Steem is a blockchain based cryptocurrency that is has been created by Steemit, a social media news platform with the ability to reward content creators, users and curators. Previously, when creating a Steemit account, creators, curators and users had to pay for an account with Steem and Steem power and would incur several difficulties while using the application.
On the hand, hardfork 20 is a new technology that will be embedded on Steem blockchain such that it allows for a user friendly experience on Steemit platform while at the same time increasing the probability of raising Steemit’s revenue. The Steem digital currency reached an all-time high of $1.12 per token shortly after announcing the incorporation of hardfork 20.
The upgrade of incorporating hardfork20 will enhance the user experience overall by generating Resource Credits (RCs) based on Steem’s size, state size and power of computation. It will enable the Steemit Decentralized Application (DApps) to allow all participants to create free accounts or at very discounted prices. This will increase the number of registered new users on the Steemit Media platform and provide a competitive edge against other platforms like Reddit who have a vast coverage with about 330 million active participants.
Incorporation of hardfork 20 will also reduce the bandwidth system on the Steemit platform such that users are now able to perform actions on the blockchain swiftly and without using the initially used Steem Power.
Consequently, Steemit users will now have the ability to post and edit comments on a piece of news shortly after 15 minutes. Additionally, even after posting a comment, the user is able to edit it as many times as they please as opposed to when the comments would go up after half an hour or more with no choice of editing the post.
Also having hardfork 20 on Steem is a smart move as it will allow Steemit curators and owners to efficiently price all its resources on the platform so that the company’s revenues increase and at the same time enhancing reasonable growth and sustainability of the media platform.
In detail, Steem will now have the ability to measure the costs of running Steem blockchain, efficiently price rewards for its users and even generating a large range of consumed resources so that each resource is actually well-priced.
Inasmuch as hardfork 20 may have a few shortcomings, Steemit is making a step in the right direction.