Going into Month 3
It has been around a month since my last update and things have been chugging along without a hitch. Well, I missed one block the entire month which isn't horrible in my opinion. I will be upgrading my drives if I reach a rank of 50 or so.
Over the last 30 days, supporters have added another 1.8 million HP worth of votes to my witness node which has elevated it to 90th place. This is amazing, and I truly appreciate this steady growth. Since I was in 120th place this time last month, essentially it amounts to moving up 1 place in rank each day.
These last 30 days, thanks to my increased ranking, I am now producing blocks a bit more regularly and have earned a total of 107.46 HP. This adds up to about $37.61. This is getting a lot closer to breaking even on monthly server costs! In fact, I paid my fees a bit early this month before the price of Hive dipped so it was pretty darn close:
As you can see, I was only out of pocket 5.551 Hive! As long as I don't drop in the ranks (and the price of Hive doesn't go down too much) I should be good as gold moving forward.
What are witness nodes for again?
I realize that this has been repeated many times, but perhaps now is a good time to remind everyone what the purpose of the so called "witnesses" is. Hive operates using a mechanism called Delegated Proof-of-Stake. The network relies on special nodes, known as witnesses to produce blocks and validate transactions.
The nodes in the top 20 produce the vast majority of these blocks. Nodes ranked below this generate fewer blocks per day each, and this number falls off quite drastically the lower the node is ranked.
Effectively, below 20th place we are all backup nodes!
I guess you could say that everyone outside of the top 20 are sharing the job of witness number 21. So, a schedule is followed where each of the top 20 witnesses produce a block and then for the 21st, a backup witness is chosen to produce the next block and the process starts again. Backup witnesses with a higher rank will be picked more often than lower ranked nodes.
Witnesses validate transactions and ensure that they adhere to the rules of the blockchain. This involves checking the digital signatures and confirming account balances. These special nodes also play a crucial role in maintaining the security of the network. By participating in the consensus mechanism, they contribute to the prevention of double-spending and other attacks.
Most importantly, in my humble opinion, the election of witnesses helps in decentralizing the network. Since just a small group of elected nodes is responsible for block production and validation, it makes it more scalable compared to traditional Proof-of-Work systems.
Just like in a true democracy, it is up to Hive stake holders to decide which accounts deserve to run top witness nodes. It also means that these same community members have the ability to revoke that privilege as well!
Once again, thanks for your support and I will be following up next month. Here's hoping we can move up another 30 places! On a side note, I've also been increasing my stake in Hive quite significantly over the past several months. I had hoped to add another 100k in 2023, but it is looking like it will be closer to 60 or 70k.
Well, you know the saying, "Shoot for the moon. Even if you miss, you'll land among the stars."
I would really appreciate your support!
It's exciting to see you're getting more support, you are truly an amazing person.
Thank you so much @amiegeoffrey, you are pretty great yourself!
Aww, thank you🤭
Nice to see you reach 90th place. Your contribution and commitment to the growth of hive chain will definitely keep uplifting you.
Weldone.
Thank you, my friend. I will continue to do my best!
This is great! I like that you're making moves even though they may be slow moves. I just checked and it seems like I voted you already.
Goodluck on your endeavors 🌼
Yes and thank you for your vote! Moving on up....
Congratulations for your steady progress,I still haven't fully grasped the process of voting for a witness but it's a great way to build the platform.
The witnesses validate and secure transactions and ensure that every action is recorded within the blockchain, which is how everything works here :)
Voting for witnesses is pretty straightforward. Most of the front ends have a witness section where you can vote. On peakd, you can do it here: https://peakd.com/witnesses
Just click the box next to the witnesses that you want to support! That is all there is to it.
Thank you for that!
Congratulations @nuthman! You received a personal badge!
Wait until the end of Power Up Day to find out the size of your Power-Bee.
May the Hive Power be with you!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts:
Congratulations @nuthman! You received a personal badge!
See you at the next Power Up day to see if you will repeat this feat.
May the Hive Power be with you!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts:
Yo lo felicito, cuente con este humilde pez dentro de Hive...
gracias, señor!
Congratulations for your progress and commitment as a witness ! I just updated my list to support you :)
Thanks, @anttn! Your support is very much appreciated. I will continue to do my best.
You're welcome ✌️
I don't doubt about that ;-)
That's awesome! I haven't given you a shout out in a post lately, so I will have to make sure to do that later this week. I'd love to see you continue to run up the ranks. Being able to fully sustain your node from your earnings would be awesome!
Thanks man! I think that even if I remain at this rank for the whole month I might break even as long as the price of Hive doesn't dip too much. I think it might happen considering that I only have been at this rank for part of the month and still got so close to covering my costs. I know that I've gotten a few votes from your followers so I appreciate it a lot.
That's awesome. I'm glad that people are starting to see the light! :)
You will be there <3 slow and steady wins the race, you are doing good.
Yes, it is getting there! Thank you, @itwithsm!
Congrats at moving up in the rankings!
Thanks @dbooster! It has been encouraging that I've been able to get even in the top 100, let alone in the low 90s. I was even in the top 80s for a while but got knocked out.
Congratulations on the steady growth of your witness node's ranking! Moving up from 120th to 90th place in just a month is a significant accomplishment. I see you already got my witness vote.
I am quite happy with the progress! Thanks a lot for your vote. I have been very surprised and happy with all of the support.
That's awesome to hear. Your hard work is definitely paying off, and it's no surprise that you're getting so much support and I see you're creating great content. Keep up the fantastic work.
Nice one man, best of luck continueing that growth up the list. Shared with my followers, hopefully gets you another vote or two 👌🏻
Sweet, thanks @ablaze! It is very my appreciated. I have been quite surprised by the support that I've been getting. And thanks a ton for the share!
Slow and steady win the race. Congratulations 🎊 and keep your good work
Yes, absolutely! I am totally fine with slow. It gives me time to upgrade my equipment if I move far enough up the ranks! Thanks a lot, @sulemanlodhra
It's progress, I made another shoutout for you today, I'm hoping to see you keep moving up in the ranks!
Awesome, thanks a lot! Moving right along...
I hope it helps out, you have to get some ROI! Plus you got a kid and are going to have to start saving for his college soon too. I started when my son was about his age, boy am I glad I did. School's are ridiculously expensive now!
Everything is too expensive... it has gotten so out of control!
And there's no end in sight, just going to keep going up. Do you remember when you could buy a candy bar for a quarter! That was a long, long time ago!
I remember walking to a gas station every other day near my home when I was 10 to buy Garbage Pail kids packs for 25 cents. They were die cut cards with a piece of gum as well. When you go to Target to get cards now, they are minimum 5 bucks a pack and often 10 dollars or more. And usually not die cut and no gum.
I scrounged for a quarter back then. How the heck can kids buy stuff like that today?
Nice man.. you got my vote
Awesome, thanks man! Much appreciated. You gave me a nice boost, there.
Ohhhh wow! super impressive. Sometimes I wonder what witnesses do exactly so I finally concluded that they are guidances of the galaxy (Hive). I just voted for you now, keep pushing my friend😃
Hehe thank you! I don't know if we are guiding the galaxy, but we do our little part!
Lol no problem you guys are doing a great job and that’s all that matters😃
Congratulations! I have been supporting you for over a month and my project @hive-lu also supports you. I keep my fingers crossed for jumping even higher by the end of the year ;)
Very cool! Thanks @szejq. I also wish you luck growing your @hive-lu project. Hopefully you can get a few more people involved.
I think there will be many more people who own Lu. Lucoin is the base project, other projects will be based on this token. I have many ideas, but little time to implement them. But I want to gradually add new things. Thank you so much for your contribution to Lu world!
Congrats bro for improving witness rank, i wish you speedy move into the top 50. Keep up the good work.
Thanks ❤️
Thanks @coolguy222. I hope things are getting better or you as well!
keep up the good work.
#hive #posh
Nice