gm fellow hiveans!
There's been lots of chatter around the block (chain) about using your stake to vote for proposals in the DHF, such as the Splinterlands proposal, voting for witnesses that signal your desired APR% for holding HBD in savings, and a host of other topics. In fact, we already saw an adjustment to the interest rate for holding HBD in savings from 20% to 15%, which got me thinking...
Are decisions made on HIVE a product of what the community wants, or are they product of what large stakeholders (whales)want?
HIVE's story is quite unique.
Without going into all the details though, I'll say this: A few years ago, Chinese billionaire Justin Sun acquired Steemit Inc. and used customer funds from Binance, Huobi, and Poloneix to replace the top 20 witnesses with his own witness nodes. His plan was to rule as emperor of the Steem blockchain. The community would not have it. The original witnesses and developers forked the chain and called the new chain HIVE. HIVE was born out of a desire to create a truly decentralized blockchain where the community is at the forefront of decision-making. In a world where large stakeholders, or "whales," often dominate the narrative, HIVE offers a refreshing alternative by placing the power in the hands of its users through a unique system of governance and a digital asset called Hive Power (HP)
Hive Power represents the influence a user has within the HIVE ecosystem. Which is why it's so important to encourage every participant to accumulate it. With every unit of HP we gain we increase our influence on HIVE and ensure a more balanced distribution of authority.
When individuals come together and pool their resources, the collective impact can be extraordinary. This concept is at the heart of Hive Power. By accumulating Hive Power, we can amplify our voices, support DHF proposals we believe in, and contribute to the overall growth and success of our ecosystem.
When we work together and combine our Hive Power, we can counterbalance the large influence often held by whales, creating a more equitable ecosystem where decisions reflect the will of the many rather than the few. The power in numbers is not just a theory; it’s a reality here on the HIVE blockchain.
For instance, when medium sized users (50K to 100K HP) upvote content, it not only rewards the creator but also signals to the rest of the community that the content is valuable. This creates a positive feedback loop where quality content is promoted, and the overall standard of contributions is elevated. Moreover, by pooling resources and supporting community-driven projects, users can bring new ideas to life, contributing to our platform’s growth and evolution.
Did you notice my cover image?
It's a group of orcas pushing back on a bully whale.
I'm personally glad that the APR% on HBD got brought down to 15%. I'd also be happy if more Hive citizens start voting up the return proposal in the DHF so that only the most solid proposals get funded, and even the ones that do get funded should provide quarterly, monthly and even weekly reports on progress and financials. If they're not providing value, we pull the plug.
Build up your Hive Power friends. and cheers.
As expressed in other finance-related posts, I am not any kind of financial advice professional, I have a very average IQ and low EQ and I'm pretty regular looking, tell bad jokes and come from an average income family. So don't go sell your house and ape into anything I say I will. Also, I'm drinking sangria at the time of writing this and here's the proof:
