Related Articles and Sources
Please Checkout these Steemit Posts by @steemitblog, this where you find Official Announcement!
Final Review of Steem Economic Changes
Proposed Changes to Steem Economy
Steemit Update Version 0.16.0has been postponed and rescheduled for December 6th. No official release has been published at this time, but should be published at least 7 days prior to the Hardfork. The proposed Hardfork Version 16 has been postponed to allow more time for Developers to work on coding and testing needed to ensure stability
Developers are constantly findings ways to improve Steemit while working on STEEM's Blockchain, keep in mind that we are still in BETA stage, it hasn't been a year yet. Before we go in details, I would like you to understand the term '' Hardfork'' as it may be unfamiliar for many beginners out there, especially for new Cryptocurrency Adopters
The term itself relates to Blockchain technology, a Hardfork is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software
Upgrade Steem Economic Model GitHub Issue #551, has been annoucement for already 2 Weeks by Dan Larimer a.k.a Bytemaster Check it Out
The STEEM blockchain requires a set of people to create blocks and uses a consensus mechanism called Delegated Proof of Stake, it's the reason why we need STEEM Witnesses. Using a Steem-power weighted system we vote our STEEM blockchain Witnesses, so they are generally some of the most trusted members of the community who are tech-savy and have the determination to be socially active, in order to be elected by the Community
Each Steemit Account is entiltled to Vote up to 30 individuals, these Blockchain Witnesses are expected to keep a node running every second of every day because there are several things which need to approved by the community like having an accurate USD peg of STEEM tokens to the Steem Dollar on the internal market based on external market prices
The version of the node that each witness is running will generally have a consensus, since a Hardfork is a change in the business logic that powers Steemit network and STEEM's Blockchain, it important to conduct checks and balances to ensure everything is vetted by a decentralized group of trusted (elected) individuals before taking effect
Rest assured that No Hardfork will take effect until at least 67% of the active witnesses have upgraded to the latest update. STEEM Update 0.14.0 was delayed due to that fact that there was error discovered, so majority of STEEM Witnesses did not vote to proceed with the update until a solution was found
In way, it's a Democratic System, where the general public (Steemit Community) elects their Witnesses. This is why many dedicated STEEM Witnesses regularly publish so called ''STEEM Witness Reports'' and actively engage within the community.
Try to find some STEEM Witnesses, these are some of the most respected Individuals who are eagerly keeping track of the Development of Steemit! I would personally check out the official STEEM Witness Page and follow almost all accounts to keep myself updated! Great Invidiuals who provide you important information, so keep track of their Witness Reports!
Steemit Inc. may be a private company in charge of Steemit but STEEM is a distributed ledger which developers have access to, for there to be any Hardfork it is required that majority of STEEM Witnesses must approve any changes to the censuses. Steemit Developers may work on or release new versions of Codes but this does not mean that everyone is forced to upgrade to the new code
So if you're making that assumption that Steemit have absolutecontrol over STEEMIT and STEEM than you're Wrong!
Update 0.16.0 will have profound impact on the Community, because Steemit is still a ''Beta'' platform and STEEM is relatively new unique Cryptocurrency, so we will need to give it some time! Hence we are still in Beta embarcing every Update until Steemit is the perfect Platform! I'll remain positive for Steemit's Future especially after this Update!
If you're interesting about who actually approves latest updates and if you think that Ned and Dan have complete control over STEEM, then perhaps you should check out this post What exactly is a STEEM Witness and why every user should Vote
Related Articles and Sources
Final Review of Steem Economic Changes by @steemitblog
Proposed Changes to Steem Economy
Update brought to you by @steemitguide , who is happy to announce that he has Power Up 100 STEEM POWER via Bitcoin to support @steemboost and celebrating my 300th Follower!
Doesn't this go well with the SteemVerify Logo? Anyways, if you spot an error in any of my Guides please feel free to correct me and also if there is anything you would like to see a Guide on, let me know! Dedicated young Steemian interested in getting Vested.
STEEM ON! I personally support STEEM Hardfork Version 0.16.0 😎
More Cool Guides!
Learn how include Smiley's & Icon's using Markdown 😜
Also, I Fully support @steemboost a dedicated Steemit Project which aims to get people to Power Up
I personally invested money into Steemit and earned it all back with extra's! Even though i'm still a Student struggling to fund my education, Steemit has been so GOOD to me that i'm more than willing to Invest money into since i regret not powering up and holding on to my STEEM! If I had extra money to invest and I would definitely buy as much STEEM and STEEM Power possible !
After doing this Article I realized that it's the best time to Power up and hold onto STEEM tokens! I will continue to make Posts and Power Up 100 STEEM to STEEM POWER each time I write a Post! Last time it was 100% earned STEEM , now its;
447.503 STEEM exchange via Bitcoin because this is a opportunity to get VESTED! 🐋
Check out Steemboost.com and Follow me @steemitguide