Don't let your witness votes go to waste on Hive blockchain
Hive blockchain uses a Proof Of Stake topology for operating and the Hive Witnesses (aka "Block Producers") are the ones that validate the blocks that are being created on the network. The Hive Witnesses operate as "consensus" servers (nodes) and have the duty to ensure the correct behavior of the blockchain. In addition to this, they also make consensus decisions for the future development of Hive and even decide on a percentage of the use of funds produced daily by the blockchain as rewards. This means that we need to pick and choose wisely the witnesses and put the trust in those that really bring value to the blockchain.
Each account on the Hive blockchain can vote for up to 30 witnesses and the vote is proportional to the amount of Hive Power controlled by the account. As Witnesses grow the Hive Power represented the accounts that upvoted them, they have the chance to get into the Top 20 and affect changes in this ecosystem. Others outside the Top 20 still produce and validate blocks, but do not have the power of decisions outside that.
You can check the Witness list on PeakD
Another important thing is that some Witnesses stop running their nodes, so it is good to review the list periodically and remove our support for such cases. We need to entrust our votes to active Witnesses which are supporting the blockchain and drive change and improve this ecosystem with their presence and actions. In addition, you can track how healthy the Witnesses are running their nodes and if they keep the data updated (for example the Price feed) and based on that keep the vote or not.
I have just reviewed my account and I had about 9 witness votes cast. That is not little, but not much either as there is still room to cast more and create a better equilibrium amongst the available witnesses. And more is one way to motivate smaller witnesses and bring them up in the overall ranking. Don't forget that also @leofinance has a witness who currently ranks on 34th place, so if you appreciate the work done in the Leo Finance ecosystem you'd better vote for the witness as well!
Posted Using LeoFinance Beta
https://twitter.com/behiver1/status/1556274143834021888
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STOPTo support your work, I also upvoted your post!
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Thank you for explaining this a bit better!
I just reviewed my witness votes as a result of seeing this post. I have given out 13 so have 17 left. I try to only vote for one if I have heard good things of or interacted with the person/organisation running it. None of my votes are to out of date nodes so that's good. Though there are lot of out of date nodes with quite a lot of support :(
Yeah, no need to vote them all but at least cast some votes on witnesses we appreciate.
Posted Using LeoFinance Beta
I have not vote for any witness which is bad, I will be doing that now by voting for Leo finance first
Posted Using LeoFinance Beta
For sure @leofinance deserves each and every vote, cast yours!
Posted Using LeoFinance Beta
Good points, I have been more active in checking my Witness votes this year to support the Leofinance Witness and others in the Leofinance community who support our activities here and keep up with their witness dutiews. I currently have viotes to sopare, so left me know if you have a favorite candidtae for me to check out!
Posted Using LeoFinance Beta
Cheers for the reminder - I just went and double checked my votes.
If we want more influence in Hive's overall direction, I'd also encourage members of LeoFinance to vote for witnesses from our community:
Posted Using LeoFinance Beta
Very well, the witnesses are doing a great job, the active ones I mean. I think I have less than 4 witnesses I have voted for. I remember I did for some based on the good comments I received about them. I think I need to pay more attention to them to know if they are working well or not!