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RE: Blockchain Generations: From Bitcoin to Smart Contracts and Graphene
I think you are wrong in saying that all votes have equal weight in dpos, i think the stake counts for strength of vote.
I think you are wrong in saying that all votes have equal weight in dpos, i think the stake counts for strength of vote.
your votes for all your fav delegates is weighted by your vested amount.
votes are calculated via approval voting which is one of the most representative forms of voting. It makes it easy for others to vote people out even if they have large stake. this allows dpos to be more merit based & doesn't require wealth to produce.
BUT the vote of each block producer is equal no matter how much vests is behind them, so all 21 in each round are weighted equally, need more than 2/3 to agree to fork or finalize a block.
This helps break the highly concentrated wealth distributions might have in addition to performance review by community that can fire them.
see the difference?
Hey, thanks, interesting, so approval is needed before one can become a witness, who does the approving part?
Yeah, otherwise it would be impossible to do without proof of identity. People could just use bots to create 1000's of accounts and take a major vote-stake ^^
100% right @droucil, the stake strength is off course also not safe and especially a 'power to the rich' thing. If e.g. here on Steem, the Steemit account - who has 35% of shares - makes 20 witness votes, that will be the top 20 witnesses i guess.
You could argue that share holders are not interested in destroying their own wealth but a witness majority could theoretically e.g. change the rules to give even more power to themselves.
Decentralisation ain't easy :-)
@Dan not too long ago made an article about the need for identity in order for good governance, link. I think he makes a valid point as it would make the possibility for a true democratic model. One could argue that anonymity is more important, but I do believe this full transparency might cause for a real game changer.
Yes, i have read that article, it was nice to see that @Dan still cares about his older children. He is right but i would miss to have a 2nd anonymous account, curious if something like that will happen.
Oops, i just noticed i was not following you yet after all these nice chats :-) I see you everywhere around lately, looking into the 'Arise is a scam' thing.
Correct. Each share (single BTS for example) holds equal weight. I think that is what she was trying to say.