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RE: HF Proposal: Vote to Reduce Power Down Period to 4 Weeks

in #steemdaolast year

I'm supporting this and also think the proposal that @theycallmedan has made repeatedly of allowing a penalised quick power down is well worth implementing if the security implications can be thought through properly.

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The quick powerdown based on burn was at first glance a cool idea but after more thought it totally circumvents any lockup period security, you might as well not have a lockup period for safety then if a hacker can get into your account and initiate a burn to get all your funds out.

Surely there could be a simple opt in and people who feel confident in their own ability to secure their accounts can sign up for high speed power down. Obviously after a 13 week wait that would kick and and the account would be marked as available for quicker power downs.

Sure anything is possible but adds to complexity of the chain because now you have to store the opt-in state of each account.

What if you would have to use the Owner Key instead of Active in order to make an instant power down with a burn? This way you wouldn't have to be worried of losing all your funds in case of some getting their hands on your Active Key.