How decentralized is #hive ?
I stumbled over a good article of @jaki01. I can not agree more. We have to make sure to further decentralize our chain after the move. This will only succeed if we do it very soon while we still have momentum.
- Vote little witnesses
- Manually upvote small posts (< 10 hive)
- Downvote big posts (> 100 hive)
- Reduce witness votes per account
I think the last point has top priority to be addressed ASAP to prevent cartels and exchanges taking over #hive once again.
Why and how should we reduce witness votes per account ?
As you can currently vote for 30 witnesses the big whales can basically decide on all 30 witnesses on their own. This encourages cartel like deals where the top holders split up the pot between each other.
In #ark each account can only vote for one witness. The last few years have proven that this approach to #dpos drastically reduces cartel creation and helps decentralization. It prevents all behind the back deals of the kind "I vote you so you vote me" as it is simply not possible to form such circles. Each coin can only vote for one single witness.
It might be a bit too drastic to change #hive to a 1 coin = 1 vote system as of now but it would sure help decentralization. Some simple to implement middle ground would be to reduce the witness votes per account to 5 or lower.
Maybe the best way would be to implement that each vote only counts the HP divided by amount of votes. This would still allow for the same voting experience but would eliminate the cartel possibilities drastically.
What will I do for now ?
- I am always manually upvoting and downvoting individual posts
- I will try spread out my witness votes even more
- I will downvote trending posts above 100 if i stumble over them
Get in touch with me in some way and I will check if i want to include your posts into my daily reading.