Why should you vote for your favorite witnesses?
Today I was discussing with my friends and somehow the topic went to witnesses. Thanks to this conversation I realized there are a lot of newbies (and even a few oldies) who don't know about witnesses or don't know what they do and how important they are to the blockchain. For this reason I decided to create this post and explain all of this.
Who are witnesses?
For the hive blockchain to function blocks have to be created. The work of a witness is to create these blocks. By creating these blocks they are not only creating new data structures but also mining hive in the process. This hive is what goes into the reward pool and is what is distributed among we authors and curators (of course they also get their share)
65% of the hive goes to the reward pool, which is shared between authors and curators, 15% is shared among all those with hive power (according to stake of course), 10% is given to the proposal system, for funding of proposals, and the remaining 10% is paid to the witnesses to power the blockchain.
Apart from creation of blocks, witnesses also help to improve the blockchain. In order for a new development on the blockchain (e.g HBD's apr increasing from 10 to 12 then 20%) the top 20 witnesses have to agree on it. Witnesses are the alternative to a regular centralized governing body. Why have one person call the shots and make everything benefit him, when we can have 20 different people from different backgrounds with different beliefs making decisions and keeping each other in check?
Where do we fit in all of this?
Sure witnesses are big and strong and important to the blockchain, but thankfully hive works using a Delegated Proof of Stake (Dpos) model. This simply means we get our say in the governance by voting for our witnesses.
Witnesses are ranked according to the cumulative hive power of everyone who voted for them. Hive power is used in ranking instead of number of people to avoid creating multiple accounts to game the system.
We all get 30 witness votes and are to make use of them by choosing good and trustworthy witnesses who are focused on the development of the blockchain.
Majority of the top witnesses have projects which help improve the hive. Personally I like to vote for the witnesses of projects which I enjoy using, you can vote whoever you want, it's a free blockchain of course 😁.
How to vote for witnesses?
I'll be showing you how to do this on the three major frontends (those are the only ones I know how to use), hive.blog, peakd, and ecency
Hive.blog
To do this simply click on the drawer button with 3 lines by the top of your screen.
Then click on "Vote for witness"
From there, you vote the witness you want with your active key by pressing the little upvote button in front of them.
Alternatively you can simply click this link here and go straight to the witness page and vote.
And if you don't want to vote yourself, or you have multiple accounts and want them to vote in unison simply go to the bottom of the page and select a proxy account. Such that whenever that account votes for a witness, you automatically vote for the witness as well
peakd
Simply go to your profile and click "account actions"
Then click on "review witnesses"
And select the witnesses you want with your active key by clicking the check mark.
Or alternatively just click here and go straight to the above page and vote your witness.
To set a proxy voter, simply go to the person's page, click "interactions" then click "Set as proxy voter"
Ecency
As soon as you view your profile you should see the "witnesses" option by the left hand side
Simply click the little upvote in front of your favorite witness and vote for them with your active key
Or you could use this link here to be sent to that page directly to vote for your favorite witness.
To select a proxy voter scroll to the bottom of the page and input the account name.
Conclusion
I think that the hive witnesses are very important for the growth of the hive blockchain, and that it is very important to vote for witnesses that we trust will develop the blockchain rather than letting our votes go to waste. I hope with the little I've done I have been able to show you the importance of witnesses.
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This is a brilliant guide on how to vote witnesses. I've been reviewing mine in the last few days. Thinking the need to change some of the votes I've made. It will require more reading on what the witnesses are working on.
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Thank you. I realized yesterday that I hadn't really paid attention to my witness votes in the past so after doing that the inspiration for this post came.
Indeed, you have a decent amount of hp to boost any witness you vote. Goodluck 🙏
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That is great. It is good you wrote it and hopefully more will get involved and vote too
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I hope so 😁.
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Nice informative blog Mr. b0s,
you clearify all things very well and you know, I was searching about proxy witness thing as well (Thank you)
And this can be shared with newly joined Hiveriens to educate them about the importance of witnesses
Have a nice day!
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Thank you shrazi, I'm glad I could be of help.
Indeed, thanks for the reblog as well 😁🙏
!PIZZA
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This is very helpful
Thanks for the effort you put in creating this post.
Let me quickly fetch my active key and begin voting my favorite witnessess 👍
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Thank you Nkem. Didn't miss you this time, XD.
Go and do just that 🙏
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😀😀😀😀😀
I am glad to be visible this time around..lol
I already voted my witnesses.
Thanks again 👍
😂😂😂You were always visible, I just kept stalling to reply till I forgot. You're welcome 😊🙏
!LUV
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This is really helpful
You took your time to put all these together well done man.
Witness are very important and the important role we play is voting for the one we trust.
Thank you man. It is very important a lot of people know this to make the blockchain better.
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This is a detailed post. The last time I voted for witnesses was back then on steemit. Since I joined hive I hadn't bothered to check if I need to vote for new witnesses or the ones that I voted on steemit were replicated on hive. Thanks for this information. I'll check it out and do the needful
It's good that I have reminded you, have you voted now?
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No I have not 😀😀😀. I will find the time.
Useful info. Cheers!
Thanks for reading
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Excellent job B0s, I think some people don't know what witnesses are, this was clear and well laid out!
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Thanks man. Have you voted your favorite witnesses?
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I have voted but I will be looking at the ones I did vote for:)
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It is quite an informative post. I knew about witness vote but didn't know the background that deeply.
Thanks for providing the information. I will see whom I should vote
I'm glad I could enlighten you, go vote your the witness of your favorite projects 😁
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I have 20 votes left. Hehe. I will be finding the witness of my favorite projects