F**k! 😜
Fork. The answer was fork. 🤣 What's up my humans. We have a hardfork coming, and it looks to be a beautiful thing! After the chat yesterday with host @crimsonclad and top witnesses like @blocktrades and @themarkymark breaking it down for us, I thought I might give you the major takeaways I had from it all. I've been paying attention to some coders here and there, chiming in with some opinions I know we all share, and even been keen to make myself familiar with the things proposed on gitlab.
I feel there are three major things that will affect most all of us on various levels. One of those changes, has already been implemented by the consensus (meaning the top 20 witnesses that carry the weight for changes to occur here) and I have seen some of its benefits. So, let's start there.
HBD INTEREST
I personally have had interest set on my witness since I figured out what it was, which was about 6 months after becoming one. That puts it at three years running. I'm not sure about the hesitation with so many others, but I'm glad they're finally starting to see what I already did. It currently rests at 3% on all HBD holdings in your wallet. The change coming for HF25 will be that it will only apply to your savings. Better to keep our assets here, right?
There is also talk of a significant increase in the actual percentage. Once the hardfork is live, I will be adjusting both my own and @thealliance's witness to reflect a 5% minimum APR. I am under the impression (and hope) that it attracts more investors and maybe even some content creators to the Hive blockchain. Definitely an improvement in my opinion.
GOVERNANCE EXPIRATION
This has been talked about since I got to this dPoS chain. The main gripe was about the fact that witness voting was, once set, in place for the life of an account until removed. The argument presented to adjust the governance to an expiring vote, was that there are no democratic offices that are elected for life. Since this is a decentralized system, it would only make sense that no one retains anyone's vote for life.
With the new changes, all governance voting has a one year shelf-life. This concerns any proposals one may have their vote on, any witnesses you may be voting on and also, people proxied to anyone else and trusting them with their votes. Each will have to be revisited and a timer will be in place (I believe) on hive.blog (probably in the wallet) and PeakD. Whenever you participate in some form of governance, your 'clock' will be reset. Major win as this has been an issue since the dawn of time.
CURATION
Currently, people have to fight tooth and nail to get that prized 'first come, first serve' curation reward in the first 5 minutes of a post being released. Unless you are on an autovoting trail or constantly refreshing your feed for new content, it is somewhat rare you'll actually get the most out of a manual curation effort. Even being on a trail, you are still behind the leader.
The great new adoption for curation is to have it be an equal curation split for everyone within the first 24 hours of a post. It will still be stake-weighted for each individual voter of course, but the maximization is there. This will breathe new life into trails and people like me (who argued for a 24 hour window vs the initial 2 hour one that was proposed) that are not on Hive all day but do make an effort to support content I feel is worth it.
So what do you think? Are these changes good? Does it excite you? Feel free to ask any questions or leave some comments below. You know that I do me, so REMEMBER TO BE YOU! I always am, even when my daughter catches more fish than me.
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I notice on hive.blog that despite using the html to justify everything, the gifs are being pulled to the left. Sorry about that. I write almost everything on peakd because of the sidebar scroll while I write.
Nice summary.
Will you have to individually reset witness, proxies and proposals?
There is no talk of a reset, no, so I am under the impression that once it is live, the timer will start for everyone.
Wow, the third one is much needed and will help minnows a lot!
Absolutely. Now, it doesn't matter if you have 100 or 1 million HP, you still get the same benefit for voting in the first day!
I love all the changes you've listed here @enginewitty,but I'd like to know other changes the
fuckfork will bring. Any link you can give me to read up more?Also I'd like to add that HBD stabilization could probably be hit with a trailer due to that APR, there's a high chance that this APR would bring investors who want to stack HBD for the profit and these investments would probably push the HBD price skyward, leaving HBD stabilization looking at itself like...
You know what I'm saying, right?
There is another change that will be a part of the hardfork, namely allowing Hive to be converted to HBD. This will incentivize people to convert Hive to HBD and sell it as soon as HBD starts going up. This will help greatly, the only problem is that there is a 5% conversion fee, so we may likely see HBD stabilized at $1.05 instead of $1.00. But I guess it's a start and much better than the previous situation.
You can see all of the proposed changes here :)
Also hear what you are saying, but if there were any kind of major pump, would it be so bad? 😝 There are things in play to keep HBD as close to a dollar as possible like what Boris mentioned.
Of course a pump in HBD would be very lovely. I'm still not even comfortable with HBD stabilization, I don't see enough justification for not letting that bad boy soar.
5% interest rate seems way too low to me. It may attract some capital but I think not that much. There was talk about 20%. I think this can be hugely effective at attracting massive capital. After all, you are giving people an (almost) stablecoin and a layer-one solution with high interest. A great offering - high return with low risk.
What I think is missing to get institutional investors onboard is hardware wallet integration. If someone creates a proposal to complete the work on adding Hive to the Ledger hardware wallet, I think this proposal will be heavily supported. It's very needed.
The only other actual 'stablecoin' that I am aware of that boasts any kind of APR is DAI. That toggles between 2 and 10% depending on where you have it held. I personally feel 5% is very competitive, but the attraction at 20 would be interesting to see.
There is talk of creating a new hardware wallet. I personally expect to see someone do it by year's end.
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All good changes. I like the interest rate. I think it's a smart move that it forces using the savings feature. I daresay most people have never bothered using that. But with interest on it, they sure will now! Hopefully that interest hits the 10% mark that I saw thrown around in some posts. In this world of Defi and their insane returns, hive needs a high rate to attract more interest from investors.
I can't wait!
For a daily user like me, I find it highly beneficial in the security department. If one were to get hacked and the liquid was in savings, one would have ample time to recover the account and nothing would be lost.
Creo será un buen avance.
Siempre he dicho que los cambios siempre son buenos, y éste es fantastico.
Gracias por la mención mi bro
En cualquier momento, hombre, el cambio siempre es bueno, siempre que el cambio sea bueno en sí mismo.😎
Great recap of the biggest talking-points! And thanks for sharing my doughnuts at the end of your post! 😁
Had to sweeten it up, who doesn't love doughnuts? Fan of both Krispy and Dunkin, but there is a local one here called 'Big O's' that beats both of them so if you happen to pass through here, be sure to check 'em out 😉
Thanx for the update and the mention my dear.
The 24 Hr curation window will surely be a pleasant change.
For sure! I am here a lot and miss quite a bit I'm sure, so be nice not to be 'penalized' for doing so.
I think you only have to make a governance vote within one year to not have your vote expire.
A vote on a witness, proposal, or proxy change will reset the clock for all of them.
Excellent point, I edited and added that fact.
Thanks for the update
Thanks for reading!
Sounds like good features. The 24 hour window would be a good fit for me as I find it difficult to put together a decent and consistent stretch of free time to curate anything let alone get a post up. And I was gonna cash in all my liquid HBDs not knowing where to put them,
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Now they can sit there and make money for you ;)
Thanks for continuing to make Hive awesome.
All sounds pretty exciting, to be honest! When is the HF set to happen?
Testnet is officially up and the projection is the end of June/beginiing of July 😎
In my humble opinion, all those changes make sense.
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Most of them were talked about being added in upon our birth as Hive, but there was more focus on security and speed of getting Hive up and running, so good to see them being addressed.