Is Hive decentralized and who governs it? Episode 2
Remember, one month ago, I published a post about Hive and how decentralized its governance could be. You can read it here.
In this post, it was clear that, compare to Steem, the dominance of the whales on Hive was already strongly weakened, leaving place to more potential influence from a middle class of dolphins and orcas.
What about delegation?
A question about the cumulative hive power per level graph: Is it looking at raw or effective MVESTS of an account when measuring active/inactive totals? I think it should account for delegated power. For example, if an account is inactive, but delegating to an active account, I think those VESTS should be considered active.
Indeed, in my stats post as in my previous post about governance, my analysis and the graphics presented did not take into account any delegation of Hive Power, given or received.
So let's first give a look a the actual stake distribution without delegations:
Dolphins and orcas still have combined Hive Power of 47.98%, which is more than the 36.93% of all whales.
Now, let's give a look at how Hive Power distribution with delegations change these numbers:
Oh oh, there is a big surprise here: the very middle class of Dolphins have now more power than Whales. And combined with Orcas, they have a full majority of 55,39%. What good to see is that redfishes also make a jump from 5.36% to 9.01%. To me, this means that the more powerful users are doing their job of helping newcomers properly by delegating Hive Power to them so they can be active on the blockchain.
So, is Hive really decentralized?
Not only did my previous post showed that Hive became more decentralized than Steem, but these new figures clearly reinforce that feeling, for the better.
We have a strong community of power users and investors who actively support other users who are also involved in the blockchain activity.
In my opinion, this is very good news
Share your thoughts!
So, is finally Hive decentralized enough to you?
I'm eager to read your comments!