Steem , the blockchain platform that gives life to the social network Steemit, published a new update of its White Paper , whose changes were cataloged as "radical".
The update was released on August 30th through a publication on its official website . The platform, which has made a good amount of hardforks, finally updates the community about its current operation, along with changes, modifications or new features in the blockchain that are added to the white paper .
Now the shared information is technically more accurate, with the intention that it does not lend itself to confusion, or to transmit data that is not used or does not exist on the platform. Steem also reported that these small changes are just a start, as they plan to release a Blueprint soon , which will be a completely new technical document that will describe Steem's most up-to-date vision.
This is due, as the communiqué states, that "the original White Paper is no longer an ideal description of the Steem we see today", since the previous document contained:
A vision for a blockchain database that supports community building and social interaction
It should be added that, at this time, the Steemit network is in beta, so comments and suggestions should be taken into account for future updates and final modifications.
Among the "radical" changes mentioned are the change in Steem Power's transfer cycle to STEEM , which was previously 2 years and now is 13 weeks, during which time the platform will transfer 1/13 Steem Power to STEEM each week during 3 months, which lowers the influence to vote the content; however the 'Power Down' cycle can be stopped at any time. At the same time, the 7-day Steem Dollar changeover period to STEEM was 3 and a half, which means that the liquidity of crypto-assets is now faster.
Also, regarding the voting system, there is now no difference between a 'flag' participant and a 'Downvote' participant, as both are intended to report unhelpful content or go against the rules of the Steemit community. Along with this, the update removes the non-linear distribution section and the "Voting Collision", and the condition is added that users can vote as many times as they want, but with each vote their power of influence goes down and their reward for the content voted will be less. Each day, the influence bar will recharge 20%.
In addition, the number of witnesses from 19 to 20 was modified , plus the condition that "the added witness that loses a block and has not produced one in the last 24 hours will be disabled until it updates its password. block signature ". While users now have the option of 100% payment in Steem Power, as before could only receive the rewards in half SP and half SBD (Steem Dollar).
Among the simplest changes, we find the update of the data on inflation rates that fell drastically in with hardfork number 16, and the SMD nomenclature was changed to SBD.
On the other hand, information about the voting limit was eliminated; the late payments section and the rewards section for the original post, which posed a 50% reward to the author for someone else's comment on their posting. Further references to liquidity rewards and mining specifications were removed (since the Steem blockchain system no longer works with mining ); and the Bitcoin case study was removed , as it appears to be moving away from the current Steem system.
However, it is worth mentioning that some of the users are not completely satisfied with certain changes, as reported in the comments in the statement in Steemit. But it is only waiting for the results, which will begin to be noticed during the next months.
