In this video the host explains the recent Hard Fork 20 on the Steem blockchain, detailing how it addresses two long‑standing problems: account registration abuse and self‑voting inflation. The fork introduces resource credits that allow new accounts to be created without costly verification, and implements penalties that make self‑voting disadvantageous. The presenter also outlines the roadmap toward Smart Media Tokens (SMTs), a protocol that will let any website create its own token on Steem, noting that the SMT launch is expected in March of the following year. He then evaluates Steem’s chances of surviving the predicted "altcoin apocalypse," arguing that its loyal community, proven social‑network model, and upcoming technical upgrades give it a strong survival prospect. Finally, he discusses his own token, Mikko’s Coin, which was originally an SMT on Steem, migrated to Waves due to development delays, and may return to Steem once the platform stabilizes. The video concludes with a reminder that the network may experience temporary posting issues as the new bandwidth system stabilizes, and a call to like and subscribe.
Chapters
Hey you, welcome back to the channel. And guys, today we want to talk about Hard Fork 20 done on the Steem blockchain. And if you don't know what Steem is, Steem was a blockchain designed by Mr. Dan Larimer, the same person responsible for EOS and responsible for BitShares. And the Steemit.com, which is an application, a company that runs on the Steem blockchain, as well as several dozen others, are now under or part of this hard fork, which is basically, it's, it's an update over the network. So Steemit is mostly popular for its social network type, uh, applications. Uh, Steemit is, uh, similar to Reddit, uh, where people post blogs and they earn cryptocurrency in votes. Same idea like Reddit, but you get paid in their cryptocurrency with your votes. And then they have other applications. They have a version of, uh, Twitter, I believe, called Zappel. They have a version of Instagram called Steepshot. They have a version of YouTube called DTube. They have a version of SoundCloud called DSound. And so you get the idea, it goes on and on. And there are many, just countless applications being developed on the Steemit blockchain. A lot of people love it and a lot of people use it. I for one am a user of Steemit and I like it very much. So let's talk a little bit about what this hard fork is about to do. I'm not going to read it all, but as we understand the very basis of it, I'm going to try to touch on and cover some of the main things that are being initiated today, September 25th, with this hard fork. And one, one big issue Steemit had been having was registration. To give some clarity on it, if a person sets up an account, again, think about application like Reddit, think about the website like Reddit, and your votes equal money in Steam's case, Steam's case, Steam's case, the Steam dollar, the Steam cryptocurrency. Every time a person casts a vote, they're giving over money. Okay, so Where does the money come from? And that's an entirely different topic and entirely economical paper to talk about that. But in simple terms, each account has a rewards pool and so much money. And obviously what happens is the money runs out. So these accounts have to be verified and that's a process to make sure that they're not, these accounts that are just dummy accounts just set up. So they want to make sure they're real accounts and they're also giving out money. So there were only a few ways around it. Either they could verify that the account was authentic or you would have to pay for the account, which is probably something a lot of people weren't going to like and we're going to see it as a deterrent, right? So to make a long story short, This is addressing, uh, part of that problem where now people will be able to come in, have the ability to set up accounts, uh, but they will work on these things called resource credits, I believe. Uh, and these credits, you'll be given so many, and this will solve the issue of people who can come in and abuse the system who aren't verified. Now that part alone is very important because many of us already in the cryptocurrency space know what Steemit is, but Steemit was like the first major proper cryptocurrency to do a social network properly. Uh, and it worked very, very well. It worked the best. Nobody seemed to be able to do anything near or close to Steemit and experience the same success rate. However, plagued by the model itself and the registration issues, one of the key components necessary to sustain a social network, which is growth, became an Achilles tendon for Steam or Steam It or the entire Steam blockchain. And so that problem needed to be solved. You, you have to have growth in order to have an ambitious social network project like Steemit's trying to accomplish. And so today this hard fork is solving that problem. You know, there was also a problem of not only that people have the power to vote, and in some cases give out extremely large votes, up, you know, over $100 just for one vote in some cases. People could self-vote, which, which means that a person could literally just self-vote their own content. Whereas the, it was supposedly this process of curation where quality posts were upvoted to a certain proper level and content that wasn't as great received a rate that was in line with its value. But, you know, obviously with the idea of self-voting, people could self-vote themselves to oblivion. And some did it, some didn't do it, but they saw this to be a problem. And so this hard fork has put into this some parameters that makes it— creates many disadvantages to self-voting. And again, I'm not going to read the entire topic of paper. There's great deal of information. We'll try to leave a link here, uh, and so you guys can read, um, you know, exactly what's going on with Hard Fork 20. But, um, you know, what it, what it also does is it sets up the necessary stepping stones for the SMT launch. Now, SMT, which stands for Smart Media Tokens, was also another brainchild of these Steam blockchain. And what it basically said is everybody could use a software protocol like Steam to have this voting system integrated into their websites, and they would be able to create their own token and have a platform similar just like Steam, and they could award their, their, their visitors to their site or their website users with a token payout. And this would run under, under the STEAM blockchain, meaning they would have to hold so much STEAM in order to be able to implement this, making the STEAM token itself valuable, but at the same time making these other websites specifically able to cater to their particular customer base. And so SMT sounded like a fantastic project. You know, unfortunately, the system and development SMT that is needed for SMT to work is still underway, and it has been quite a long time overdue. But the latest news, I believe, is it's supposed to come out in March of next year. So with this segment too, I want to kind of go into— if you, if you watch the channel, if you're a watcher of the channel, you know I host a segment called the Altcoin Apocalypse, in which we try to implement or talk about details of altcoins that are going to survive this prophesied apocalypse that will wipe out like 90% of altcoins, or if they will survive. So I'm gonna give my opinion about if I think the STEEM blockchain will survive this apocalypse and kind of mix it all in with what we're saying about the hard fork and SMTs and what the future of STEEM is going to be like. So based on the information we have about Steemit and its history, I just want to say that Steemit has a large loyal community. STEEM has been shown to work. It's been the first to successfully really do a social network that didn't go under. It's created a lot of value for people. And so Steemit has a lineage, a long history and a lineage with Dan Larimer, who's also responsible again for EOS and BitShares. He was a— on with Steemit and the creator and the developer of Steemit. And, uh, so, uh, with the history and lineage, that right there puts Steemit in a good position. But not only that, uh, Steemit has a very supportive, loyal community that I think will remain loyal to Steemit. And I think a lot of things people miss in the cryptocurrency space is just how important community is. You know, oftentimes we We hear the narrative of, oh, you got to have good technology, you got to have efficient platform that's able to scale and do this and that and the other. But Steemit hasn't been able to really scale, and it's— people have been loyal to it and hanging on. And so the point I'm trying to make is that Steemit has a very strong, loyal community, and that factored in with this hard fork and them making developmental changes that make the platform better. These are just another point in Steemit's favor. Steemit up to now has been able to successfully, uh, uh, uh, keep away all types of competition in similar areas, and nobody has achieved the success of Steemit and a social network platform to this date that I'm aware of in the cryptocurrency space. And so with these changes and the SMT tokens platform coming underway. I would say that those type things are going to remain for Steemit. And so with that said, I'm pretty certain that Steemit will survive the altcoin apocalypse. You know, also a lot of you watch the channel know about Mikko's Coin, a token that I created. What a lot of people don't know is Mikko's Coin was originally created to be a a smart media token. It was originally created to be an SM token that ran on the Steem blockchain. Due to a lot of unfortunate situations with the Steem blockchain, development issues, and them trying to deal with the issue at present, we went over to Waves, which was a platform that was already in service and was already working well and still works well for us now. However, it is still our endeavor that we go back with the Steam Community because that's where we started. And so in March, it is very likely Miko's Coin will return to the Steam blockchain. Now, people who hold wallets on Waves decentralized platform, there's no need to worry. They should— your tokens will be fine there and your value will exist there. Uh, if we decide to make that move back to the STEAM blockchain, we will do the necessary steps to, um, keep you notified and give you ample time. Uh, and your tokens will be safe. All will be transferred over to, um, the STEAM blockchain, same value-wise, if that occurs. Uh, and we will let you know if and when that will happen. But guys, that's pretty much all I want to say about Steemit. Again, you can read the article for specific details. At this time, the blockchain may experience trouble in posting and transacting while the bandwidth system stabilizes. So guys, that's all I want to say. If you like content like this, don't forget to like and subscribe. And until next time, take care.
