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RE: Steem Consensus Witness Statement: Code Updated

in #steem4 years ago (edited)

I don't think you grasp that splitting your stake across multiple accounts causes the limitation on witness votes to be split across the accounts as well. It's true that it would reduce the amount of stake each account could vote with, but the ~75M Steem is still enough split 20 ways to be a deciding factor in consensus witness elections.

Consider this as well. If one stakeholder has 1M Steem each witness vote cast is for 1M Steem, meaning that stakeholder applies 30M Steem worth of influence on the witnesses. Another stakeholder has 10 Steem, and each vote for witness they cast is worth 10 Steem, meaning they deploy 300 Steem worth of influence on the witnesses. The difference in influence on governance between the two stakeholders is not 999,990 Steem, but 29,999,700 Steem. This is how the current witness election mechanism effects centralization of governance by multiplying the influence of substantial stakeholders 30x.

I reckon influence on the witnesses should be equitable, and 1 Steem = 1 witness vote increases decentralization of governance of the blockchain 30x from current conditions.

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I think we are on the same page. We both want to see decreased amount of witnesses votes per account. Your idea is basically to lower to 1 vote per account, still based on Steem/SP you have. It makes sense. I like it. Not an easy task to convince the witnesses.

I find that nothing worth doing is ever easy.