Interview with Lee Hyung Yeon of B-Harvest
B-Harvest Provides Validation Service for Cosmos Network and Blockchain Development and Constructing Infrastructure using Tendermint and Cosmos-SDK. They focus on the value of high standard security & stability, active community participation on Cosmos Network, and real world practical use-case of blockchain technology.
SR: How do we ensure and incentivize further decentralization within the staking ecosystem?
H: Independent validators should contribute to the entire ecosystem in various ways(including active participation on governance processes, implementing features on SDK, developing/serving various mobile/web applications for the community) so that they can persuade delegators to delegate to such contributing independent validators.
SR: What are the biggest challenges for Proof of Stake and Staking, that we still have to overcome or may still face?
H: Gathering good quality validator set is one of the most difficult thing for any PoS blockchain to accomplish because validating different networks need quite deep understanding and participation.
SR: What do you consider to be the most important aspects to attract delegators to your staking service?
H: Contribution to the network by
1) actively participating on governance,
2) provides insightful statistical information,
3) implementing/debugging/improving codebase(SDK) of the blockchain.
SR: What is your preferred terminology for rewards by staking? ROI, Staking Yield, Reward Rate, Interest Rate, Annual Percentage Rate?
H: Rewards are composed of basically two categories, interests and fees. Therefore: Staking Yield = Interest Reward + Fee Reward
SR: Do you see the necessity to educate Delegators on Protocol Governance? Grassroots Democracy or parliamentary democracy?
H: Even in real world, the voting participation is quite low even for presidential election. So although bottom up democracy would be the ultimate goal, there also should exist good mechanism to support the governance procedure by seriously/actively governance-participating validators with good moral. Cosmos governance for example has a good system of hybriding both approaches.
SR: What do you suggest will increase awareness amongst people about staking and earning interest on cryptoassets?
H: I think the incentive of staking is already well-educated by natural law of economics. More important thing is that delegators should acknowledge well about qualities of each validator on multiple dimensions and also should be kept informed about current issues and governance on the network.