LeoFinance Witness Summer Campaign To Consensus Witness

8 Min Read
1508 words

leofinance.png

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.

Posted Using LeoFinance Beta