@agorise, this is an interesting proposal with some good ideas, but I do have concerns.
No. 1, reducing the whale vote to equal status with a Day 1 Newbie's post isn't practicable. I don't think a single whale will support it, and you're not going to get this implemented without at least some whale votes. While I understand the reasoning behind the proposal, I don't think it will work in practice. Perhaps there needs to be a bone thrown to the big dog that is guarding the gate. Perhaps, instead of basing upvotes on Hive Power, there was a progressive UV-weight measure based on a number of factors, such as:
- HP
- Diversity of UVs over a 30-day time period (i.e. did you only vote for other whales or did you also distribute your voting power over a wide array of HP-weighted accounts and content types?)
- The use of one's HP to support initiatives that benefit the entire chain ecosystem and those of less fortunate status (in other words, once you achieve a high level of HP, do you use that HP to upvote your whale friends and their content or do you also delegate some of it to initiatives that are educational and empowering to others in the community, particularly newbies trying to learn about Hive and increase their own earning power?)
- Ratio of content creation vs. curation and commenting over a 90-day time-weighted timeframe
- Others?
Rather than "penalize" someone for being a whale, I think the proposal needs to address creative ways to incentivize whales to use their status for the good of the community/blockchain. After all, we want community-minded Hiveans at all levels of the power structure. In other words, incentivize philanthropy as opposed to penalizing success.
Another concern is the Power Down reduction to three weeks. I'm not sure what the thinking is behind this. In my mind, a longer Power Down process encourages staking and keeps large numbers of people from Powering Down at the same time and crashing the economy. That would be a terrible thing.
Finally, it sounds like you want to nix HBD. I thought HBD's purpose was to act as a counter to the volatility of Hive. If it works that way, it's doing its job. I do understand the concern about the anonymous central bank controlling the value of the stablecoin. We don't want another Terra LUNA scenario where an HBD de-pegging event causes a run on Hive. Lowering the HBD savings to 1 percent while at the same time lowering the Power Down process to the three weeks could very well do that. That would be my concern.
If I'm right, the witnesses are the sole arbiters of what the HBD interest rate is. There is no check or balance on the power of the witnesses to validate transactions and set the rules for the chain. What if there was a community DAO that acted as an advocate for the rest of the community whose sole purpose was to bring proposals to the witnesses that would effectively lead to new updates such as interest rate changes and the other kind of changes you are proposing. You stand a much better chance at getting things like these implemented if you approach each issue one at a time rather than as a complete package. And it would also allow the community to discuss each issue separately as we adjust our expectations.
RE: Hive5 - IDEAS for Public, Witness & Dev consideration v1.2.1