Enjoy the last month of 2024 and see you in 2025!
What do Hive Witnesses do and why you should vote for your 30 preferred witnesses.
What do Witnesses do?
The Hive blockchain uses DPoS (Delegated Proof of Stakes), this means we get to elect those which users (the witnesses) get to validate the next block containing operations (posts, comments, votes, transfers etc...) to be added permanently into the blockchain.
Elected witnesses, will be setting up at least one server that runs 24/7 and which role is to enforce the blockchain rules and store the validated blocks for future reference. Keeping that server up and running is an important task as without the witnesses server the platform will be down.
Every 63 seconds, the top 20 witnesses and 1 random backup witness will be picked to validate and sign blocks. Each of them have 3 seconds to validate the block, if something happens and they can't do it within that time, the block will be missed and pass on to the next scheduled witness. For their work, Hive Witnesses will be rewarded in HP for each block they validate (see rewards in the report below). The rewards used to pay the Witnesses comes from pool that is
separate to the author and curator reward pool. There are actually four different pools, the
Hive Whitepaper describes them as followed:
Hive inflation is distributed in the following manner:
- 65% is used to fill the reward pool (which is split in equal portions between content producers and curators)
- 15% goes to HP stakeholders
- 10% goes to the witnesses for block signing
- 10% goes to the Decentralized Hive Fund.
Additionally to validating blocks, Hive Witnesses also keeps an up-to-date HIVE and HBD price feed for blockchain internal use. They also get to set some important parameters, for example:
- HBD savings interests rate. The current APR as voted by the witnesses is 15%
- Account creation fee. The current fee is 3 HIVE
- Block size
Why you should vote for your preferred witnesses:
- Witnesses ensure the safety and proper functioning of the blockchain network
- Voting for your trusted witnesses will help mitigate 51% attacks
- Voting for witnesses costs you nothing, it does not use your vote power or Hive Power (HP) and you can vote for up to 30 preferred witnesses
- You can change your vote at any time
- If you don't know who to vote for, you can choose another user as your witness proxy this means you will automatically vote for the same witnesses as the user you have chosen as proxy. Later on, you can remove that proxy and manually vote for your preferred witnesses.
If you haven't yet voted for your 30 preferred witnesses, you can do so on
https://wallet.hive.blog/~witnessesThe monthly Hive Witness earnings report
Disclaimer
This is a semi-automated report. I cannot guarantee 100% accuracy on the numbers found in this post. This is just to give you an idea of the distribution of Hive Power through the witness operations. If you do find an oddity, please let me know and I will make sure to get it fixed.
Report reference info
All data below were gathered during the following time range:
2024-11-01 00:00:00 to 2024-11-30 23:59:59 UTC
All price calculation were done using today's average price of 1 HIVE of: 0.324 USD (source: average price from feed history over 12 hours)
General Producer Reward HP distribution
There was a total of 862458 blocks produced and 310428.25 HP earned during last month.
The column chart below represents the distribution of Hive Power earned by witnesses over the last month.
Notice the dramatic drop past the rank 20. Remember, each round is composed of each of the Top20 witnesses and one backup witness. This means each Top20 witness has to sign a block every 63 seconds (max), while for a backup witness, it will be much less often. The Top20 witnesses are however rewarded less HP per block than backup witnesses.
The servers of the Top20 witnesses are thus under higher load/stress than those of the backup witnesses. You need to keep this in mind when looking at their number of missed blocks: 10 missed blocks for a witness at rank 10 does not mean the same as 10 missed blocks for a witness at rank 140 for example.
HP distribution by active rank tier, ordered by earnings last month.
Your name might not appear in the charts below due to space limitation, this would change from month to month.
Top20: total of 246524.93 HP earned
Active Rank 21-40: total of 39526.47 HP earned
Active Rank 41-60: total of 13614.43 HP earned
Active Rank 61-80: total of 6922.32 HP earned
Active Rank 81-100: total of 3089.59 HP earned
Active Rank 101-120: total of 720.26 HP earned
Under 120: total of 11.87 HP earned
All tiers combined ordered by HP earned.
Here is the full report from all active HIVE Witnesses. Please also take this opportunity to see what they do for the community and cast a vote for them in order to help the platform.
Notes:
- Blocks can be missed for various reasons including technical issues, misconfiguration, bugs in a new version of the blockchain software etc... and the higher your rank, the higher the chance it can happen.
- Some witnesses are managing multiple projects for Hive and the communities in addition to maintaining their various nodes and hence don't often post.
- Click on the witness names to get to their witness announcement post.
- The earnings in USD below are just an estimate and are only effective if the witness are powering down and convert their liquid HIVE to fiat. By keeping their producer rewards powered up, they take the risk of seeing those staked HP loosing value if the market goes down.
- There are times where you might notice highly ranked witnesses earning less rewards than those below them. This is there are cases where witnesses might not be able to validate blocks, some of the reasons could be: technical issues leading to missing blocks, disabling their witness temporarily for maintenance etc...
Last month earnings (ordered by amount earned ):
Witness Tools
Credits
- This report was automatically generated by HIVE Witness @quochuy to provide visibility and transparency on HIVE Witness operations.
- The data for this report was parsing the blockchain and querying HiveSQL database.
- The charts displayed in this report were generated using Google Charts.
- Thanks to @witnesswatch for the original idea, that project seemed to have been abandoned, so I've decided to create my own and add some salt and pepper.
Post rewards beneficiary
The author rewards on this post will go to
@hbdstabilizer to help fix the HBD peg and fund DHF
