This morning I was asked if "witness voting was 'stake based' or just yes/no per vote regardless of HP".
Thanks @summertooth for the very good question!
I have pasted my reply as shown in the screenshot below, here:
Witness votes are stake-weighted. It's really the top level reason for stake at all, since this is a DPOS - Distributed Proof of Stake based blockchain, all governance matters are decided by the top 20 witnesses, who achieve that position by being voted there by accumulating the most cumulative, added up people's stake in the form of their staked votes.
You can sort of see how this works out by looking at the data on this page, and seeing who votes for who and how much stake they have total supporting the witness and how much stake support the witness has in total.
This is why its CRITICAL for the minnows to vote en masse as cumulatively their voices add up and matter.
A million and one 1hp minnows can overvote the single whale with 1 million hp by being 1hp higher in total voting power together, that 1 hp makes the difference.
You can also search for more about how witnesses and votes work on hivesearcher.com
So to illuminate that with some more details...
Everyone should maintain their witness votes. Some of the positions are very close together and your vote, no matter how small, might be all it needs to advance a level, and thus, advance the witness you chose to support with your vote, elevating your interests to some degree in regards to reaching the top 20 governing witness positions.
Maybe you vote because you care about interest rate settings, or the hive price feeds or signup account creation costs, or community projects or upcoming potential chain forks and modifications, or other things that all are determined by stake based consensus via witness voting and election.
Witnesses and their settings and consensus decide all of these things and more. Which is why it is so important to choose your witnesses for your own reasons, but to choose them early, regardless of your hive power stake size, and check them often during your Hive journey.
Check that your witness votes are not wasted on dead witnesses. Learn more about that in this post right here.
Regards,
@SirCork
@PolleNation witness partner
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