As Yogi Berra once said, when you come to a fork in the road, take it, and that is what decentralized social media network Steemit did to improve the user experience for future and existing users.
If witnesses upgrade this new hard fork, the Steem currency inflation rate will be changed form an average one-year holding requirement to roughly six weeks.
“With this hard fork the greatest portion of the community feels the ecosystem will be changing for the better and we now will be more accessible to more people,” Steemit CEO Ned Scott said. “The hard fork request was initiated by the community, and once we reiterated the recommendations, we received an overwhelmingly positive response.”
Mr. Scott said less reliance on long-term participants will attract new ones who do not want to lock up their cryptocurrency for long periods. Authors and content creators will receive 75 percent of the 9.5 percent annual instantaneous inflation. Steel Power holders get 15 percent while witnesses and miners receive the remaining 10 percent.
The company said there will not be changes to Steem Backed Dollars, Steem Power, or site functionality. The powering down schedule and founder/developer rates will also not be changed. The hard fork will take place on Tues., Dec. 6.