Hive Hardfork 25 Equilibrium Will Commence June 30th, 2021
Equilibrium is the second community-driven hardfork of the Hive blockchain. It marks a key milestone for Hive development and for the Hive ecosystem.
Hive is an innovative and forward-looking decentralized blockchain and ecosystem, designed to scale with widespread adoption of the currency and platforms in mind. By combining the lightning-fast processing times and fee-less transactions, Hive is positioned to become one of the leading Web3 blockchains used by people around the world.
Hive Backed Dollars are a stablecoin used on the Hive network. They are “backed” by the networks ability to convert them into $1 USD worth of Hive. There are constraints on $HBD creation within the blockchain rules to help keep the Hive economy healthy.
Hive will undergo a hardfork on 3oth June 2021. 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.
ABOUT HIVE
Hive is an innovative and forward-looking decentralized blockchain and ecosystem, designed to scale with widespread adoption of the currency and platforms in mind. By combining the lightning-fast processing times and fee-less transactions, Hive is positioned to become one of the leading Web3 blockchains used by people around the world.
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