RE: Innovative DPoS Model & ARK Voting Explained
The algorithm you propose was heavily debated in the early days prior to BitShares 1.0 launching. I was originally supportive of the algorithm you laid out, but use Agent86 on bitsharestalk.org convinced me that approval voting was vastly supperior from a security perspective.
Under your model someone with 8% can guarantee they get one person in. Under DPOS it is highly unlikely that someone with 8% could get into the top on their own. In Steem the top witnesses have between 19% and 23% approval. That is more than any individual account except the steemit account which isn't voting.
If you adopt the 1 share 1 vote approach then the top 19 witnesses would each have only about 1% approval. With 51 slots they would each have less than 0.5%. It gets worse because the popular ones will end up with 2-3% while the less popular ones will end up with 0.1%.
In this environment, someone with 8% of the stake can come along and vote for 16 people with 0.5%. To make it apples-to-apples, someone with 20% of the stake would end up controlling over 51% of the active witnesses because they would each get 1% or more approval which would be more than the vast majority would ever get.
Good luck with your system. I am always happy to see new uses of DPOS. I am just sad to see backward steps that fail to incorporate the lessons learned.
Hey Dan ( @dantheman ).
Thanks for the response. We highly value your opinion! Our team has had extensive discussion about exactly what you describe, and the efficacy of both models, along with extensive experience with using the existing DPoS voting in practice, as well as how it can be gamed. We are inclined to think you were not wrong in your initial support for a voting system similar to our model. We would love to discuss it in more detail. We see this approach as a move sideways into testing a counter hypothesis, and would love feedback much like the above as we move forward into testing.
We are currently less than 24 hours from the start of our Token Exchange Campaign, so a more in depth response will have to come later, but we would love to reach out if you have a method that we could use to get in touch, or if you want to get in touch with us, you can contact our MD via [email protected] .
Thanks again for taking the time to respond, we know you are a very busy man!
Regards,
The Ark Team