Steem (STEEM) went through a pre-hardfork peak of 31% at the start of the week during the run up to Hardfork 20 (HF20), codenamed Speed. Most, but not all, of these gains were wiped out on the last day or so from the time the STEEM market corrected after the recent peak.
Today the Steemit team took its official blog to calm the fears of an unexpected hiccup in the hardfork process, which went to plan except for a problem.
Power Oversight rating
Many users of Steem's blockchain have seen their voting power diminish considerably after the implementation of the hardfork, which essentially means that their Steem Power (SP) has less influence on the blockchain than it should have.
Today, this post on the official Steemit blog has confirmed the problem and set a five-day goal to solve it:
"Many users are experiencing a problem where voting power seems to fall dramatically before using the blockchain after HF20, we diagnosed the cause and confirmed that the problem will be resolved within 5 days and does not require a hardfork."
It seems that five days are the time necessary for the voting power to regenerate automatically, however the accounts will be influenced differently depending on how often they are used, what they are worth and their recent vote.
The source of the problem is summarized as follows:
"During the implementation of the resource credit system, the voting power has been resized and no scaling factor has been added to ensure a consistent user experience." This was an oversight on our part and for We're sorry, once again, this behavior is a problem that will only be resolved once in the next 5 days. "
Steem Power is one of the three currencies linked to Steem's blockchain, and is "locked" to act as a "weight" or "influence" of a user. SP can be withdrawn as STEEM on a series of weekly installments, a method that ensures that the blockchain can not be stopped in a short window of coordinated withdrawals.
A vote on Steemit is equivalent to an upvote or something similar, except that it comes with a gift of cryptocurrency, STEEM or SP, depending on how a user chooses to receive it. SBD and STEEM can also be sent from the account to the account as payment and / or suggestion.
Hardfork Spike corrects himself
After rising 31% on Monday and reaching a price of $ 1.12, STEEM fell 18% in the other direction, reaching a valuation of $ 0.908830 Wednesday afternoon.
The volume moved from STEEM from Monday's peak, from $ 14 million to about $ 4 million – most of which was found by Bithumb's STEEM / KRW couple.
STEEM's prices flirt with the $ 4 range today on Bithumb, and its price – but not its volume – has been excluded from official readings on CoinMarketCap.
Featured image courtesy of Shutterstock.