The curation reward is what keeps this platform going.
If you want to take this platform up you need 2 things -
- More decentralization - top 20 witnesses is a small centralized club.
- Create accounts via fb and google accounts to increase usage.
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20 block-producers/witnesses with one in reserve is why our transactions are so fast. Ethereum is playing with the idea of doing something similar with their protocol which will be a hybrid of Proof of Stake (PoS) and Proof of Work (PoW).
EOS also uses the Delegated Proof of Stake (DPoS) protocol. Too many block-producers/witnesses would slow things down.
I notice that you are currently only voting 6 witnesses. Have you checked the witness list lately?
This is not accurate... The algorithm that is choosing the leading witness for a block gives crucial weight to the top 20.
Distributing the weight won't slow the process, in fact it might even speed it up.
That is incorrect...
Ok, Can you please explain to me why distributing the major mining to 30 witnesses (instead of 20) will affect performance?
I can not explain that to you as I am not that blockchain tech savvy. That would be a question for someone like @themarkymark or @inertia. They are smart in these things. Hope they don't mind me tagging them, but they are very knowledgeable in these topics, especially @inertia.
By increasing it to 30 witnesses you add a few areas of concern. But I first want to be clear, we do not have mining.
Confirmation times go up dramatically, right now we have roughly 51 seconds to confirm a transaction, now most people use the head block and only wait 1 block (3 seconds) but any transaction in theory can be rolled back before the super majority confirm it. This is called an irreversible block, but not every system waits this long, most don't. With 30 witnesses, this will be longer.
You also need to have more people physically available when doing a hardfork or emergency patch, this is can be a bottleneck in critical times.
Most things won't change at all, as most things are using small transfers, they will not wait for an irreversible block.
I told you he was smart @amirl. That is why he is one of the witnesses I vote for. You might want to vote his witness too! If you wish to make sure that our blockchain stays decentralized then your vote counts.
Many people don't vote for witnesses or are voting for inactive witnesses. I realize this is not the topic of this post, but we must all do our little bit to improve things, I believe.
Thank you so much for this. Updated my votes!
I guess I need to open a node to fully understand ;)
Our protocol is Delegated Proof of Stake (DPoS) slightly different from (PoS) in that top 20+1 witnesses are there based upon stake-based voting.
The code or algorithm as you describe it does give the top 20 priority in the opportunity to produce blocks. That is correct. But that is how DPoS works. This is the closest thing we have to democracy on our blockchain. Oligarchical? Yes. But that is how things work. Actually that is how things work everywhere and have for ages.
There are many more than 20 witnesses, just 20 are elected from 100's to run the chain. The more nodes you have the slower your chain and without on chain voting you end up with messy hardforks leaving the protocol static.
We have dapps that created "guest accounts" for users to login with things like FB/Google. Moving comments/post offchain until they get a blockchain acct can remedy the situation until we get lite accounts, then we can scale much easier with native hive tokens and instant account creation.
Voting and number of confirmations is ok, but the 20 miners is a monopol that reduces the trust in the platform. Decentralization is what this network is all about and the top 20 should show trust building steps such as distributing the election even to 25-30 in the next release.
Define usage, in fb many memes and simple things are used to pass the time and to have fun, here all that is badly seen and the vote is concentrated in software, literature, and gaming. 🤔
This is resolved by the rc. Currently after 4 years most people never even heard of the platform, the access must be friendlier.
I mean, in an audio visual world I would like content like fb's not to be penalized here, that would attract users and potential investors for a long time.