LeoFinance Witness Summer Campaign To Consensus Witness
A couple of month ago I started a campaign to bring LeoFinance Witness to the ranks of top 20, also knows as consensus witness status. The power of decentralized networks is in participation. One of the reasons I have been obsessed with Hive for the last four years is its idea to deliver a better network to the world. A world that doesn't rely on centralized entities. A decentralized network that empowers creating Apps, Games, Communities and beyond. We truly have something amazing here on Hive.
For me personally all topics of decentralization start with Bitcoin. I am obsessed with Bitcoin as well, how it provides an alternative to traditional financial systems without relying on any centralized entity. While Bitcoin uses prove or work algorithm to achieve its goal, Hive uses DPOS(Delegated Proof of Stake) algorithm to reach consensus. DPOS in its simplest form means that stakeholders (those who have Hive Power) get to vote and choose the rankings of the witnesses on Hive, which also means decide who will be the consensus witnesses.
Consensus witnesses are the top 20 ranking witnesses. They get to decide what protocol gets to be implemented on Hive, which hardforks are approved or rejected. Technically consensus witnesses are 20 + 1. One is from the pool of backup witnesses who rank 21 and below.
So, DPOS means people get to vote for witnesses (who keep the chain secure and make important software change decisions) and the influence of the vote is measured by how much hive power voters have. But at the same time Hive is unique compared to other blockchains with its social layer. This social layer allows us to network and influence each other and other stakeholders in making such decisions like voting for witnesses.
Fundamentally, Hive stands for free speech and exchange of idea. This makes us all Hive people be able to express our ideas, opinions, criticism about the our blockchain and also suggest ideas that may help us move forward. But most importantly it gives us the freedom to contribute to this noble ideas of spreading ownership of property, building communities in a meaningful way, and sharing this with everybody else. This makes Hive a beautiful place to be in and part of efforts to change the world for better.
Decentralization requires participation. More participation makes decentralized system stronger. For this reason I do like speaking up from time to time when it comes to the matters of governance on Hive. I am a small stakeholder. But I believe, the platform Hive provides gives voice to all stakeholder share their ideas with larger stakeholder and convince them to take or not to take certain actions.
When I first started the LeoFinance campaign a couple of month ago, LeoFinance witness was ranked 28th with 63,820MV votes. Today LeoFinance is ranked 24 with 72,782MV votes. I actually thought by now LeoFinance would be in top 20. Considering all the amazing things LeoFinance has been doing on Hive, it is no brainer for any stakeholder to have this witness among the consensus witnesses. Let's give it another try and bring LeoFinance to top 20. Shall we?
The beauty of speaking about LeoFinance is so easy. Their work speak for themselves loudly and clearly. In fact, many stakeholders expresses these thoughts, and thanked for reminding them about this matter. Because the would love to have LeoFinance in top 20. This includes several large whale stakeholders too.
Of course in a political arena there will be obstacle, misunderstanding, and differences of opinion. Some of the witnesses even told me why I am campaigning for LeoFinance in the first place. I find such thinking ridiculous in the first place. Because the answer is simple, I am a Hive Bee, and that's what we do or should be doing - participating in decentralization. Oh well. No, I don't get paid for campaigning for Leofinance. I simply believe it is a great witness, App, and a community that deserves to have a voice in making decisions where Hive is heading.
Why Vote for LeoFinance Witness?
Because it is AWESOME!
Ok, details.
Hive is a blockchain and network that empowers everybody to build communities and apps. LeoFinance has done both in an extraordinary fashion. Read my Hive Engagement And Rewards Distribution By Communities for 2021 and look at the stats. It is undeniable that LeoFinance beats all communities when it comes to engagement with 335,670 posts and comments. Second closest is GEMS community with 135,775 posts and comments. When it comes to Hive payouts LeoFinance comes second with paying out total of $251,443.95 in rewards for 2021. Highest Hive rewards payouts were by GEMS with $286,206.15. But the third place goes to Hive CN with $100,988.61 in Hive rewards. Do you see the difference? This doesn't even take into account all the rewards paid out in LEO tokens, which would at least be the same of Hive rewards if not more. Let's not forget Leo price was much higher than Hive for the most part of 2021.
LeoFinance made tribes cool. Hive-engine team did a great job delivering tools to build communities empowered with their of tokenomics. And LeoFinance showed how it can be done successfully. If you look at LeoFinance App, it is not your generic tribe front-end, it is more interesting, it has more features and tools to offer. @minnowsupport has an application process in approving witnesses. I was able to submit one and it was great to see they approved it with no issue and voted for LeoFinance, because they know how LeoFinance takes care of minnows of the platform as well. I would like to ask and encourage hive-engine and minnowsupport leader @aggroed and everybody who is involved with these projects to cast his vote for LeoFinance as well. Why not?
If I am not mistaken, LeoFinance has been a witness just less than a year or a year. In this short time this witness has achieved in Apps building and Community building that we all wish many Apps and Communities can do on Hive. We can proudly point to LeoFinance in making a pitch to other what is possible on Hive. LeoFinance is not just a leofinance.io front end for Hive. It has built Apps like LeoDex, Hivestats, LeoPedia, and the biggest one of all is CubFinance.
LeoFinance being one of the most dedicated witnesses on Hive, has been building Apps for Hive community and bridges to the other crypto world. First they pioneered WLEO (wrapped leo), so Hive users can participate in defi economies. Then they came up with mind-blowing platform of cubdefi. Just think about it. Cub is not even a tribe token. Cub doesn't even exist on Hive. But it originated on Hive and moved to its own platform. This process created bridges from Hive to defi platforms. I am sure Hive people like @edicted, @taskmsaster4450, @onealfa, and @nealmcspadden can explain this magic in better way. Read their blogs to see what how awesome these developments are.
Lastly, LeoFinance is a relatively newer witness compared to most in top 20. Most in the current top 20 witness rankings have been there for years from the beginning. Some got in there during the hostile take over times as a measure of defense. It is time to look for the future and consider all that has taken place within the last year since the birth of Hive and evaluate things accordingly. I understand we may get complacent and satisfied with status quo. We should also understand that decentralized technologies have competitions. We should participate in governance for better of our home, for better of our tech. So we can share it with the rest of the world and be proud of it.
There are million reasons you should be voting for LeoFinance as your witness and as a pioneer in a decentralized space. LeoFinance is dedicated to Hive, building and taking Hive to the next level. Its performance is all the evidence you need. It is on the chain and immutable. Moreover, many Hive people are also Leo people. Hive people really would love to see LeoFinance among the consensus witnesses. What do you think @blocktrades, @smooth, @gtg? You two can easily make this happen. And I also wanted to make a new pitch for summer times. Thanks.
Power is in community effort. If everybody who wants LeoFinance in the top 20 acts together and shares how awesome LeoFiance is, this will happen sooner. It is inevitable.
Since the post size limit doesn't allow me to include a large list of user who have not voted for Hive yet. I will be adding them in the comments. Please take a look and if you see familiar names, remind them to vote for LeoFinance. You will be surprised to see how many will appreciate such actions.
Remember, decentralization is about participation in governance and that's what makes Hive a great place and a pioneer in crypto space.
Let me know what you think in the comments.
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I particularly know some names on this list, would feel like spam to tag them but then when I stop by their posts or on discord, I'll remind them to vote Leofinance witness.
I'd prefer they don't move any higher till they can do the job. Update your price feed guys it's been 2 months now. I vote them currently, will unvote if they rise further without fixing this.
Will update every minute once consensus witness. They will get it fixed, don't worry. Why you hate high prices? :)
P.S. They can do the job the best. You know that.
I don't though .. I brought this up a week ago and nothing has been done still. They're failing at the job, right now. And once every 6 hours or after 5+% movement is fine, every minute would be spammy and pointless. This is asking for a promotion before you'll do the job :P
You know what I mean by every minute. Whatever is optimal.
By the way take a look at my previous post about Hive prices in exchanges. :)
All of the opinions in the post are mine alone, and doesn't represent LeoFinance directly. I am just sharing how awesome they are, and participating in Hive governance by doing so.
Fair enough, I'm doing the same. I fully expect this post to trend and thought a public comment might help sort the issue sooner ;)
Great post, bookmarked for a future project thanks
I noticed the price feed hadn't been updated for two months, too. In fact, I went back and checked because I thought for a moment it was two months since they had submitted a block. You've mentioned that these are your opinions (which is good), but you're not in a position to commit @leofinance to do things which they aren't doing at the moment.
You've listed all the high ranking HP holders (including me) - I would have preferred to have seen a link to the rankings rather than having to scroll all the way through the list to get to the discussion. But that's a small point. My main one is this: I'm wondering how many of the accounts active on leofinance and, frankly, getting disproportionate rewards for the briefest of posts, are voting for leofinance as witness. It is the list of non-voting leofinance-using accounts that I would like to have seen displayed.
I have voted for leofinance as witness but, like @ausbitbank, I will be keeping an eye to see whether their price feed is updated.
Regarding the list. I was planning to upvote and push the comments/discussions up, so that there is no need to scroll through the list comments. The list is NOT leofinance using accounts. List is HIVE stakeholders with 10k HP and up that haven't voted for Leo yet.
My point has always been that decentralized networks require participation, especially in governance, to make the network stronger and more vibrant. So, saying LeoFinance is Awesome not only is a fact, but also participating in governance. We should al do this. That's why I posted the lists. Networking in the most decentralized fashion. :)
Thank You for the vote and participating in Hive governance. I hope price feed will be resolved soon, or even better Hive price will catch up to the feed. :)
Hello there @geekgirl, I know what the list was.
That's not how it works. And updating every minute would be a horrible idea.
Based on what?
lol. That was my ignorant answer based on no knowledge of how frequently price feed should be updated. I simply meant that updates and all witness doings would be done in the bestest manner.
To answer your question, based on SKILLZ. Which super awesome leo skillz are you interested in learning more about? Perhaps I will make a special customized pitch just for you. I saw your unvote. Not cool. :)
You have missed 1059 blocks. How dare you to miss blocks? lol. joke.
But they are not. They are being neglected and I’d put money they won’t be present for HF25 when work is being done and discussed.
Actually very cool, I vote based on performance and my faith they can secure the chain by being knowledgeable, present, and moral. I don’t vote because I like someone.
I missed 900+ blocks during one hard fork that had issues completely out of my control. This is the result of consistently being on of the first witnesses updated. Outside of hard forks I miss fewer blocks than most everyone. The vast majority of my missed blocks (like 99.8%) are
at the time of hard forms. Many witnesses wait until all the work is over and then update, I’m there in the trenches every single time.
I was joking about missed blocks. You are one of the most knowledgeable, skillful, and responsible witnesses. I have no doubt about that. It is great to have you as a Hive consensus witness.
Regarding, everything else - we at LeoFinance building the bestest products on Hive blockchain for Hive people. We are busy building the killer apps that will take Hive to mass adoption and show the world how awesome Hive is, and share Hive network with the rest of the Earthlings. We are busy with super important stuff, who has time for discussions. (that's what I would say if I were Leo.)
PresidentTop Witness - 2021.Once an hour at most is sufficient. The blockchain only reads witness price feeds once an hour so more than that is just spamming the blockchain.
This is true and doesn't look good
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This is so cool @geekgirl. Thanks for the reminder. I am going to let a few of my friends know about this so that they can vote for LeoFinance Witness. I am already voting for them since long back.
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Very good effort in getting Leofinance close to consensus witness. I think your second try now maybe successful.
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@shanibeer might chuck the leofinance witness a vote if she's got any spare slots.
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Thanks for the tag and I have voted, but they're on probation: an ambition to be a consensus witness and you haven't updated your price feed for two months?
Well to be fair, the witness node has always been (to my understanding) only a side project for khal, mostly for awareness. He has never actively asked for votes or whatever.
But to be fair again, at #24 its a bit embarrassing that the feed is stale for two months 🤣
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Yeah, I take your point, maybe more to do with the post op, but I agree with you about #24.
Oh OK that is a bit crap
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Leofinance is pretty awesome and deserves to be in the top 20.
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Your post was promoted by @jfang003
I'd love to see that happen. LEO has done so much for Hive. Their expertise could be a great assets. LEO made some of the best financial decisions on Hive.
!PIZZA
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@geekgirl! I sent you a slice of $PIZZA on behalf of @d-zero.
Learn more about $PIZZA Token at hive.pizza (5/10)
I was also about to comment about their price feed update and I'm glad that someone already did. I hope someone who is responsible for the witness is reading about this. Currently, I'm also voting Leofinance but I also notice that I'm voting a few more witnesses who are not updating their feed price.
I guess there is a simple script available that is being used by many witnesses already to update price feed regularly. It shouldn't be very hard to keep that script running to do the task.