Logic tells us there is a problem.
I know... I have been trying to tell people about DEFI centralization issues for a while, lol. Nobody listens, lol.
Edit: But in all reality, most second layers are extremely centralized. I have been working with a validator team in the Cosmos space... You want to talk about centralization? LOL. Just go to the Mintscan block explorer and look at any one of the chains. Top 10 has over 50% vote in most of these chains, some top 5.
I had started to see a bit of an issue with the top 20 on Hive, and thinking back to the big fork, that was really all sparked by the top 17 witnesses deciding to make a move... This could still be done if they really wanted to, so there is something to look at about that as well. Even though the one big difference between Hive's system and other POS systems is that that 21st spot is rotated out, but, how much of a difference does that really make in the grand scheme of things?
But those a hell of a lot smarter than me say that the way the witness system is set up is good for the chain. I don't know. Just some things I have been pondering while working in other ecosystems as well as Hive. I do see where the rotation of the witnesses helps the Nakamoto Consensus though on Hive, kind of replicating how it works with a POW system.
There is another point that I think is very important.
The consensus witnesses all get the same number of blocks, regardless of the vote. As long as one is in the top 20, it gets the same as the #1 spot.
With Ethereum, the one with 70% of the stake has a 70% chance to get the block. Over time, the law of averages means that one is going to get the bulk of the block production, hence being the pool that controls the system.
With Hive, even Blocktrades gets a block less than 5% of the time.
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