Earlier this week we notified cryptocurrency exchanges that the upcoming hardfork to the Hive blockchain network, dubbed Equilibrium, is planned for the end of June.
Today's official date announcement also has a pile of helpful information including a summary of changes coming with the new hardfork, links to the software, and details for those of you who may want to get involved in testing the new software!
TL:DR the Code; A Quick Overview of the Upcoming Changes
Equilibrium is a state of balance between multiple forces. In the case of the Hive blockchain network, the guiding mission from day one has been to create an ecosystem that allows anyone to become a part of our decentralized network, contribute to governance, and to own their data, connections, tokens and actions in a world where the current tech and social powers have an iron grip.
This hardfork continues to empower people to use Hive the way they want and takes another few large steps forward in creating an ecosystem with better balanced rules and tools for building whatever we can dream up.
Reaching equilibrium is finding a state of balance and readiness. It is the essential preparation for big moves, exciting changes, and sustained growth.
Here's a quick summary of HF25:
Below is a list of the consensus changes that are being made as part of this hardfork:
changes to curation window and curation rewards calculation
- The most important aspect of this change is that the 5 minute reverse auction is going away, so there is no punishment for voting early. This will finally put manual voters on an equal footing with automated voters when it comes to competing for curation rewards. This change, more than any other, was the driving reason for the naming of this hardfork.
- In addition, anyone voting in the first 24 hours will be rewarded based solely on their Hive Power and vote weight, and the reward curve applied from 24 hours to the end of the voting window will be much softer than currently, eliminating any need to feel rushed when voting in order to maximize curation rewards.
new operation and API to convert HIVE to HBD
- HBD (Hive-backed Dollars) is intended to be a feeless, trustless, USD-pegged stablecoin, a feat that has yet to be achieved in the cryptocurrency world. This new operation will stabilize the price pegging of HBD, allowing it to achieve its full potential as a frictionless medium of exchange for digital commerce.
- While you've always been able to convert your HBD to HIVE, this new operation will allow you to convert in the opposite direction (HIVE -> HBD).
- Previously, HBD was only effectively price-pegged on the low side of USD pricing. This new conversion will create an equilibrium point where HBD will be pegged on both the low side AND the high side.
interest only paid on HBD held in your savings account
- You might have missed that you're earning interest on your Hive-backed Dollars, so this could be a neat surprise: simply move HBD into your savings account (3 day withdrawal waiting period) to earn interest on it just for holding! No-risk DeFi, made easy.
new operation and API to enable recurring payments
- These are periodic transfers which you schedule to happen automatically. They are intended for managing subscription payments, etc.
disallow voting on expired proposals
witness and proposal votes by an account expire after one year if the account stops actively making governance-related votes
- This change was made to ensure that old votes from dormant accounts don't unduly impact governance decisions for Hive. It will enable Hive to find a new balance between incumbent block producers and new competitors for those positions.
proposal creators can change the end date of their Decentralized Hive Fund (DHF) proposals
- This allows a proposal creator to reduce their funding request (by decreasing the number of payments they receive) without having to create a new proposal and start from zero in respect to community support for the proposal.
re-allow vote operation for already paid posts
- Voting outside the rewards window should still be something you can do, to show appreciation for the content you like and to add to your curated feed. This is a quality of life change that does not impact anything to do with allocation of rewards.
There are also new command-line options, a pile of bug fixes and performance optimizations, a new API call, and many other improvements to the code and documentation that the Hive blockchain relies on. Full details are available in the release notes This is pretty critical work towards making it easier to understand, easier to run, and to create the best possible ecosystem for someone to hop in and start building with Hive.
If you're not technical and don't want to do some hands-on testing, you're all caught up! You likely won't notice anything immediately when Equilibrium goes live.
However, you may want to consider changing the way you vote for posts after the hardfork, especially if you've resorted to auto-voting to maximize your curation rewards. Now you'll have more time and flexibility to find the content you love in a relaxed way, and more time to engage with your favorite authors and communities!
In the next 12 days...
There is still time before the hardfork takes place. If you want to contribute to testing or if you are a dApp creator, project owner, or someone who just wants to start getting more involved with the ecosystem, here are some handy links so you can jump in before Equilibrium goes live.
Some Technical HouseBeekeeping
Hardfork 25 is set to trigger at 14:00 UTC on June 30th.
Here is the link to the final official release version of Hardfork 25:
https://gitlab.syncad.com/hive/hive/-/tags/v1.25.0
...and here are some helpful posts that outline joining the testnet, including how to create a witness node on the testnet, if you want to dive into the decentralized tech that powers Hive.
A guide to starting up a testnet witness:
https://peakd.com/guide/@howo/how-to-run-a-witness-node-on-the-hf25-testnet
And more information on the public testnet itself:
https://peakd.com/@gtg/hf25-public-testnet-reloaded-rc2
The testnet faucet page:
https://hivetestnetfaucet.org/
All dApps that rely on the functions outlined above should have started testing or be starting to test as soon as possible.
Equilibrium is the second community-driven hardfork of the Hive blockchain and we are very excited for it! It marks a key milestone for Hive development and for the Hive ecosystem.
I hope to see more manual voting, including on comments. Voting based on quality rather than for maximising rewards is key to Hive going mainstream.
Exactly. Quality posts get a lot more user interaction too, hence more transactions. I will be using the Recurring Payments feature in our dApps as well.. very cool stuff in this release indeed! 😄
Yup, it incentivizes "comments" which is great !
How it incentivizes comments?
There is no curation reward curve. So you get the same curation reward for upvoting comments or posts (whereas usually upvoting comment was giving you a shorty apr because nobody would upvote after you)
That's very interesting, should see a lot of change in vote behaviour
I doubt that, why should that happen at all? Not trying to sound negative but not seeing major things via that HF that would help the blockchain to become better? Changing vote window, changing interest on HBD holdings, peg and conversion Hive-HBD etc all nice but is that important? I might miss the bigger picture outside the tech world.
Well it just seemed there was less incentive to vote early as many have been doing automatically. I can also moss some of the technicalities, but I want to see people actually caring about what they vote for. Hive benefits from real curation as it encourages people to post better quality to earn rewards. So far it's been like some little club where people just help their friends (to some extent), but that is not serving us well. Business as usual is not working out, so we should consider changing. I get that for some people it's just about the money, but if Hive grows we early adopters will do very well from it.
I live in hope :)
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Congratulations, beautiful update, I am happy above all for the fact of the automatic votes and the votes for the government of hive, it is nice that every year we have to vote for the government and so the old accounts that have been dead and inactive for years will no longer have a huge influence . Great update. !WINE !BEER !LUV 1 !PIZZA !ENGAGE 1 !BBH
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I !LUV that voting for posts paid already will be re-allowed even if it doesn't have any reward impact and the voter just wanted to show appreciation through an upvote.
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I really like these changes. One thing I'd like to see (eventually) would be a solution for content to be rewarded post-payout. Popular content on other platforms can be profitable for years, I'd love to see that on Hive. Perhaps that's something the folks over at @peakd and @ecency can look into. Partnership programs, etc. Again this is awesome guys, love to see it.
This has been discussed before, there are other ways right now. Tipping is one way, we should encourage more tipping...
Thanks for responding guys, I really appreciate it.
I believe tipping is a great feature that we should encourage, though I feel it isn't enough. The vast majority of consumers just don't tip, unfortunately. Tips and subs which LEO Finance utilize are both great. Combined with something like a partnership model where adspace can be sold on content would enable uploads to be profitable for years.
Anyway, just an idea. I'd love for HIVE to become a viable space for career content creators and influencers.
To tip people need to have hive in first place. If a newbie comes on the chain, they don't have any hive or hbd. Usually not much crypto either ... so they just don't tip. And I can understand that completely. For more people than you can ever imagine, there is a daily struggle for money. No matter how small a tip can be, they can not afford that.
But they can click the vote button here. And often enough we see posts not before the post payout, at least for me, it is that way. I simply don't have the time to check all the posts within the voting window. If a post could permanently earn from curation that would be a great and very good addition to hive.
On Ecency you can tip Points which you earn just by using app, so that's also good, but I get where you coming from.
Thanks for the reply, and for reminding me to install the ecency app on my chromebook. And I'm glad you understand where I'm coming from. That's what the comment was about. The understanding. I know it can't or won't be changed from one minute to another, but it is something to think about.
When will the $0.02 payout threshold will go away?
If you get an upvote worth $0.01, and only that, then that will not be paid out because of the above mentioned payout threshold. This is also a punishment. Maybe even worse than the "voting early" one.
The .02 threshold is about the payouts being too small to make the 3 decimal cut off.
@dustsweeper and @dustbunny are the friends of the dust votes.
I know both of them, but nowadays I am often getting rewards like $0.005 HBD (+0.016 Hive Power), so technically the three decimal is in present in the system. This payout threshold is completely pointless. It only makes the experience of the poor people more hard.
I agree. The current system is torture on the little guy with no whale friends. Who gets to keep all the dust that doesn't get paid out? Probably those who make most of the money now. I personally think that this cut-off is what is holding Hive back. Get rid of it and allow the little people to make a few bucks. That should attract more little people. It demonstrates that Hive is actually trying to make things more fair, because everyone knows it has been stacking the deck since inception.
When you get 100 .001, or less, votes on a post it makes it difficult to keep splitting the rewards smaller and smaller, it has to cut off somewhere.
I don't much like it, either, but the logic behind it seems sound to me.
Ask Blocktrades why they keep it?
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I can't wait to see how the attempt to stabilize hbd works out. I have been looking forward to this update.
Also, the voting tweaks are huge imo. I hate that I am incentived to auto vote to maximize rewards, it makes it not fun and a bit stressful.
These changes are a breath of fresh air.
I would love to be wrong about it but I'm pretty sure that people competing into the depths of the reverse auction is the only thing that makes curation spread across a wide array of posts more efficient than everyone just piling onto whatever is already hot/trending, and for most people it is also the largest obstacle to optimizing any form of voting automation.
Currently if you see a new post voted into $100+ then there's no curation to be done - go look for smaller people, which is perfect conceptually even if there's a flaw in the execution. After this change however, it sounds very likely that it will be optimal to dogpile into anything that already has traction, knowing it might gain more the next day, which is literally the exact opposite of what the original curation system was made to do.
I am curious as to why we need to have any kind of algorithm at all based on time.
Why can't the votes simply be calculated based on one's HP, and not be affected at all by time as long as it's between 0 minutes and 7 days. I feel like it shouldn't matter whether or not you vote in the first second, or the last second. Your payout should be the same regardless of what others do.
our payout should be the same regardless of what others do.this is not a curation system - it is a braindead staking system.
the ordering of votes was supposed to reward curators, and the reverse auction would diminish overall % of post payout into curation rewards on larger accounts as more and more people delve into those first 30 minutes (originally) then 5 minutes (after people forgot the point) and now 0 (possible aneurysm levels of misunderstanding) I do not think this solves any problems of the systems that came before it other than to offer the sentiment of "something changed" to anyone that didn't like or understand it, but again, I would love to be wrong about it, since if I'm wrong it could only mean good things - currently I see nothing positive about "we deleted one of the smartest innovations of the entire blockchain instead of improving it"
The problem is that a gamer's gonna game, and if it's able to be easily exploited then it will be, which it has been. The curation system was clever in principle, but once it's out in the wild and behavior comes into play then we run into all of the problems that we had.
The question as I see it is, how do we build a system that is incredibly easy for the average user to understand, fair, clever and innovative, yet unprofitable to game using bots etc.
Of course it's a sticky situation, large investors with a lot of skin in the game do expect to have some sort of advantage. It's a tough thing to design!
This is exactly my thoughts too.
Under the current system, someone who votes with redfish or minnow status is lucky to get 10% of their vote values returned, while the whales enjoy 120% or more of their vote values returned in curation. How is that even remotely fair? Hopefully that kind of inequity gets fixed in the next HF.
Curation should NOT be complicated. If you are supposed to get 50% back, then make it so! Don't say it is so, but in reality skew the algorithm to favour the whale votes and rob the little votes. And if all votes had a set value (not determined by cumulative vote values), the idea of voting for trending posts is removed. Fixing these voting issues will do wonders for adoption.
sure, they are "lucky" to get 10% back as curation rewards if they are not curating.
meanwhile it favors the exact opposite of what you describe - smaller votes are easier to gain much higher % from curation than larger votes, which is why most of the best curators never use 100% votes unless the post is really worth it. Now they can just dump 100% on basically anything and have no incentive to spread out to vote on the little guys, because the reverse auction was THE ONLY THING that prevented everyone from piling onto the same giant accounts for curation rewards - as is exactly why it existed in the first place.
I don't know where you get your information from. I haven't seen the code used to derive the results, but I can look at what the little people get from their curation and what the big votes get from theirs by using Hivetasks to check people's accounts.
As for the 5-minute penalty: I doubt that makes much of a difference if you have to wait 5 minutes or if you can vote immediately. Auto-voters don't mind waiting. Just set your 'follow' to accounts you know get whale votes and you are good to go. All votes get amplified if there is a big reward on any given post, making the rich get richer while the little people get robbed of the reward pool's shrunken size. The entire system is messed up and needs to be changed.
If all votes, regardless of HP, had a fixed value from a scale of 1 to 10 then the voter could give a larger or smaller vote based on perceived vale of the content, yet the value of the vote is irrelevant to the voter's HP.
5-minute penalty: I doubt that makes much of a differenceI'm sorry, but this says more about your understanding than you know. It made a MASSIVE difference.
It was the primary incentive for dispersion, and the primary anti-stagnation mechanic. It was the bunker-buster for autovotes, the only reason I ever had to check on anything, update anything, or think about anything.
I expect autovoting to become even more prevalent once people notice the changes, and I expect closed-circuit circlejerking to become twice as common if the possibility of higher curation returns are "fixed". Meanwhile an entire week of posts were flagged as curation-forfeited and anyone aware has been profiting enough to completely negate any detriment they might incur. I literally voted down the list of top payouts like a checklist to get higher % returns than anyone that has ever done real curation.
Just because something needs to be changed in order to be improved, doesn't mean changing it is an improvement by default. I can't say for certain if the overall picture is better or worse since so much of it is sentiment-based and depends on the nature of people involved, but from my perspective that is the only advantage of the change - sentiment.
scale of 1 to 10 to give a larger or smaller voteYou can already scale voting weight, and most UI will show this as a slider once you reach 500 or 1000 HP, because otherwise it's splitting dust.
however, this notion:
value of the vote is irrelevant to the voter's HPis complete nonsense, because anyone can make 1000+ accounts.
anything done to help "the little guy" also helps "the bot army".
maybe you meant something else by that, I'm not sure.
as for
where you get your information froma 6-digit number of votes has given me a little experience.
Go ahead and try making 1,000 accounts with 142 HP each. See if you can earn any curation rewards at all with so little HP. Then you will understand what I'm talking about.
I love the name Equilibrium.
It fits! ;)
Yes sounds quite cool
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Great name. I really hope it brings it about.
How long after this goes live does the first expire happen is it a year from the hard fork or is it taking it into account right away?
I believe that the first possible vote expiration is a year from the hard fork. This line in the code seems to confirm that belief as it simplifies to mean:
HARDFORK_1_25_FIRST_GOVERNANCE_VOTE_EXPIRE_TIMESTAMP = HIVE_HARDFORK_1_25_TIME + HIVE_GOVERNANCE_VOTE_EXPIRATION_PERIODwhere
HIVE_GOVERNANCE_VOTE_EXPIRATION_PERIOD= 1 year.So this isnt retroactive?
I was hoping witness votes would be removed at HF launch for all that didnt do a governance action in the last year and from there apply forward.
It's not retroactive, it will impact the witness list a year from the hardfork.
It might have an effect sooner since people may realize that they need to be active (and prompt some updates) if they don't want their votes erased. For truly abandoned votes/accounts, it will take a year.
Good point!
Yeah. Well that sucks. But i guess its expected. They wouldnt allow for any other change.
The same witnesses will maintain their oligopoly over the chain for another year all based on the fight against Justin when people voted for whoever wasnt Justin..
I wish it were.
Thank you :)
hmm I don't know how much work it would be, but I would prefer a faster cleanout.
Like 6 months in the past from the HF date. So the chain would honor more the active, and not honor them 1 year from HF date.
IMO would be not a bad thing.
It doesn't really make a big difference, running simulations using the current HF date, we only see one or two current witnesses fall out of top 20. It's definitely something more for LONG term. What seems to happen more is that some of the really inactive witnesses fall down some more(those who are sub 100 and haven't been around for years).
sure it but it clears out the picture more :)
cool
These are great news, thanks a lot for sharing the information.
just to double check... i remember seeing discussions about removing the "convergent linear" reward curve a while ago... as I don't see this mentioned here, is it safe to assume the rshares->reward calculation stays unchanged or will the "convergent linear curve" actually be removed?!
Looks to be going straight linear for day 1.
It is removed.
alright! thanks for clarifying!
I like the idea surrounding this and I'm already expecting something new in the nearest future
I'm glad to be a hiver at this strategic points
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Really waiting for this to happen !
Great changes are coming to hive and I'm sure that's only for the good !
Great work to the teams !
It's going to be interesting to see if the 24 hour voting window changes curation behaviour. In theory it should make people more inclined to curate.
looking great!
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STOPThis information is very good but I have a question: How long does this HardFork last?
A hardfork is basically something like a game update - it will last until another update comes out :P
This is going to make 2022 super interesting !! Excellent news and thank you to everyone working on this.
It's so fantastic, yeah, isn't there another airdrop surprise here,,
ok great, by the sound of this we now have a million curation trails that are just going to pile onto the 1st second, and the voting will become even more concentrated since the reverse auction isn't diminishing returns on any of the larger accounts.
everyone say goodbye to the genius of "curation" and say hello to "mindless voting" as people begin voting through the trending page like it's a f*cking checklist.
Bots can easily wait for 5 minutes and make the vote at 5:01 minutes. Which is difficult for manual voters.
When the post is on the trending page it's too late. You need to vote on “new”. Besides, “prove of brain” never worked and voting quality never worked.
if everyone piles onto 5:01 then I will vote at 4:55 and the overall curation for that post is reduced, then someone else clips down to 4 for their personal gain and before you know it 100 accounts are scattered across the 1st 5 minutes of any giant account fighting for the scraps of curation that even remain
EXACTLY HOW IT SHOULD BE
now we get to slap the back of our wrists together and have ""curation"" on the most gigantic and well known always-voted super accounts without reverse auction penalty. It was bad enough that people thought reducing it to 5 minutes was reasonable, and now it's 0. Unless there is some brilliant detail I'm missing, then everyone that thinks this is a good long-term idea is completely deluded.
the reverse auction was much more than some shallow "anti-bot" mechanic
but maybe I am the deluded one, for thinking anyone would know that
I don’t get it. When I vote it’s same value as if I wait 20 minutes or so it seconds after a post is out/. What am I missing?
We both joined only a month apart. We both have seen that no matter what timeout was used for initial voting the bots always won.
There is fundamental flaw in the way Steem and Hive do the curation and payouts which no timeout will ever fix.
People will always flock to the high profile accounts to curate on past performance instead of curating the post at hand. Which makes curation a self fulfilling prophecy.
“anyone” — That's not true. On day one you had a script generated black list which several false positives. It was never anyone.
Not true either. You confiscated funds with the aforementioned blacklist.
Others might have forgotten. I haven't.
give more details and evidence? this sounds interesting.
Look for blacklist on github: https://github.com/openhive-network/hive/issues
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These are wonderful developments. Hoping towards the moment when this hardfork will takes effect while equilibrium sets in. Well done and hoping for further developments ahead.
well i hope this helps the blockchain!
Whenever you vote on a post within a community tribe (like leofinance for instance) the vote reflects on the hive interphase as well. Pls is there anyway that one can upvote a post from a community frontend without reflecting the vote on the hive interphase as well? Or is there anyway options can be made on hive to allow or disallow such votes?
hoping for a feedback. Thank you @hiveio
Out of curiosity, why don't you want the votes to be reflected on the other platform?
Because the voting power you might have on other platforms may not be favourable enough for voting at that moment, which includes hive itself. I hope you can understand my point now.
But your voting power is only one, and it is the one related to the hive blockchain, no matter which viewer (leo, ecency, peakd, hive.blog, etc.) you are using to see that information.
Thinking a bit, perhaps the option is to have the possibility to "make invisible" the voting power of a user. It would be necessary to think about the advantages and disadvantages of that option.
But as far as I know, it is not possible to hide that information at this time.
Because the voting power you might have on other platforms may not be favourable enough for voting at that moment, which includes hive itself. I hope you can understand my point now.
Great update on specific and much needed points. I wish it was more fundamental as it took a few months to develop but this is still a great update.
Cheers,
@vlemon
Great improvements. I especially like the 24 hour curation window and the witness vote expiration.
Does this last one immediately work after the hard fork or does it start counting from the hard fork (and will the votes expire a year after the hard fork)?
Thank you for the update!
I'm really excited about the HF. Lots of positive changes. Particularly about the voting on old post. I did try to participate in the technical part but it was way beyond me. 😅
Distance from the Tron takeover.
Great job. Let's keep growing.
And I'm loving the changes. Sweet!!!!
Can't wait to see the new features coming tomorrow with HF25. Ability to offer on-chain recurrent payment is quite innovative in the blockchain space.
So far so good! @hiveio
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