Witnesses And Proposals Explained - Newbie Guide
Today I'm back with another post for newbies, about Hive and I'm going to focus on two things you may have never heard of. Again, what I'm going to write is simplified, don't look for academic language as my goal is to make everyone understand. Voting on what I'm going to write is very important and I hope as many are going to vote as possible.
A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format.
The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT). source
Hive.blog is one of the many websites that are powered by the Hive blockchain and HIVE cryptocurrency. All of these websites read and write content to the Hive blockchain, which stores the content in an immutable blockchain ledger, and rewards users for their contributions with digital tokens called HIVE. source
I's sure quite a few of you are going to roll your eyes and move on to the next post, thinking this is not for you, it's too complicated or you just don't care as you think there's nothing to gain from it. But you're wrong.
In the web2 world you don't have a say in anything. You're a user that has obligations but no rights, or just very limited rights. The data you upload is not yours and can be deleted any time by the website admin, your account can also be cancelled. This can't happen on Hive. The account is yours and can't be muted and you also have a say in how things are done. You can decide quite a few things, using your stake.
Anyone can run a witness node, if the necessary requirements are met, so the list of witnesses is quite long. However, not all witnesses have a say in things. We have 20 consensus witnesses (the first 20), elected by the community. Right now these are the ones you see on the list above. This, in plain English means they have the most votes from the community and they decide what's happening on Hive. Their ranking can change any time as votes can be added and removed as well.
I know new users usually don't have much stake, or don't have stake at all, but every little bit counts and adds up. Besides, everyone wants freedom and the right to decide, so here's yours. You have the right, but also the obligation to vote.
Who to vote for?
This is a good question and you're free to vote for whoever you want, but to really know who these witnesses are, you can check the description under their name and the link next to their name, which will lead to the frontend or dapp they are running. You can vote for 30 witnesses, regardless of the size of your stake and I'd suggest to use up all your votes.
So there's a drop down menu next to your username, and at GOVERNANCE you can fine Witnesses as well as Proposals, which comes next in my blog.
If you think you can't decide on which witness to vote, or don't want to, you can set a proxy, which, in this case means you can follow someone's witness vote.
Unfortunately I could not figure out how to set a Proxy, using PeakD, so here's how to do it on hive.blog.
Click the link above and scroll down to the bottom of the page, type the username in the box, click Set Proxy, approve the transaction and it's done.
If you choose to opt for a proxy, please make sure to choose someone you trust. Voting for the wrong witnesses can have serious consequences. We had some interesting situations when we forked from the legacy chain and some people lost a lot.
This is similar to how voting happens in real life. You vote the politicians (head of state, members of the parliament etc.), to represent your interests and while no one can force you to vote, the minimum you can do for your future is to go and voice your opinion.
Unfortunately we have the same users on Hive, that we have in real life and the overall behavior is also the same. Some are complaining all the time, but when you ask them if they have voted, they say NO as they think their vote doesn't matter. If you're one of them, then there's need for a mentality change asap. No witnesses, no Hive, it's that simple!
The Decentralized Hive Fund (DHF) is an on chain decentralized autonomous system that allows users to submit proposals for funding and vote on which proposals should be funded.
Proposals are submitted by developers working on Hive.
I took a screenshot of a few, to explain you what these proposals are. As you can see, there's a link that takes you to a blog, which explains what the proposal is about in details and the financial details as well. If the proposal can get the necessary votes, it means it'll be funded from the reward pool.
The first proposal you see is a layer one proposal and it refers to core development of Hive.
Maybe the most easy proposal to explain is Keychain, which is a much needed dapp, to spare us from copy pasting our keys all the time, when we want to login and to keep us safe as well and Ecency, which is a frontend and a mobile app on on Hive.
Every user should go through the proposals and vote the ones they think worth funding. Unlike with witnesses, you can't choose a proxy to vote on proposals on your behalf. You have to do it yourself.
A New Mindset Is Needed
I keep saying this, repeating it quite often lately, but it is important. So crypto is here to set us free, to give us financial freedom. Hive is a platform where you can earn your financial freedom if you play your card right, but in order to do that, you need a new web3 mindset, which also refers to taking responsibility and participating in the governance.
Those who are here to make a quick buck, to cash out everything will never understand this, but you can be different. It's finally time to take matter into your own hands and decide for yourself. Vote for your witnesses, vote the proposals you like and think will benefit Hive. Be part of the community, help us build the coolest place on earth.
In the meantime the guys from PeakD were able to help me with how to set someone as Proxy, using PeakD. (Than you PeakD!)
If the account you want to set as proxy is already acting as proxy for others, then you clock the 3 dots and select Set as proxy voter, from the drop down menu.