Should we change the Witness Voting System to make STEEM more Decentralized?
While BTC and many other coins had a great run since 3rd of January, with many coins going up 10x, 20x and even 30x vs BTC and ETH, STEEM was left in the dust.
It seems that there is nothing which can stop the eternal decline of the STEEM price.
Now, to add insult to injury, the STEEM / TRON novel brought so much confusion to the platform that many of my friends are already powering down their STEEM, expecting that Justin Sun will make a hostile takeover by using his recently acquired Stake to put 30 Witnesses he controls on the top of the Witnesses list.
That would give him complete control of the platform.
Do you agree with the Current Witness Voting system?
Or do you think the model should be changed so that a user could only use 100% of his SP Stake to vote for a single Witness? In that case, someone voting for 30 Witnesses would be using just 3.33% of his stake on each of his votes.
I believe this later method would ensure that Steem would be more decentralized, since big whales could only have a full impact over a single Witness, instead of 30, as they do now.
I also believe this would reduce the risk of a single bad actor making a hostile takeover of the Steem Blockchain.
Please check out this post from @edicted to better understand what this means:
What do you think? Should we change the Witness Voting System so that our Stake would be distributed for the various votes, instead of 100% of our stake being allocated to all 30 Witness Votes?
- Yes, the Witness Voting System should be changed.
- No, the Witness Voting System is OK as it is.
Answer the question at dpoll.xyz.
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Idea is not bad.
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Yep, I think it makes sense to remove this vector of attack. Here's a !BEER for you! 🍻
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Yep, it really should. Here's a bit of !BEER for you!
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Well, the current system makes us vulnerable to a hostile takeover... so I don't agree with you on that.
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Steemit Inc only owns about 20% of the supply. All we need is more people voting for witness with their stake. That's why I say the Witness voting system is ok :)
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Reduced number of votes per account and vote decay should be implemented
Yeah, as long as the system remains like this, we're vulnerable to a hostile takeover. Thanks for your thoughts.
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Hi there! Thanks for your answer.
I think the system proposed by @edicted would make it a lot harder for a whale to control the network through the Witness System:
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