RE: Steem Witnesses - Weighted votes based on ranking

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Steem Witnesses - Weighted votes based on ranking

in steem •  5 years ago 

I think the key question is how many witnesses can one entity control. Dividing stake into more accounts could increase the number of witnesses that one entity can control if that entity has sufficient stake to do so. In the current system dividing stake is not necessary as each account has 30 equally weighted votes. Reducing the number of votes or reducing the weight of votes based on a rank would likely offer incentive to an entity to divide stake between accounts to obtain more witnesses. If the number of votes are reduced sufficiently or if the weighting is heavily skewed, it becomes close to impossible for one entity to control the required 17 witnesses as their stake supporting witnesses is greatly reduced by dividing the stake into several accounts. I explain in detail in another post using an example of reduced number of witness votes.

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5 years ago by

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      ·  5 years ago 

    Yep, I get that. And I read your post which was again well detailed.

    The downsides that I see from reducing the number of witness votes are ones which you have also mentioned:

    • Even if a single entity cannot control 17 witnesses, it can still control 4, which is enough to block hardforks. Thus the community still can't have its own governance.
    • Splitting the chain into two becomes that much more likely. It will be much more difficult to get the 20 consensus witnesses to run the same software version if anyone can own a witness spot or two with some amount of investment. It seems to me that achieving agreement will be really hard.
    • The community is at a disadvantage because it has to organize as well as a single entity organizes itself in order to counteract it, but it can't be that well organized because it's a decentralized body. The more complexity, the more at a disadvantage the community is.

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      ·  5 years ago 

    On a positive note, Steem is becoming less susceptible to centralization as newly created Steem is getting distributed to more users. It is also difficult to buy a sufficient amount of Steem from exchanges to have a strong influence on the blockchain. The only way to do it is to buy large accounts such as the Steemit accounts. Even these accounts hold a considerably smaller proportion of stake compared to what they held a few years ago.

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