Blurt Hard Fork 0.6.0, Witness Bonuses and 4th of July Anniversary

in blurt •  4 months ago  (edited)



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Dear Blurt Community

A few days ago the foundation and its developers, along with a team of ~30 highly professional and capable witnesses seamlessly upgraded the Blurt Blockchain. Hard Fork 6 was more of a patch update to fix some issues that carried over from HF 5 that required some fixing or tweaking.

All of our Hard Fork changes are listed on the official Blurt Gitlab, simply navigate to milestones

Here are the basics of the changes:

Pending Payout Value Double-Stated

Both the Tags API and Condenser API, which the frontends derive the pending payout value from was showing the pending payout to be double the actual value that occurs on payout. This has now been rectified and pending payouts match the actual.

Please note that prior to this HF you may have had the illusion that you were receiving higher rewards (by double) than you were when you actually got paid out.

Cosmetic Issue in CLI wallet

update_witness AND update_witness_properties commands were showing 0.00 "fee": "0.000 BLURT"

All feeless loopholes have been plugged in the previous HF, but this command echo was showing incorrectly as zero fees, the 0.00 has been removed to avoid misstating the fees.

25/75 Default Rewards Fixed

HF 5 was supposed to deliver 25% liquid rewards as the defacto standard, to help with liquidity for fee-based transactions, however the code for this didn't do what it was supposed to do, this has now been rectified.

All posts will now default to 25% liquid rewards and 75% Powered Up rewards.

If you look at a post on the block explorer https://blocks.blurtwallet.com/#/@angelica7/planning-the-anniversary-for-blurt-eng-esp-de-cn you will see on the left a field showing reward_weight 10000 this is the default to 25/75 rewards, if you see 0 that will be 100% Powered Up rewards. and anything in between will be a prorate of that. Example 5000 should be 12.5% liquid and 87.5% Powered Up rewards.

Fix Blockchain Sync Error

Witnesses were having a difficult time replaying the chain, there was sometimes a sync issue in data circa September 2020, this has been fixed and replays are relatively bug-free now.

Re-adjust rewards curve constant to 2e11

This is perhaps the most controversial change, which has created a bit of stir within the community. You may recall HF 5 doubled the votes of higher-powered Blurt accounts, this was not intentional, the curve changes were not correctly applied in the previous hard fork.

These issues have all been fixed now and we are all back to the pre-HF 5 rewards with the additional curve tweak that HF 5 was supposed to yield in the first place. It is understandable that certain members of the community may not be happy with this but here is my take on it.

Firstly the rewards pool hasn't yet stabilised, it usually takes around 15 days for the rewards pool to stabilise, so I would recommend waiting to see what rewards look like then.

2021-06-06 Edit: Data just recently supplied to me indicates that HF 5 gave large accounts (benchmarked at 500K+ BP) were given a ~25% vote yield advantage due to the unintentional curve error.

The weekend prior to HF 6 Vote Yield of 500k+ accounts was ~69% and Minnow accounts only ~44.4%, this creates an oligarchy, where financially privileged accounts have the ability to self-vote for extra gain as can be seen by some repetitive posts on trending. It isn't healthy to have users depend on whale accounts for rewards, but rather on the network effect of multiple users.

HF 6 has corrected the rewards curve to pre-HF 5 levels and the large account vote yield is now only 46.8%, as of today, and Minnows 46.2%, which makes everyone as close to equal as possible.

As a result, the reward pool will have less claims and as such grow over the next 15 days, Vote Yields have already grown by 2% per day and projected to stabilise at around 60% for both large and minnow accounts by the end of 15 days.

Remember the chain uses reward pool data from the past 15 days so is not yet at equilibrium.

The aforementioned fix was supposed to have come soon after HF 5, but was delayed due to developer availability and as such the large accounts got used to the higher post and curation rewards, in addition pending payouts were double stated by the api, so in essence, users perceived a 125% increase in rewards due to rewards curve and API reporting errors, when infact the actual increase in vote yield for large accounts due to the HF 5 curve error was only ~25% which has been rectified by HF 6.

Also, note that as of HF 5 the rewards pool is responsive to Powered-Up stake, example Staked Supply is currently 211918146.624 BLURT out of a Total Supply of 422995571.694, which is ~50% staked. This to me is quite low, it would be healthier to see Staked Supply in the range of 65% to 80%. The more that is Staked the better the security of consensus (provided that stake is voting) and it also means that there is a trend towards bullish long-term holding of Blurt Power.

The great thing is everyone has the power to help influence the rewards pool, by influencing others to Power Up and to Power Up themselves. So if one is not happy with the current rewards, there is alot of economic scope for them to improve by simply getting users invested.

Given the mediocre Stake Supply numbers, it is prudent that reward supply is restricted, the user @condeas summarised it perfectly: (translated and concisely truncated)

..I welcome the reduction. Less rewards also mean less Blurt in the market. There is too much Blurt and too few people needing it.
Inflation is way too high as measured by users, which is a huge loss in value for Blurt.

From my point of view, the high inflation on Blurt, Steem and Hive is one of the biggest price killers.

Reading this makes alot of sense, flooding the market with rewards does nothing for price, holding alot of nothing is better than holding a bit of something.

I would like to encourage everyone to see out the economic effects of these changes for the next 3 months, if they improve the value of Blurt then awesome, if not then we can always change the parameters, that's the beauty of governance.

While on the topic of governance, I don't recommend that any witness creates FUD about reduced rewards, all witnesses willingly upgraded to this HF, the time for discussion of the effects of the rewards should have been before the HF went live and before you agreed to run the changes, now is the time for unity in our decision, @rycharde didn't single-handedly make these changes, the foundation and all ~30 witnesses of the chain signed off on them as well so we all need to stand by them and not point fingers and create disunity. Some examples being shown are not taking into account Voting Power (VP) of the accounts at the time and are misrepresenting the reduction of rewards, this is very dangerous and breeds disharmony.

We should take a professional approach and evaluate the changes, iterate if needed in another HF, perhaps we constrict rewards in times of limited demand and increase rewards when demand increases, that way we stave off a runaway decline in price.

Give constructive analytical feedback, devoid of fingerpointing, ask what you could have done better to help the governance decision process, be part of the changes, participate, innovate and let's take Blurt forward.

Myth: Splitting large stake into multiple accounts does not yield much additional efficiency maybe 0.6% at max and simply not worth doing unless from a derisking perspective incase of an account hack or loss of keys, to rather split stake out between accounts.

Witness Bonus

I am proud to say that Blurt witnesses are highly efficient, competent and responsive to hard fork upgrades. Last time, HF 3, 4 and 5 iterations were all performed over a space of a mere weekend. Blurt witnesses can hard fork very fast!

As a symbol of gratitude for witness efforts, the foundation has awarded 30 witness accounts 30K Blurt Power each for the timely upgrade to HF 0.6.0. Congratulations witnesses!

Blurt's 4th of July Birthday

@angelica7 recently posted about Blurt's first upcoming birthday,

https://blurtter.com/blurt/@angelica7/planning-the-anniversary-for-blurt-eng-esp-de-cn

It is quite humbling to be a part of the creation of Blurt and seeing it come alive, there is simply no feeling like it. We have faced the greatest of trials and setbacks, but we are still standing and more resilient than ever.

The foundation aims to complete the repairs to the image server and the official blurt.blog and blurt.world frontends as well as the NaN error and incorrect Power-Down initiation period shown on the wallet in time for the 4th of July.

In addition to this we would like to mobilise some Raspberry Pi witnesses into consensus and then procure some media exposure on our unique low carbon footprint consensus model with edge-of-network decentralised distribution for increased censorship immutability and lowered dependencies on datacenters.

I look forward to joining you all for our one year celebration and looking forward to seeing you build and grow Blurt alongside us.


Don't chase money. Follow your purpose. Do nothing for the sole purpose of money. Do what is right. Do something that helps others and the money will come...what can you do now to create a better tomorrow?!" - Team Fearless

Peace and Love,

Ricardo Ferreira
@megadrive
Blurt Co-Founder

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I would really like to thank you @megadrive for writing and addressing the issue being talked about on blurt.

I believe every Witness has agreed to the changes done in this hardfork and then only upgraded to HF 0.6.0 .

Also I hope that our first anniversary goes fabulous and let's discuss to do some really cool things to make people happy.

Thanks for the update, congratulations on the bonuses to the witnesses, will there be some way that the reblurt works in our publications, I have seen that only for some people it works, hopefully soon everyone can make use of the reblurt. And I also want to say that do not leave the communities aside, also support them, it takes a lot of work, time and availability to have a community up and running. Patience and perseverance is a great virtue. I invite you to participate in our photography dynamics every week is a new category, now artistic photography is underway. Thank you @team-mexico.

hopefully soon everyone can make use of the reblurt.

That is something the development team is aware of and will be fixed in a future hardfork.

Hi @team-mexico, I have just given instruction to our developer to make blurts the next priority. Also we have been discussing launching a Communities frontend alternative.

Congratulations to all the witnesses for doing hard fork 6 and also for getting bonus.

All posts will now default to 25% liquid rewards and 75% Powered Up rewards.

thank you for telling me this , i really wanted to know about this particular thing and i am happy that by default it is set to 25/75.
can we soon opt to choose between 100 Percent power up or this option.

Thanku

Yes we will have the option to choose payout % when we get the official blogs blurt.world and blurt.blog back up and running this month.

Wow , I didn't know about blurt.blog. i heard about blurt.world maybe because I joined quite late here that's why i am not familiar with them.

Seems like there were many Frontends of Blurt earlier.

thank you , i will be waiting for them🙂

  ·  4 months ago (edited)

Thank you for this hard fork and this nice discussion about the hard fork @megadrive. It is almost one year of blurt. Though there are some ups and downs of blurt, I think the users after all happy on blurt. Keep up your good work. One day we will see blurt in a better position. In sha Allah.

I agree we have had a really hard time, but we are almost on a stable base from which we can grow from, we have really motivated people and our blockchain is lightweight and rock-solid now.

I was fully disappointed before hard fork 5. Then the situation is developing gradually. This is good for blurt. There are also many option to upgrade. I think blurt authority will perform their duty better in future. Thank you.

We are trying to improve all the time, we can only do our best with the resources we have.

Hi, @megadrive, good job! I am so happy to see blurt growing! I think other issue with the liquidity is the long time what take do a power down. With new users we are trying to give 5-10 BLURT so they can start posting but sometimes these users start following, reblurtting, and commenting other posts and spend the initial blurt that we gave. So what do you think in remove the fees in the first 7 days since the account creation, so they will can get liquidity from themselves.

That is an interesting concept, however it can become an attack vector, an attacker could then create many accounts and free-spam the network for 7 days bloating it incredibly.

I'm in favour of subsidised accounts for things like social attestations, ie say if you mention Blurt on Twitter you can claim a free account. It would be great if someone from the community could build that, the foundation would sponsor free accounts if they are given to users who perform social tasks from unique social accounts, or are verified by unique mobile number etc.

In problems, diseases and differences is where you find the people who really want to support you and be there to do a joint work. Because it is easy to have friends in good times. Today Blurt has remained standing, and every day it grows stronger, based on the human character that characterizes us. I believe in that, and therefore my love, work and esteem for all that we have achieved here.
Thank you for the mention, and I hope that many can join in this celebration, which is organized with great affection.
Good vibes.

I think I just joined in the best moment of the platform. Faster than later but we see blurt grow. His courage will go to heaven ... Very happy to be back.

Happy to have you back!

Hello. Thank you for the support in your vote my post.

Hi, @megadrive,
great post

Hi, @megadrive,

Thank you for your contribution to the Blurt ecosystem.


Please consider voting for the witness @symbionts.
Or delegate to @ecosynthesizer to earn a portion of the curation rewards!

Thanks for the information.

I think that is great witnesses get a bonus. It does look a little suspicious though with us being told that those with large amount of BP will see a reduction in actual voting amounts. Appearances seem to show where the blurt will come from to pay bonuses.

  ·  3 months ago (edited)

Please don't spread misinformation, it was Jacob's wish that witnesses get a bonus for HF 5, however I delayed it until HF 6 because HF 5 had some bugs and wasn't 100% working, example large BP accounts got 25% higher vote yield in error and 25/75 payout didn't work. You will see below a screenshot from my announcement in a private witness co-ordination channel dated 16th April.

The funds came from the @socialgraph foundation account and were already there. There is also no way for the rewards reduction delta to be directed to the discretionary witness bonus paid by the foundation, I don't see how the foundation could have benefitted from the reward reduction.

  ·  3 months ago (edited)

I do not think I have spread misinformation. I just raised a question on appearance given the situation at hand. Spreading misinformation would be stating it as fact and that is not in my comment.

The question however incites disunity, all you had to do was ask me in Discord and I would explain exactly how it came to be, trying to raise suspicion is not constructive or healthy for the growth and cohesiveness of our community. Some users may have already read your comment and might not come back to see my reply and left with doubts which are damaging.

The other side of that is those of us who have wondered about the contraction of the pool and may have wondered without asking now have clarity thanks to this exchange between the two of you on the source of the bonuses. I think many of us don't use Discord so answering questions there will be limited whereas here we can all see it.

I think it was fair to wonder if the reduction to the entire pool was the source, as I still don't understand where the excess of the pool goes if it contracts across the board for all accounts. I personally am glad the question of the appearance was made here publicly. The explanation on the source funding is now publicly tied to the question many may have had and just not expressed openly. I suspect that the privacy of discord is detrimental for the many of us who don't use it in knowing what is going on. In this case, we all now have an answer. Thank you.

Congratulations, your post has been curated by @dsc-r2cornell. You can use the tag #R2cornell. Also, find us on Discord

Manually curated by @blessed-girl

logo3 Discord.png

Felicitaciones, su publicación ha sido votada por @ dsc-r2cornell. Puedes usar el tag #R2cornell. También, nos puedes encontrar en Discord

Again i can't post anything in blurt due to some bug
When i click on blurtit for write something ...this image shown🥺🥺 @megadrive

Try clear your cache or use a different browser, if still not working please join our Discord https://discord.blurt.world and seek help there. Blurtter.com is not maintained by the foundation, infact the developer is not very active on Blurt anymore, but we should have blurt.world and blurt.blog back up this month.

Congratulations

I would enjoy a reply on my post from someone in Blurt who can make this happen: https://blurtter.com/blurt/@lazerlazer/blurt-needs-apps.

Burlt will recover the other platform, His economic income and in the form of participation will be seen to grow. I hope to be and participate in this growth. I am from Venezuela, a platform like this one, they have helped me to get ahead with my daughter and my mother.