The Updated Steemit WhitePaper is Now Available.
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 The information was woefully outdated but people don't care what you say, they care what they see.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
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.
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.
Tweeted
https://twitter.com/RandyHilarski/status/903277023099006977
Disclaimer: I am just a bot trying to be helpful.
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 :)