Cast A Witness Vote For @leofinance

in LeoFinance3 years ago (edited)

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@leofinance is currently 39th on the list. It would be nice of it were in the top 20 for the following reasons:

  1. As the market cap of LEO and the reach of the LeoFinance ecosystem grow the need for more say on Hive governance becomes more pressing.

  2. It certainly wouldn't hurt if there were more competition over the top 20 spots because they earn about 80% [edited, thanks to a comment by a reader] of the witness rewards. It would help spread significant stake into a greater number of hands, which would increase the security of the chain. It would make Hive more resistant against every type of attack, not just financial.

The easiest way to review your witness votes is to go to peakd.com and to open the drop down menu in the upper right corner. The navigate to "Witnesses". Voting is easy to do from there. You have up to 30 votes all of which you don't have to use. When you delegate Hive Power or receive delegations, witness voting power remains with the delegator. It is non-transferable. When hard fork 24 is done, all newly powered up stake remains unable to vote for witnesses for 30 days. That is a new security feature.

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This is blatantly false:

because they earn over 95% of the witness rewards

Each round 19 consensus witnesses are selected and 1 backup witness. The backup witness receives a block production fee 5x higher than a consensus witness receives.

So the top20 witnesses earn 19/24th of the total block production rewards, AKA 79.16667%.

But I agree it would be nice to see a slightly less stale top20.

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Thanks for the clarification. I didn't know that backup witnesses get 5x the normal fee and also that the backup witness is included in the 20 was a detail I missed.

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No worries. I was probably a little blunt in my opening line anyway.

Some more interesting points:

  • The top20 queue is randomized with each round. This is to make it harder to make blocks immutable if two consensus witnesses were to run different validation rules than others (a block becomes immutable once two diff witnesses in two diff rounds have signed it, not sure why this isn't just 75% or 14+1).
  • Super majority (17)= 16+1. The first round when at least 16 consensus witnesses and a backup witness run the code, the HF is triggered. So even if all consensus witnesses (or 17) run the new code, it can some times take few minutes if there's some backup witnesses who didn't install the new code and they're next in the queues (weighted ranking for backup witnesses).

!ENGAGE 20

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Already voted these days and we are very close from @threespeak and @bhuz, if we gather the troops we should get in front of them this week. Hopefully others will attend to it, I've called them out as well - https://leofinance.io/hive-167922/@behiver/a-call-for-brothers-in-arms-vote-leofinance-as-a-hive-witness.

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Heh, I have already voted for it, but still a good reminder for people using Leofinance who have not yet.

Well done!

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i voted leofinance just now so what will it do?

It will help @leofinance get to the top 20 of the witness list. On Hive, every top 20 witness signs a block and gets a block rewards every 21st time. One out of every block is reserved for one out of the rest of the witnesses to sign. Financially, being in the top 20 is very significant. A top 20 witness makes about 120,000 HP per year. Also, a supermajority (17/20) of the top witnesses are sufficient to get a hard fork accepted.

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Great post. I was going to write this same thing tomorrow; Now I will have to wait a day or two lol.

Leofinance deserves to be a consensus witness. The platform is doing more for Hive than most others.

We need to make this a concerted push.

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Yeah, and it would really help shake things up a bit at the top.

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Good work!

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Nice. Have already voted

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