Should STEEM have witness vote decay?
Should STEEM have witness vote decay?
Witness voting is the most important aspect of STEEM blockchain.
Quoting @teamsteem's recent post:
Witness vote decay consists of a rate at which witness votes lose their weight/influence. So let say we introduce a witness vote decay of 1% per week then every week after someone voted for a witness their vote would lose 1% of their influence until they would recast that vote. After 1 year a vote will have lost 52% of its influence if it hasn't been recast.
If you're a new witness, one thing that probably bug you out is that heavy stake holders do not change their witness votes, much.
I am not sure that's a bad thing in general. If you're one of the old witnesses and still stay relevant, gaining a first mover advantage sounds like fair to me.
Another problem I can see that with the witness vote decay is the auto-revote services. Let's be honest, people don't want to spend their time to explore witnesses and evaluate their work, so most of the people will choose the shortcut, use potential new services like that, or doesn't cast a witness vote at all.
That being said, having a witness vote decay/expiry may actually hurt the current witness voting participation in the network.
What do you think about the witness vote decay? Should we have it?
- Yes
- No
- Neutral
Answer the question at dpoll.xyz.
I don't think it's a good idea. Just because someone voted on someone a year ago doesn't necessarily mean that they don't still deserve their vote. The problem is in those whale voting for shitty witnesses, not in every single person who has voted on any witness. It might cause witnesses to push harder for new votes...but that could be a bad thing too. We just need more people and more whales that try to make good decisions on witnesses.
Neutral
To expand a bit on that; I find it to be both positive and negative impacts of implementing a witness vote decay. I think you are right about the fact that everyone would just use an auto revote service, so we would likely not achieve any changes with a witness decay. That said, it might be nice to have a way to remove votes from dead accounts or something like that.
Yes
Addendum: in my opinion votes should decay after a reasonably long period, e.g. a year.
Posted using Partiko Android
Yes
Yes
Yes
No
yes please
Neutral
Yes (comment added) I think forcing people to vote regularly will give active users a bigger vote