Since I have seen lots of repeated questioning out there (comments, discord, etc) and attempting to not get the head of @ats-david cracked up in half, I have decided to help clear some confusions if I can.
Therefore I am throwing this post (which will probably get edited multiple times), to share some Q&A about what people perceive about the recently announcement from the next Hard Fork of STEEM, called "The Hive!", aka HIVE. Basically the attempt to continue decentralization of MANY things.
So, lets begin right away!
FAQ (being updated via comments and others)
I will be updating this section with questions/answers I see around... Also check Hive Discord.
- What will happen to all my posts, comments, SBD/STEEM (liquid, savings and PoweredUP), etc?
Answer: It will all be mapped into the HIVE blockchain. Nothing will change, except that STEEM will be called HIVE form then on. This assumes you have switched to the HIVE blockchain of course.
- What do I need to do to BEEEEEE in the HIVE blockchain?
Answer: Hopefully nothing. If most of the dapps migrate as well (very likely), you will feel a smooth migration and notice nothing. But if that also concerns you, then be knowledgeable that most dapps already allow you to point to specific RPC nodes, which are basically gateways to the blockchain. Hence, if you point for example @esteemapp to STEEM, you post into STEEM. If you point to HIVE, you post on there. But if you used a web front-end like https://steemit.com, then now, just use https://hive.blog instead.
- If I sell all my STEEM now, will I get an account?
Answer: Yes, you will still have an account on the HIVE blockchain, but you will have the same exact tokens there that you had on STEEM at the snapshot time.
- What happens to Steem Engine tokens?
Answer: "Steem Engine" is considered middle layer (between the Blockchain, like currently STEEM blocks get produced by #witnesses and the Front-end, like https://hive.blog, https://steempeak.com or https://busy.org), therefore, if they decide to migrate (most likely), it's going to be on their honor to reflect things on the new HIVE chain. Basically speaking, everything will be the same for you.
- After the snapshot, can I sell STEEM?
Answer: If you are able too, yes. But be mindful that if 99% of all dapps and middle-layers migrate to the new chain (very likely) then you will have no one but Justin to trade with. And I am sure he will not buy your STEEM, so basically, its worth nothing.
- What happens to my reputation?
Answer: Will be the same at the time of the snapshot. Again, you will most likely notice nothing really changed, except that now you are on the HIVE blockchain, which by the way, will be more cool and more secure than what STEEM currently is.
- Does our STEEM and SBD in savings get transferred over to HIVE as well?
Answer: Yes. Again, everything will be mapped at the time of the snapshot.
- What happens to the payouts of posts that are pending payouts at the snapshot time?
Answer: They will just payout on both chains.
- What happens to my delegations?
Answer: They will just continue to be as they are if you don't change them at the time of the snapshot.
- What happens after the Hard Fork if I start powering down now?
Answer: You will still be powering down and still receive HIVE equivalent to what you have in STEEM, but after the fork, you will be powering down HIVE instead of STEEM. And be mindful, because one of the changes after the Hard Fork is the power up governance delay. If you power up later (after the fork) you will need to wait 30 days for that power up to take effect on your voting for witnesses. Other things don't get affected (like voting posts, etc).
- Do I need to change any keys?
Answer: No. The keys will be the same exact ones you used on STEEM.
- When is it advisable to change keys?
Answer: Ok, this one is different. And trying to explain why many out there recommend to change your keys after the Hard Fork, the reason for that slightly confusing recommendation is because if you were using the steemit.com front-end and used for example your active key, or your posting key, or in some cases, your account password. Then it means the front-end owner (Justin Sun) "might" have your keys recorded on the logs or somewhere else. For this reason and whenever ANY other tool/front-end is compromised, you should ALWAYS change your keys if used on those tools/front-ends. When? As soon as you can. To be clear, it's not because of the Hard Fork that you should change keys OK?
- Do I need to change the recovery account, from @steem?
Answer: You were always free to choose which account should be used for the recovery of your account. But if you don't trust @steem account, you can change it to whomever you trust.
Another ATTEMPT TO EXPLAIN aLLin1 GO!
Imagine that the Steem chain could be put into a copy machine...and at 10am EST on Friday, we run the Steem chain through this copy machine...and the copy machine spits out an exact replica (a copy) of the Steem chain. So now there are two Steem chains.
Then imagine we just slap the name "Hive" on the copy.
That's what will happen...minus the ninja-mined Steemit stake (and a few other accounts).
Probably the best explanation from @ats-david I am sure...
Hive OpenSource Repo?
Comment bellow and I will answer/include them on this post.
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