Should we change the Witness Voting System to make STEEM more Decentralized?
Should we change the Witness Voting System to make STEEM more Decentralized?
While BTC and many other coins had a great run since 3rd of January, with many coins going up 10x, 20x and even 30x vs BTC and ETH, STEEM was left in the dust.
It seems that there is nothing which can stop the eternal decline of the STEEM price.
Now, to add insult to injury, the STEEM / TRON novel brought so much confusion to the platform that many of my friends are already powering down their STEEM, expecting that Justin Sun will make a hostile takeover by using his recently acquired Stake to put 30 Witnesses he controls on the top of the Witnesses list.
That would give him complete control of the platform.
Do you agree with the Current Witness Voting system?
Or do you think the model should be changed so that a user could only use 100% of his SP Stake to vote for a single Witness? In that case, someone voting for 30 Witnesses would be using just 3.33% of his stake on each of his votes.
I believe this later method would ensure that Steem would be more decentralized, since big whales could only have a full impact over a single Witness, instead of 30, as they do now.
I also believe this would reduce the risk of a single bad actor making a hostile takeover of the Steem Blockchain.
Please check out this post from @edicted to better understand what this means:
What do you think? Should we change the Witness Voting System so that our Stake would be distributed for the various votes, instead of 100% of our stake being allocated to all 30 Witness Votes?
- Yes, the Witness Voting System should be changed.
- No, the Witness Voting System is OK as it is.
Answer the question at dpoll.xyz.
Voted for
Yes, I think that the witness system is the key weakness of steem.
As soon as the witness can be taken over, they will be, exactly once the value in taking them over, exceeds the value of keeping the illusion of steem intact.
Think about a major leak, something very detrimental to TPTB (example a full set of data about those on little st. james (pedo rape island for those unfollowing this horrible saga).
Thanks for your question.
However I am not smart enough to find a good solution. I like your idea to make the witness vote more resilient.
Would having more witnesses help? and maybe more geographic (jurisdictional) locations?
Did you follow the story of the shadowbrokers? steemit did ban their account, however it is still (at least the last time I checked) on the steem chain...
Hi there! Thanks for your answer.
I think the system proposed by @edicted would make it a lot harder for a whale to control the network through the Witness System:
Ah sorry I didn't understood it was @edicted that proposed it.
Every little step to make the system more resilient helps...
Whale is one aspect... then there non state and state actors...
the shadowbrokers event was quite revealing...
of course, the illusion of resilience can work for most (like on youtube were most users aren't affected) but one day, once they know how to close the gates, it can be on all...
you know the saying... I didn't nothing when they came for the commies, bcz I ain't commie, I didn't nothing when they came for the gays, bcz... until you are left alone when they come to get you...
money or attraction to it create intrinsic weakness... as it was reported in the new testament, you can't serve two masters at the same time :).
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Reduced number of votes per account and vote decay should be implemented
Yeah, as long as the system remains like this, we're vulnerable to a hostile takeover. Thanks for your thoughts.
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Idea is not bad.
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Yep, I think it makes sense to remove this vector of attack. Here's a !BEER for you! 🍻
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