Hard Fork 20 is on track to land in three days and I have received a lot of questions about the changes. I will cover the changes to voting power and how powering up and powering down will be affected.
Under Hard Fork 20, voting power will be represented by mana and is directly influenced by your steem power. This is a departure from the idea of a voting pool to keep track of your voting power.
Mana
Mana is a measure of your unspent rshares based on how much steem power you own. This is a big change from the current system where voting power is a state on your account and not affected at all by your steem power.
Under Hard Fork 19
Under the current system, let's say you own 1,000 steem power and you are at 50% voting power. Any new Steem Power you add assumes the same state as your account. So powering up 100,000 Steem Power would effectively be 50,000 steem power worth of usable voting power.
Under Hard Fork 20
Under the Hard Fork 20, 1,000 steem power would grant you 1,000 steem power worth of rshares reflected in your manabar. If you then power up 100,000 steem power, you would gain rshares equivalent to 100,000 steem power. This allows you to fully take advantage of your new power-up immediately regardless of your current manabar.
Steem now has a power level
Steem (liquid and powered up) will now have a power level attached to it. Powering up steem will increase your manabar by the number of votable rshares represented by the stake being powered up. If you power up 100,000 steem power, you will have an additional 100,000 steem power at 100% voting power to use immediately.
Powering down
On the other hand, powering down now has a direct impact on your voting power (mana). If you have 13,000 steem power and you initiate a power down (13 weeks), 1,000 steem power worth of votable shares will be removed from your manabar. If you decide to power that 1,000 steem back up, it will immediately have 100% of its votable rshares added to your manabar for immediate use.
Delegation
Delegation follows the same rules but is based on your current mana. If you have 10,000 steem power and you want to delegate 10,000 steem power you would need to be 100% mana. If you have 80% mana, you can only delegate 8,000 steem power. This is to prevent draining the VP on an account and then delegating it. Although the 7 day cooldown was always in place for preventing that over long term.
Minimum Power Down
There will be no minimum steem power requirements to powering down.
Hope this helps clear up the voting power changes and how it is affected by powering up and down.
Why you should vote me as witness
Witness
Active, Present, Passionate
My recent popular posts
STEEM, STEEM Power, Vests, and Steem Dollars. wtf is this shit?
The truth and lies about 25% curation, why what you know is FAKE NEWS
WTF is a hardware wallet, and why should you have one?
GINABOT - The Secret to your Sanity on Steemit
How to calculate post rewards
Use SSH all the time? Time for a big boy SSH Client
How to change your recovery account
How curation rewards work and how to be a kick ass curator
Markdown 101 - How to make kick ass posts on Steemit
Work ON your business, not in your business! - How to succeed as a small business
You are not entitled to an audience, you need to earn it!
How to properly setup SSH Key Authentication - If you are logging into your server with root, you are doing it wrong!
Building a Portable Game Console
Thanks for the explanation. It seems that pre-HF20 the voting power implementation had some issues where it doesn't elegantly handle powering up/down. Do you think the HF20 changes fully fix these issues and any gaming of powering up/down to extract extra voting power from a unit of STEEM Power?
Are you saying that VESTS stop contributing to one's manabar one week before they get converted to STEEM? Therefore by powering down some voting power is lost compared to if those VESTS had never been converted to STEEM?
Missing 0 in bolded number, I believe.
I believe it does.
Yes, Steem needs to be at 100% power before powered down (as steem/steem power now has power level instead of voting power), so HF20 will remove whatever is being powered down in the next week so it can charge to 100%. It does this regardless of power.
The way it is explained on GitHub is:
"The result of this decision is that when you power up STEEM, you instantly have access to it at 100% power, but the STEEM must be powered back up to 100% before it becomes liquid. To do this, the week before STEEM is powered down from Steem Power to liquid STEEM, it is not used for voting. This gives the STEEM seven days to regenerate its power."
Thanks, fixed.
Got it. Since voting power regenerates at a linear rate of 20% per day, even completely tapped Power will be 100% regenerated in 5 days (less than 7). Hence by powering down, your Steem Power is bound to loose at least 2 days worth of voting influence.
Yes, but you gain it if you power up (or get delegation).
Delegation is something I didn't mention but the same thing. If someone delegates you 100,000 SP and you are low on VP, you will get the full voting power of that new delegation and it will not be crippled by your current voting power. When you lose it though, you lose that power as well.
Thanks, behind every new update there's a new complex mechanism. What about vp/mana usage rate and regen? Still the same - 2% for each 100-weight vote and ~20% regan per day?
Yes. No change there.
Hm, this means I can't do Power Cycles as effectively as before, which is a bit of a shame for trading, but over all I think that I like it.
Good and clear write up!
So if I start a power down of all my SP, my vote will be worth 0.00 immediately?
Posted using Partiko Android
No. If you have 13,000 sp and do a full power down, 1,000 will be “locked” each week as each week you would power down 1/13th of your stake.
Thank you.
Posted using Partiko Android
blahhhhhhhhhhhhh. So now i have to dump even more money into steemit lol.
Thank you for the info.. I'm still a bit confused though with the "Mana" feature
Thanks for educating. There certainly are a lot of new words and terms to understand. I use the Upvote as “Like” or I “completed” my task. To us, it’s just about socializing and the rewards come with it. I think we’d go crazy if we had to figure out timing at this point.
Was wondering what all the hype was about and now I know. Thanks for explaining it. From what I read I think it will be a good thing. I suppose time will tell.
How does this work for delegated steempower?
Say someone delegates steempower to you, but your voting power is 50%. Does the delegated steempower hit at 50% or 100%?
Liquid Steem is always powered up 100%, so when you power up, it immediately gives you 100% credit for the rshares it would be worth.
Delegation, on the other hand, works differently. You can only delegate what is powered up to 100%. So if you have 10,000 SP, and 50% voting power, you can only delegate 5,000 SP.
That sounds legit
some really drastic changes in regards to powering up and staying powered up it seems, will be interesting to see the effect.
Um. Bookmarking so I read again a million times before I get it. Guess I need to see it in action. Cheers.
Posted using Partiko Android
Can you explain the taxes a bit? I've read about that a small touch and not quite sure I really comprehend how that will effect us or if that is even a thing instead of just a rumor.
Taxes like US IRS taxes?
I read something somewhere about HF20 having some sort of fee when voting and those with lower voting power will essentially have their votes mean nothing or something about needing to be above 5%, I'm not exactly sure what. Is that not actually a thing?
I've heard the same thing he describe in his second reply to you only it wasn't dubbed taxes. Supposedly if you don't have 120 to 140 in power your vote will be meaningless...is that true?
Great...really appreciate this explanation
Cheers
Hello bro I have one question if you don't mind. Will this hard fork reduce time we need to wait for creating new account?
Yes, there are new options that will help.
I think that is the biggest problem steem needs to deal with. Thanks for the response tho. Cheers
Great stuff! Thanks a lot for sharing very useful information.
Posted using Partiko iOS
As it been set already? If yes whats the min required steem power to power down
I believe right now you need like 3 steem or something to power down.
Okay, cool thanks for the response
Nice post. It will help us.
not much different really but looking forward for that power level
Good Information Like It
Hope You Have Great Success
Enjoy Steeming😀
Mana time
Posted using Partiko Android
Thank you for the explanations.
So which means under hardfork 20 your vote value will increase double anytime you power up?
No, it means if you power up you will be able to use the full value of the power up immediately regardless of your current voting power.
OK. I understand now.
hi
Clean
100
UPDATE: Hi @themarkymark this post has been featured in Exponential! C² Featured Posts, a daily publication of the @c-cubed blog. Check it out :)
https://steemit.com/curation/@c-cubed/exponential-c-featured-posts-september-22nd-2018
This post was shared in the Curation Collective Discord community for curators, and upvoted and resteemed by the @c-squared community account after manual review.
Thank you for explaining this! This was really helpful.
Clear as mud now?
Yup
So for all you gamers out in steem land, Your mana potions = (power up your steem from liquid)
good change
really sucked for small users to receive a delegation and then the voting power remained the same
Hey there @themarkymark, thanks for the explanation. So if I'm understanding correctly, I can now power up anytime at it will be beneficial to me? That's kind of simplified I know, but is that the gist of it? Thanks :)
Yes, before if you powered up while you were low on voting power you would not be able to fully take advantage of that new stake.
That is something I did not know, and I guess would have been a bit more useful before haha, but onward and upward! It's a nice change they've made then; thank you for the so much for the reply too :)
Thanks for the explanations I'm a bit lost still about what's happening tomorrow but gathering it all... I read somewhere that they were going to make post editable past seven days, but that's not on this hf right?
That was with appbase (v19.10) which is live but condenser (Steemit.com) does not have support for it yet.
Thank you for this very informative post. I believe that the Hardfork will be a boost to Steemit.
Posted using Partiko Android
!popcorn
!pancakes
Thanks for contacting Pancakes Express!
Would you like to order pancakes?
Please upvote this comment with your order:
If you would like to order your own pancakes, just make a comment
!pancakesanywhere on the blockchain and we will send you a menu.