I like to play devils advocate and half way agree with a lot of ideas people have with Hive. Lots of great ideas btw being thrown around. I thought it would be nice to put my straight forward, non devil advocateish suggestions down on what I think we should do. If I had to press a magic button (notice I said had, because I never voluntarily would without community support) these are the changes I would make to Hive.
I'm in no way implying these ideas will be easy to code, nor am I demanding them be in the next HF. I am simply suggesting what I would do if push came to shove.
In no particular order.
I like what LEO did, flat curation with an extended window for curators that rewards equally to all of those that vote inside it. Whether that be 1 day or a week if I had to choose I would go with 1 day, this way fresh content is always filtered through. But it's very close to a week, as I believe making the curation as good for manual curators as possible. Now, auto voters are at a disadvantage as curators have no real-time constraints and can curate at their own pace. Auto voters will always have the issue of under/over a rewarding post and risking missed opportunities by voting great post too little and be penalized for over rewarding posts that are of low quality. There is nothing more embarrassing for a curator to auto vote a post that says "deleted post."
Remove the reward curve that hurts post under a certain amount. I believe micro tipping is a massive use case for Hive and we should encourage not detour people from using this.
Change the number of votes from 10 to 5. 10 votes a day is a lot, and I think the majority of people, esp whales, would like the ability to vote less but for more. I say esp whales but smaller accounts would like this also, can give more powerful votes when atm their vote may seem tiny. I am not even against doing this down to 3 votes, I've heard people talk about this and I agree 10 votes is a bit much and I think starting at 5 is a good start.
For those who do not wish to curate they can "opt-out" losing their ability to vote on a post in exchange, they receive a set amount of inflation for staking. They receive the inflation only if they cast 5 or more witness votes. To determine the amount earned, it will be 25% less than what would be rec via curation under a flat curation ruleset. This will be with the idea they voted inside the appropriate time window. So let's say 10% is earned via curation by voting within the first time window, we can say that staking who opt out will receive 7.5% in staking rewards. This incentives people to curate that want to because they can earn more, yet allows those that don't want to participate a path out that does not severely dilute their stake. This would scale down alongside author/curation rewards, meaning the decreasing inflation on Hive would also affect stakers.
SMTs, layer 1 balance layer 2 handles everything else. Make the SMT as dumb as possible on layer 1 IE, as basic with as few features as possible, and add everything else on layer 2 for easy customization, etc. This allocates maximum protect for account balances and I believe is the best way forward.
Lite accounts. With SMTs + Lite accounts, people can create instant accounts, send people the native hive token without them needing a full hive account. We have "guest accounts" on several frontends on Hive, (not yet a standard solution, but we are working towards an open-source standard) and with light accounts, this enables airdrops, token transfers, etc while things like comments can remain off-chain until the user gets a full-fledged hive account.
5% burn to get unstake instantly. Add this as a one-time opt-in/out feature so those that rather error on the side of caution can. Build white label withdrawal addresses alongside a 2fa system to better protect those that want the ability to instantly power down.
This is a bit to chew on but I think we are really close to what is Hive true potential. And again, these are just ideas I'm putting out there.
I can't say that I disagree with anything here. Looks kosher to me. What particularly got my attention was...
I proposed something similar in a comment in answer to @dalz's post on @leofinance yesterday...
Here is an idea. Why not use the model financial institutions do with Certificates of Deposit (CDs) or Individual Retirement Accounts (IRAs)? One could select a faster power-down but a fee would be assessed for that option, scaled at the speed of the power-down.
Immediate power-down= 10% of HIVE Power/Token Power
Two week power-down= 1% of HIVE Power/Token Power
Four week power-down= No penalty
The fee could be sent to null (burned) or the Decentralized Autonomous Organization (DAO)/HIVE Proposal Fund. Maybe even distribute this fee amount among the active block-producers/witnesses.
Once again KISS.
Four week power down with no penalty is a very decent option. And I think, even we probably should allow power down of small accounts faster without penalizing them. So someone is not bound to stay here for longer and can power down and wind up , if they have less hive ( e.g. 10 k ) .
If a person with a small account is in need of their earnings, they could just keep them liquid. I do understand what you are saying though.
There are a number of folks that use their rewards for the basics of life. Yet? It is self-sabotage for those that wish to continue earning rewards to un-stake their HIVE and also is not very good for the blockchain itself in the simplest of terms, hence my proposal of scaled fees for everyone.
If we got into a more complicated method, it would end up being like the Internal Revenue Service (IRS) here in the USA. What a mess! Loopholes everywhere!
An example would be individuals that would be transferring funds among multiple accounts to keep them below the 10,000 $HIVE amount to do the pump and dump thingy. Keeping things simple counters these issues, I believe. There will always be loop-holes which some folks will exploit. Our own President here in the United States has boasted about profiting from the technicalities of our tax system.
Staking one's HIVE coins shows confidence in our blockchain and its decentralized applications (DApps). I am currently powering down a portion of my HIVE holdings in order to invest in a HIVE community, @leofinance.
I don't have a great deal of fiat to invest so I am using my HIVE coins. Of course I will not be powering down all of my HIVE as I like to support projects like @theterminal and the monthly HIVE Power Up Day along with other HIVE stakeholders.
These are some interesting ideas. I like the idea of opting out of curating and still being able to earn some rewards. This is a good idea for those with decent sized accounts that want to take a break and not delegate out to another account that pays them for their delegations.
Yes it is a good idea. I delegate a good bit of my HIVE stake with no expectation of remuneration. It is delegated because I am too lazy to curate and hate to see my dolphin vote weight go to waste. Those I delegate to I know to be excellent manual curators and enjoy doing it. Mostly the folks in @theterminal. I don't remember why I delegated to that pixie thing.
Some decide on their own to auto-upvote me and that is fine. I don't really flip out about that anymore like I used to do. I am allowed to be an hypocrite now and again. I am only human.
Not too bothered about the first 4 points but I am sure curation needs a good old tweak to change the way use the system and try to encourage a little more positive behaviour towards content placed on chain
As for the last 3, MUST MUST MUST! The independence you give dapps and communities the more you unshackle them from whatever holds back HIVE and allow more experimentation
Seems a reasonable list to consider.
I like the opt out for passive return, with a trim. Would be interesting to think through if it would be better for the 25% to be burned or returned to the curator pool/ or author pool.
5% burn for instant powerdown would be a good tool, as while I don't think people will use it that much, I also think that it will force people to think about their stake more and what it means to them.
Very interesting topic to discuss, the reason I am bullish for the future of Hive because of different reasoning we are stirring up together to make community blockchain that already made Hard Fork 24 times but still stay intact not breaking apart
Flat curation definitely is proving itself on LEO and this will support smaller accounts, hence growth, to the great extend IMO.
Thanks for opening this discussions to the entire community. Some great ideas here that really promote the functioning of Hive and not just the investors. I like the opt-out of curation especially when it comes to autovotes. I think many would take this option if we could more incentivise downvoting.
I have always wanted to see some sort of wallet privacy options. Maybe even transaction privacy as well. I have no idea if that is even a possibility on this blockchain, but there are plenty of good reasons this is important.
I like all your ideas to one degree or another, especially:
And the flat curation in general, always keeping the curation/authors split at 50/50, of course.
I love ALL the ideas. Especially the instant power down and flat curation.
But I wouldn't touch curation before SMTs. Every time we tweak PoB algorithm we say it's the last time. We can't afford for useless hard forks that waste time again, let's do the important stuff first. We can leave the curve etc. for much later.
Lots of good ideas there - personally I'd like to see a flat reward curve, and no time limit on voting so we can vote for posts older than a week - what I'm doing now (on my other account that has more voting power) is upvoting an authors recent comment 100% as payment for an old post because I can't be arsed tipping.
And 5% burn to get unstake instantly is great. I also think power down should be shorter - two months rather than three.
Thanks for all your inspirational posts.
accept all.
In general "make things less complex and more intuitive to use".
Some i would add is a " Account creation pool" thats for on boarding full communities that already out ( like forums, subreddits and so on). They dont want to wait 2-4 weeks to continue there community.
How can this work?
Transferable Account tokens + voting if community based or not if private organized via donations.
Would be awesome slogan for Hive " you get censored on Web 2.0? Be fast and move with your followers to Hive and you will never get censored"
If something like this would start and works smooth would be awesome.
Also developing WHIVE to a next level will be great!
If we provide enough liquidity on Uniswap (1M+) we can actually link the HIVE price with ETH.
A DAO proposal for liquidity providers incentives will be great!
Decentralized wHIVE is being developed.
RC delegation?
Interest on savings accounts?
Lowering the 20 hive voting penalty is a good idea, too.
Flat curation rewards is the way to go. This would significantly increase the appeal of voting trails in my opinion which would empower those groups who take the time to manually curate. Ain’t nobody got the time for that.
Change is good. Change is necessary to stay ahead. I like these ideas except maybe the reduction in votes but making them stronger. When votes reduced from 40 to 10 way back there was a lot of full power voting on self and alts from large and middling stakeholders. However, if there was more policing via downvotes as you mentioned in another post this could work
What I find really in agreement.
What I don't agree
I read all my feed, post's on my feed that led to me other's post + some of the trending posts from community that I follow. I do not upvote all because my HP is too small for me to allow this. If I have nice HP I will upvote all deserving posts. So why you want me to limit at just 5 and 3?
Second I also disagree on very strong votes (greater that $5 value). I will say they are more prone to abuse.
Neutral , I think if technical experts day it's ok, then ok.
For me there are two things I think are critical and will give Hive the best chance of success.
Native layer 1 smart contracts
I want to see projects like Gods Unchained, Crypto Kitties, and the Next Big Thing™ building on Hive. They all using ETH and in my opinion, ETH is where projects go to die. Look what it did to Gods Unchained, Crypto Kitties, and even KOIN Mining.
Remove reward pool from Hive token
I'm not looking at getting rid of the reward pool or social media, I just want to see it self contained in a smart media contract as a dapp and the rewards based on an SMT. The Hive token would be more of a utility token similar to ETH but without the volatile and high transaction fees.
As it is now, any potential investor has to spend hours daily curating content, spend an hour or so writing a post every day, and finding abuse to downvote to keep their investment in Hive somewhat safe and keeping up with those that do any of those things, if they don't their relative stake drops daily. Dapps shouldn't have to be forced to engage in those activities to maintain their relative stake either.