Steem Economic Changes Update

Today I implemented most of the changes discussed yesterday. You can track our progress toward implementing these changes on github here.

I have tentatively set the hardfork date to Tuesday November 16th, which means we will attempt to have a final release with all the necessary changes by November 9th.

This hardfork will finally require all witnesses to migrate to the ChainBase implementation.

Things that have been implemented:

1. Instantaneous Annual Inflation set to 9.5% (except for Steem Dollar variance / interest)
2. 75% of inflation awarded to reward pool
3. 15% of inflation awarded to Steem Power
4. 10% of inflation awarded to witnesses
5. top 19 witnesses receive 1/5 the pay per block of miners and runner up witnesses
6. no more reward for including a POW transaction in a block
7. price feed median period changed from 7 days to 3.5 days
8. Steem Dollar conversion delay changed from 7 days to 3.5 days

There are two things left to be implemented:

1. Equihash
2. Expiration of Witness Votes after 3 months

Due to the desire to deploy these changes rapidly, we will retract the $500 bounty if it is not completed by Monday morning.

This schedule is tentative and may be subject to change if testing discovers issues.