First things first ... 

There has been a lot of talk today about turning on your notifications for your favorite accounts. DO NOT DO THIS! It will drive you nuts! Instead, interact with the account. Like their posts, comment on their pics, and share with your friends. If Instagram actually pulls through with this new algorithm, you'll be sure to see your favorite accounts, always.

Now, onto the details. 

Instagram posted a blog about their new algorithm idea earlier this month announcing that they will be changing the order of your newsfeed. Turns out, everyone is losing their s***. According to the article, Instagram wants to put your favorite accounts first. This is going to be based on the likelihood of you being interested in the account, your relationship with the profile, and the timeliness of the post. They believe that most users (who follow 500+ accounts) miss out on about 70% of their newsfeed on a daily basis . So, like most companies, they want to make your feed better so you see your favorite posts first. 
Instagram is going to work on this over time, meaning this will not be a sudden change for you. They are also working with a set target market to see how they respond before it changes for everyone. 

What you need to know.

No need to panic, you are still going to see every post from the accounts you follow! The most relevant will be first as the other pictures will follow. I promise, you won't miss a beat.

How will this change your account?

If everyone has transitioned to this new algorithm, you'll probably receive more likes and follows! As I mentioned before, it's how you interact with other profiles that determine what images are shown first.
So, your bff, who always wants to see your post first will make sure to like and comment even more than they already do, so in return, you're first on their newsfeed.

Questions unanswered.

What does this mean if you have a business account?

What does this mean for people advertising and sponsoring posts?

Will we start seeing more obnoxious ads similar to the Facebook interface?

Whatever this new Instagram is becoming, no need to worry, I'm sure it will be just fine. And if not, just like Facebook, everyone will transition to a new platform: Twitter, VSCO, or even something completely new.

Just don't turn on those notifications, trust me.