HIP-12 : Vote Equality is closed
Results : Rejected
36 participants, 18 agree (3.45%) and 18 disagree (27.74%)
Thank you to all the validators who participated in the vote.
Analysis :
First of all, the harmony governance is young.
This proposal was not easy to pass, since there wasn’t a consensus between the validators during the discussion.
Also there was an uncertainty about the quadratic voting which can explain partially the low participation.
Of course the result is disappointing to us.
ONE4All really trust in the capability of every validator to think by themselves and to take the best decision for harmony.
All the voices should count in a more equitable way. That’s why we made this proposal initially.
Keep in mind that the largest validator have more than 60 times more voting power than the smaller elected one.
We strongly believe the decision making has to be more decentralized and equitable for the best interests of the protocol.
We don’t want to rely on a few minorities of validators to take the decision for everyone, and so the actual voting system, stake weight is problematic (considering the balance of the stakes).
With the EPoS system in mind, the validators should be more balanced giving them more or less the same voting power (something similar to our proposal in the end) BUT currently this is not the case.
The voting system is not the only challenge will face the harmony protocol.
There is probably one more important challenge which is the keys management allowing large validators to use as many keys as they want, and to bid below the 0.65EMS.
Why is it problematic for the decentralization ?
- unelected validators are blocked. They are hardly visible if not elected
- large validators can have a better APY over the smaller ones incitating the delegators to stake there increasing the unbalance between the validators
After a quick calculation, more than 100 keys could be freed adding potentially more than 100 new validators.
This could be amazing for harmony and make it reach the next level.
Let’s make together the right decisions for the future