In this video, the host walks viewers through the upcoming Steem Hard Fork 21 scheduled for August 27, explaining the technical background of hard forks, the extensive testnet work, and the possibility of post‑fork hiccups. The core protocol changes highlighted are a new rewards curve (posts earning >20 STEEM will receive more, <20 will receive less), a shift in the author/curator reward split from 75/25 to an even 50/50, and the introduction of a down‑vote mana pool that lets users down‑vote without sacrificing curation earnings. The presenter discusses community reactions to these changes, noting controversy over reduced author rewards and concerns about down‑vote abuse. He then references related governance proposals—EIP, SPS, and SMT—explaining how they aim to fund projects and enable custom token ecosystems on Steem. The bulk of the video pivots to promoting the BitcoinMYK project, an SMT‑based token initiative that plans to distribute free tokens to Bitcoin holders, use universal basic income (UBI) concepts, and recruit crypto influencers to drive adoption, with the ultimate goal of boosting Steem’s value and positioning it among the top‑10 cryptocurrencies. The host concludes with a call to action to join the project, watch related content, and monitor Steem’s price post‑fork.
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Hey you, welcome back to the channel. And today we want to talk about STEEM Hard Fork 21 happening on August 27th. So from what we know about STEEM hard forks, there have been a series of incidents that have been up and downs with the STEEM blockchain with these hard forks, some very controversial. Some that's nearly torn the community apart, and some quite successful. So we're going to just discuss a little bit about what's happening with Steam Hard Fork 21, what we can expect to see, um, is this going to be a good thing overall from, uh, the Steam blockchain, and maybe put the rest and put to ease, uh, or put us at ease as to some of the things that are going to happen during this fork. So Let's see, according to this Steam blog, and of course many of you all who are in the cryptocurrency, you understand what a hard fork is. Uh, it's a blockchain update. Uh, the code has to be carefully designed because it protects all the tokens stored on the blockchain. Um, uh, basically, um, it's for the stability of the network. Steam uses the delegated proof-of-stake algorithm. And what to expect, let's see here. Hopefully all of this happens seamlessly and you don't notice much of anything at all. We, along with many community members and witnesses, have been testing the new version of Steam on our testnet for several months now and have performed the hard fork logic on several smaller testnets. But as much as we plan and test, it is possible to run into a few hiccups shortly after the hard fork because that will be the first time that new code will be run at scale. Our engineers will be monitoring the state of the network carefully during and after the hard fork so we can react quickly to any problems should they arise. So that's kind of the basically how it goes down, and you know, we all just kind of sit and wait and, uh, hope it's successful. But what seems to be some of the key things that are going to change for the end user, uh, specifically are the rewards. The rewards curve is changing. We expect posts that would make more than 20 Steam under the old rules to earn more after the changes The posts, those posts that would have made less than 20 steam under the old rules will receive less after the changes. The reward split, reward funding is being changed from a 75 to 25 split that currently exists to a 50/50 split between author and curator. That means you will be rewarded significantly more for curating content after the fork. The downvotes, uh, the downvote mana pool is being added, which will allow you to make a few downvotes each day without impacting your ability to earn curation rewards from upvotes. If you would like to learn more and blah blah blah blah blah, but let's just go over this and kind of get into this a little bit. So, um, Specifically with something like the rewards, but I think this was causing a lot of controversy that the author's rewards that was once 75% are going now to 50%. Some people don't like that. Some people feel it makes more sense for the curators as it incentivizes them to curate more. And so it's kind of a toss-up here and we're gonna just have to see how this pans out. Personally, I'm not big at curating. I think if you have a significant amount of Steam, curating is worth it. But if you're probably not curating a lot of Steam, curating is probably not going to really affect you a lot, right? Now, the downvoting is something quite interesting. With the downvoting, now you're going to be able to perform a few downvotes each day without it impacting your curation rewards. So because there was a cost to downvoting that a lot of people didn't like to pay prior to this. Of course, the whole concept of downvoting brings with it a lot of controversy, flag wars. But, you know, as I've heard from some community members, it has also been used as abuse for malicious activity. Not even related to the post itself. And that's a great concern I find with this particular ability that, you know, what happens when you post something, people downvote it not based on the quality of the content, but just because they don't like you. And many, much of the answer has been purchase more Steam or build bigger groups and communities, but The reality of that is that that's still going to pale in comparison to a group that's bigger than you with millions of steam, right? You know, so it just kind of can become this kind of ridiculous argument. But this is part of the system now, and how this works out is what we're going to have to be looking at. Now overall, we're hoping that this will create more value to Steam, uh, and I can see in some ways it possibly will and, and in some ways it won't. And for some people it may not even seem like it's affecting them at all, um, but it's going to be interesting to watch. Now also what comes up during some changes with Hard Fork 21 have been talked about ideas like the EIP, the SPS, uh, which basically discusses how the reward pool, uh, curation, uh, linear curve works, uh, uh, hopefully an idea you're going to make more. And, um, the SPS program, which deals, uh, with, uh, funding projects that can hopefully bring more value in the Steam and more money in Steam. Uh, so here's what I want to say to all of that. I think a lot of the steps and developments— I'm not saying this isn't gonna work or have a positive impact on Steam or the price or anything like that. But what I am saying is I'm seeing certain routes taken that I think are a lot less efficient than maybe some that could be. And some good things that are coming out of fork, like I discussed the SPS project and the EIP project, but, but also the SMT project, right? Or at least the idea of it. Now, don't know exactly how they're going to put that together, but we're using versions of it now, the SCOT tokens, which allows community members to use the Steem blockchain but form their own communities and solve their own problems outside of what the management of the Steem Corporation can do. So I think that's very important because there's a lot of great ideas out there, and incentivizing these people to come up with the ideas to make this work makes a lot of sense, uh, and it will bring value to the Steem blockchain. Um, and that's why I really like this blockchain, as well as the interoperability of all these, uh, hundreds of, uh, dApps working together. But, uh, as our project is kind of part of this SMT umbrella, the BitcoinMYK project, which if you watch the channel you're quite familiar with right now, and if you're not There will be a link in the description. Make sure you join, you get free tokens, get value from that. But we're making this very complicated, and part of our plan is to apply for the SPS project, which is a scheme of funding some projects to make the blockchain better. And I think it's a very simple approach to this that some people are kind of knocking at the door of, but they're just not quite getting there. And And our idea, what we need to do, phase 1, is convince Bitcoin holders that it makes sense to use the Steem blockchain to transfer Bitcoin value. And so what we would like to do in our approach to this is with funding, show Bitcoin holders we have a valuable token, give the token to them free. Get them using the Steem blockchain, building up a network in value. We believe that will pay off to the Steem ecosystem, possibly even making Steem top 10 cryptocurrency, maybe even replacing Ripple XRP. This is very possible, and I have run theories and models about how this can work. Make sure you watch all our content. Particularly, uh, pertaining to BitcoinMYK. But you get all the Bitcoin holders, you give them the Bitcoin tokens free, our SMT tokens, uh, based on the Steem blockchain, run on Steem blockchain. Get them all using, all the Steem, all the Bitcoin holders, because remember, they get the tokens free. So it's very easy to market to them, convince them to use the Steem blockchain. It's going to take money because we need to reach them, and it needs to be a valuable token there So they're transferring for something of value, but it can work. Doing that will add tremendous value to the Steem blockchain. Being able to use or move this Bitcoin value now transaction-free, right, to us is just a no-brainer. Phase 2 of that for the BitcoinNYK project would be to then use some of that value to recruit the best, uh, cryptocurrency tubers, cryptocurrency influencers, social media stars of crypto history, get them on board here, get them promoting this project, offering them stake in this project. And we believe this is a simple, surefire way, uh, to solve a lot of problems in the STEEM blockchain. As well as the unclaimed Bitcoin tokens we plan to give to the general public as a universal basic income project. It is a huge topic now. It is a big topic now that is running in the US elections, and there are going to be a lot of new people who are interested in using blockchain technology and UBI all combined with this. We think we have a winning formula. So we invite you all to check that out. You can start to rack up these tokens now free over on the Steam Engine Exchange and on the Freedom Exchange. You can also get them free just by participating with our website, doing fun things, watching videos, playing games. So that's all I want to say in this video. It's going to be interesting to see how this pans out, guys. You know, after you've been through so many hard forks Uh, you've, you've kind of taken a neutral position with this, and, uh, hopefully everything will go fine. But, uh, definitely gonna be taking a look at that STEEM price as well. A lot of us want to see that go up in value. We know this is a good chain that's going to be around a long time. It's got all the right components. The first major social media successful cryptocurrency project that is not going away. STEEM will be here for quite a long while, but we want to see Steam where we know it truly belongs, and that is right next to Bitcoin, right next to, uh, these top 10 cryptocurrencies. Steam deserves the place there. It is used more, it is of more value than these other cryptocurrency projects, and the proof is just in the pudding. But that's all I want to say in this video. Don't forget to join our project bitcoinyk.com. We will be around, uh, on the same blockchain after hard fork 21, building and adding value to the network. If you like content like this, don't forget to like, subscribe, and until next time, take care.
