Once Justin is Purged From Steem, I think Steem Should Adopt Telos Rules: No Exchanges Are Allowed To Vote on Blockchain

stellabelle (75) in telos • 5 years ago (edited)

View this post on Hive: Once Justin is Purged From Steem, I think Steem Should Adopt Telos Rules: No Exchanges Are Allowed To Vote on Blockchain

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5 years ago by stellabelle (75)

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erickpinos (52) · 5 years ago

Would this apply to just exchanges? What about custodians in general? What about pools?

I think we should try to curb centralization but I don't necessarily like the idea of placing restrictions on proxy voting. What if instead people who choose to stake with an exchange have to "opt-in" to let the exchange vote on their behalf.

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2 votes

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stellabelle (75) · 5 years ago

Exchanges cannot be involved in governance on Telos. We see how they act without consent of their users, and telos learned a lot from observing Eos slowly get taken over by exchanges...

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1 vote

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stellabelle (75) · 5 years ago

there are not restrictions on proxies at all. anyone can set up a proxy, even exchanges. However no one may vote using tokens that do not belong to you. The telos system works well, and this entire takeover would not have occurred on Telos. Steem has serious flaws.

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1 vote

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erickpinos (52) · 5 years ago

I agree, Steem has serious flaws.

It's the same reasoning why exchanges should forward any airdrops that happen to its users'.

I think this goes beyond exchanges and expands to any custodians. BitGo, Coinbase Custody, BlockFi etc. If they start offering Steem, they shouldn't be able to vote with the stake either.

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1 vote

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enjar (69) · 5 years ago

That is needed. I have a feeling it's going be a sticking point despite what they have done in not wanting to do. There is in fact a commend they can issue on their end to revoke their own witness voting rights.

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1 vote

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chekohler (70) · 5 years ago

If anything this has made people realize the flaws in the system and it’s great to see so many proposals im not really keeping up to date but how is it going? I still see it’s a witness deadlock any progress on how to get Justin to just let go

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1 vote

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stellabelle (75) · 5 years ago

i have been mixed. Eos burned me pretty bad, but I found great people in Telos and am working with Chirp too.

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argsolver (52) · 5 years ago

@stellabelle, any agreement on paper can be also ignored by a malevolent entity.

STEEM community could turn from DPOS protocol to REDPOS protocol.

For example, no user could be elected as witness unless his account has a certain minimum age. Any other parameter that constitutes a "reputation" could be used on such a Reputation Enhanced DPoS , minimizing the posibility of a Justin Sun type of chain attack.

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stellabelle (75) · 5 years ago (edited)

The mere existence of the Telos Operating Rules will greatly minimize any malicious acts from exchanges. Exchanges generally want to follow existing rules because the fallout from customers would be too great. I think many things need to be fixed, like what you suggest also. but I am not familiar with REDPOS

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argsolver (52) · 5 years ago

REDPOS is just an idea for a new type of DPoS protocol that uses REPUTATION as part of the witness rank. That link is the only paper defining it, for the moment.

For example, this account:

Could be elected as witness, because the Reputation is higher than 60 and the acount age is older than 25 moons.

Now look at this other account:

That account could be a user on a REDPOS chain, but it can't be a witness (no matter how much voting power), because Reputation is lower than 60 and account age too young.

Of course, parameters are arbitrary (any parameter could be used), but the idea is that it acts as a barrier to new accounts without enough REP.

Since the chain is oriented to human communities it doesn't make sense that a newly created account can become a witness of a 4 year old chain. Doesn't make sense on the real world either.

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