The Hive blockchain is a decentralized, community-driven platform designed for Web 3.0 applications, social media, gaming, and content creation. Unlike traditional centralized platforms, Hive empowers its users to actively participate in shaping the network’s future through a robust governance system. Users can influence the blockchain’s operations and fund community projects by staking HIVE tokens and engaging in governance activities. This is to ensure the long-term sustainability of the blockchain and its projects.

This guide will walk you through the process of participating in Hive’s governance, covering everything from voting for witnesses to supporting your choice proposals. This is to make your journey to being a hivean easier.

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What is Hive Blockchain Governance?

Hive operates on a Delegated Proof of Stake (DPoS) consensus mechanism, which means that the community elects trusted individuals, known as witnesses, to validate transactions and produce blocks. Hive's governance is decentralized, with no single entity controlling the network. Instead, token holders who stake their HIVE as Hive Power (HP) play a key role in decision-making by voting for witnesses and proposals in the Decentralized Hive Fund (DHF). This system ensures that the community drives the blockchain’s development, making it a true example of decentralized governance.

Key components of Hive governance include:

Witnesses: These are elected accounts (individuals or entities) responsible for securing the blockchain, validating transactions, and proposing changes to the network’s rules.
Decentralized Hive Fund (DHF): This is a community-driven fund that allocates resources to projects proposed by Hive users, voted on by stakeholders. Stakeholders vote on proposals to determine which projects receive funding.
Hive Power (HP): This refers to staked HIVE tokens that grant voting power for witnesses and DHF proposals. The more HP you hold, the greater your influence.
Proposals: These are community-submitted ideas for projects or improvements, funded through the DHF based on stakeholder votes.

Why Participate in Hive Governance?

Participating in Hive governance enables users to contribute to Hive’s growth, support innovative projects, and help the blockchain maintain its decentralized ethos.

Participating in Hive’s governance also offers several benefits. Your votes shape the blockchain’s direction, from electing trustworthy witnesses to funding impactful projects.

Also, staking HIVE as HP not only gives you voting power but also earns you a share of the network’s inflationary rewards

Moreover, engaging in governance ensures that Hive remains free from centralized control, thus maintaining a fair and transparent ecosystem.

Voting for DHF proposals allows a user to support projects that enhance the Hive ecosystem, such as dApps, tools, etc.

Step-by-Step Guide to Taking Part in Hive Governance

Before participating in Hive governance, you must have created a Hive account. See this guide by @meno.

Step 1: Acquire and Stake HIVE

To participate in governance, you need Hive Power (HP), which is staked HIVE that grants voting influence.
Buy HIVE on cryptocurrency exchanges like Binance, Bittrex, or Ionomy.
Transfer the purchased HIVE to your Hive wallet using your Hive username as the wallet address.
If you hold other cryptocurrencies, you can trade them for HIVE on supported exchanges.

Alternatively; Earn HIVE

Create and curate content on Hive frontends like Ecency, Peakd.com, 3Speak.tv, Hive.blog, Inleo.io to earn HIVE and HBD (Hive-Backed Dollar) through upvotes.

Note: It will take 7 days for your content to pay out before you can participate in governance.

Step 2: Power Up HIVE to Hive Power (HP):

Log in to your Hive wallet (e.g., via Ecency, PeakD, or Hive Keychain).
Navigate to the wallet section and locate your HIVE balance.
Select the “Power Up” option, enter the amount of HIVE you want to stake, and confirm the transaction. This converts your liquid HIVE into HP, granting you governance voting power.

Note: Staked HP is locked in your account but can be “powered down” (unstaked) over 13 weeks, with segments becoming liquid every 7 days.

Step 3: Vote for Witnesses

Witnesses are the backbone of Hive’s DPoS system, responsible for producing blocks and securing the network. You can vote for up to 30 witnesses to influence who maintains the blockchain.

Visit Ecency.com, Hive.blog or PeakD and navigate to the “Witnesses” page.
Review the list of active witnesses, their profiles, and their contributions to the Hive ecosystem. Witnesses often publish posts detailing their technical setup, community involvement, and proposed improvements.
Check witness rankings and voting statistics to identify trusted and reliable candidates. Top witnesses typically run robust nodes and contribute significantly to the network.
Select the witnesses you wish to support and confirm your votes using your Active key. It is safer to authenticate the transaction using Hive Keychain or Hivesigner.
Regularly check the Witnesses page to ensure your chosen witnesses are performing well. You can change your votes at any time if a witness fails to meet expectations.

Note that your voting power is proportional to your HP; the more HP you have, the stronger your vote.

Now, vote for your first witness

Use all 30 available witness votes

Set a proxy account

Setting a proxy account means delegating your voting rights to another account.
Your account will automatically vote for all witnesses voted for by the "proxy account"
You must trust the proxy account you set.
A proxy witness vote can be removed at any time.

Step 4: Participate in the Decentralized Hive Fund (DHF)

Visit the DHF proposals page on Ecency, PeakD or Hive.blog.
Browse active proposals to understand the projects seeking funding. Each proposal includes a description, funding request, and duration.
Read community discussions on Hive frontend to gauge support and controversies surrounding proposals.
Navigate to the Proposals page, select the proposals you support, and cast your vote using your Active key. Your voting power depends on your HP.

Note: Proposals with higher stakeholder support (weighted by HP) receive funding from the DHF.

Tip: Prioritize proposals that align with Hive’s goals of decentralization, scalability, and community growth.

Now, review and support a proposal

Via https://wallet.hive.blog/proposals

Via https://ecency.com/proposals

Tips for Effective Governance Participation on Hive

Always Do your research. Investigate witnesses and proposals thoroughly. Look for transparency, track records, and community feedback.
Spread your witness votes across multiple candidates to support a balanced and decentralized network.
Protect your private keys and use trusted wallets like Hive Keychain to prevent hacks or loss of funds.
Regular participation in voting and discussions builds your reputation and influence within the Hive community.
Check the outcomes of funded proposals to ensure they deliver value to the ecosystem. This informs future voting decisions.

Conclusion

Participating in Hive’s governance is a powerful way to shape a decentralized blockchain that prioritizes community, creativity, and innovation. Hive’s DPoS system and DHF make it a leader in decentralized governance, offering users unparalleled opportunities to influence a Web 3.0 ecosystem. Start your journey today by staking HIVE and exploring the Witnesses and Proposals pages. Engage with the community, stay informed, and let your voice be heard in building the future of Hive!

Learn more about Hive here.

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The Journey to be a Hivean Task #13 - Taking Part in Governance