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Stellar tweeted a couple days ago:
Validators on the @StellarOrg network just voted to lower the base reserve to 0.5 #XLM which makes the cost of creating accounts and orders inexpensive again
Source: Tweet
How is the voting done? Who are the validators?
The voting is done via online communication between those who run nodes, the final change is voted on using the consensus protocol.
Validators are the people/nodes that comprise the Stellar Network that vote on the network. You can be a node on the network but not have voting privileges. You can be a node on the network, but exclusively watching -- these are not validators.
The validators on the network do the voting as part of SCP when the ledger is closing. Once there's enough votes for the new base reserve, it gets included in the latest ledger and becomes the new base reserve for the network.
Voting rights are controlled by Quorum Sets. If node A is in node B's quorum set then node A will consider node B's vote on the new base reserve.
