This morning I was asked if "witness voting was 'stake based' or just yes/no per vote regardless of HP".
Thanks @summertooth for the very good question!
I have pasted my reply as shown in the screenshot below, here:
Witness votes are stake-weighted. It's really the top level reason for stake at all, since this is a DPOS - Distributed Proof of Stake based blockchain, all governance matters are decided by the top 20 witnesses, who achieve that position by being voted there by accumulating the most cumulative, added up people's stake in the form of their staked votes.
You can sort of see how this works out by looking at the data on this page, and seeing who votes for who and how much stake they have total supporting the witness and how much stake support the witness has in total.
This is why its CRITICAL for the minnows to vote en masse as cumulatively their voices add up and matter.
A million and one 1hp minnows can overvote the single whale with 1 million hp by being 1hp higher in total voting power together, that 1 hp makes the difference.
You can also search for more about how witnesses and votes work on hivesearcher.com
So to illuminate that with some more details...
Everyone should maintain their witness votes. Some of the positions are very close together and your vote, no matter how small, might be all it needs to advance a level, and thus, advance the witness you chose to support with your vote, elevating your interests to some degree in regards to reaching the top 20 governing witness positions.
Maybe you vote because you care about interest rate settings, or the hive price feeds or signup account creation costs, or community projects or upcoming potential chain forks and modifications, or other things that all are determined by stake based consensus via witness voting and election.
Witnesses and their settings and consensus decide all of these things and more. Which is why it is so important to choose your witnesses for your own reasons, but to choose them early, regardless of your hive power stake size, and check them often during your Hive journey.
Check that your witness votes are not wasted on dead witnesses. Learn more about that in this post right here.
Regards,
@SirCork
@PolleNation witness partner
Vote @PolleNation as your witness.
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We appreciate your support!
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Noice! Yeah I look over my witness votes now and again to make sure I'm not voting inactive accounts. It's a waste of ones stake to not cast witness votes imo. Even if you don't understand how it works, just know that it does and that witness voting is important.
One more question, can't folks set a witness vote proxy? I know it use to be a thing but I can't seem to find how to do that now. I only mention it as some people don't know who to vote for other than one or two folks that they might know who are witnesses. I thought setting a proxy (meaning your 30 witness votes will mirror the votes of someone you trust here) was a good way to get more folks to vote. Just pick one and 30 are done!
I do have a couple alternate accounts I use for games but have not voted witnesses with those, yet.
Thanks for the info, great post 😛😃👍
One more question, can't folks set a witness vote proxy?
YES! I myself proxy for a good many folks already.
It seems the easiest way is to write in your choice of proxy voter representative on https://hive.blog/~witnesses at the bottom of the page. I am sure there are other places you can set it as well, on peakd or ecency, but I have not looked them up. This link will do it for ya.
@summertooth, not sure.
Ah, hive.blog. Is there an option for that on peakd?
Go to a person's profile and click on the ellipses.
Sweet, thanks!
But not MINE, "SirCork" is a disabled witness in the chain from before the steem/hive fork in 2020. No way to get rid of it, but im down to like just only 5 tiny minnow voters left on it and I'm trying to reach them to let them know, so that it can fall off the list completely.
My witness is @PolleNation with @EngineWitty as my teammate, co-witness partner.
Proxy seems like a valuable tool for minnows new to it all. That witness page can be overwhelming, with all those numbers and thing 😜😎👍
Good post and comments love to see discourse like this. Thanks again!
Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below
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BEER.Hey @enforcer48, here is a little bit of
BEERfrom @isnochys for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.I recently changed a bunch of my witness votes away from most of the 20% HBD supporters a couple days before they reduced the rate. I can't say the change is because of me, but maybe my actions helped send a signal. I'm no minnow, but I'm not an influencer either.
I have also changed my witness votes based on other behavior I couldn't support on several occasions. Unlike government, Blockchain actions are transparent, and you know the exact power your vote carries. Use that power wisely.
My co-witness votes for 15% interest, we also halped :)
I sometimes which we had a modifier parameter for HP. Something like reputation which influences your vote weight. I know that reputation isn't the perfect parameter for this but I like the idea of active grinded accounts managed by real people having some sort of bonus
I can't really imagine a good way of implementing this, but I like the idea of giving real people a voice.
Additionally to come back on the million minnows, don't forget that if you are a minnow now and you keep grinding their vote weight will increase and be calculated in the background. For a whale to grind from 1M HP to 2M is going to take quite a while (or money). But a minnow growing from 1HP to 2 seems very doable
So the basic premise is that "a modifier parameter for HP." actually DOES exist for the movers, shakers and grinders. It's the rewards pool, and if the minnows all did as you suggest and set aside a grand or so, their impact could likewise be enormously beneficial to authors whom they curate as well-regarded creators.
Or when they vote on proposals much like with witnesses, that mass of mighty minner's can move mountains, maybe.
You are right though, consistent work can be rewarding at the small end, and adds up to power in the people in bulk application.
Win win!
True true, additionally it rewards people that keep staking their HP. I was sort of thinking out loud there
I guess that my biggest concern is convincing minnows that they participate in the debate. In reality not all minows are going to vote on the same witnesses. So moving mountains is perhaps still far away. But more than their HP their voice counts in the witness discussions. And I mean that literally, they should speak their mind frankly and honestly. After all their HP represents their voting power. It doesn't make their thoughts, ideas and concerns less interesting/valuable.
But convincing all of them about that is in practice a difficult task I fear.
Though I read in posts and discords now and then the idea about creating some sort of tutorial/welcome platform. That doesn't sound bad at all and could incorporate lessons about witnesses and why or how to vote. Plus such a platform sure beats having people be confronted with the "rules" the hard way
Well right now, if the minnows find their ways to them, we have many discord communities running round the clock fully of folks like @wesphilbin or @thekittygirl or so many others like them, hidden in the blockchain communities and corners, endlessly answering all the things as they hang out in the more entry level guidance oriented discords.
But the folks have to see the posts that such places exist, find them, do the discord disco and join them, but once there, there is a vibrant minnow scene.