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Ask-Me-Anything | @precise | Episode #1 : RECAP - Witnesses, the blockchain, STEEM, nodes ... read more!

57
7 years ago
in#witness-category

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As part of my endeavors to support a growing community - @steemph - I organize a weekly AMA (Ask-Me-Anything) for the purpose of sharing, imparting knowledge and educating the community.

This was the first episode of this series and here's the recap.

Overall, my first Ask-Me-Anything session was a success. The questions were overwhelming and they kept on coming as you me see on the timestamps below. Being an introvert myself, It was nerve wracking and i literally thrown myself under the bus BUT the feeling of sharing something to the community and inciting that curiosity for the good of the community... is priceless. I'd say...

Humanity in me conquered the fear

Some of my answers were in vernacular. Below are translated to english (some) so that it will be understood not only by Filipino community.

Question                                                  Answers by @precise
Screen Shot 2017-10-21 at 4.01.26 PM.png(1) A witness runs a server node
which produces blocks for the
STEEM blockchain.
The process of producing blocks includes
verifying and validating transactions.
(2) Witnesses also publish a price feed -
how 1 STEEM is compared to 1 USD.
(3) bring value to the STEEM Network
(which includes a list of various endeavors)
Screen Shot 2017-10-21 at 4.02.36 PM.pngWitness nodes are the backbone
of the STEEM blockchain obviously
if it crashes - goodbye blockchain!
Screen Shot 2017-10-21 at 4.02.56 PM.pngSegWit is closely related to
the block size and the problem
of scalability. As of now
this is not a main concern as
graphene (where steem blockchain is based)
is designed to correct these problems.
Screen Shot 2017-10-21 at 4.03.41 PM.png(the question is related to scalability)
This is true,
The requirements of running a witness node
is increasing proportional to
it's users and adoption
Screen Shot 2017-10-21 at 4.04.01 PM.png
T: So choosing a witness to vote is important?		Definitely! It's easy
to setup a witness node
but maintaining it takes a
lot of hardwork and dedication.
Not to mention the value
you add to the STEEM blockchain.
Screen Shot 2017-10-21 at 4.04.11 PM.pngA block contains data
of transactions (ie.posts, comments,
votes, transfers etc).
Screen Shot 2017-10-21 at 4.04.31 PM.pngeh di nga nga :)
Screen Shot 2017-10-21 at 4.05.24 PM.pngNo.
Screen Shot 2017-10-21 at 4.05.37 PM.pngNo. A block contains data
of transactions (ie.posts, comments,
votes, transfers etc).
Screen Shot 2017-10-21 at 4.05.54 PM.pngWhen a block is produced
by a witness node..
STEEM is also produced
Screen Shot 2017-10-21 at 4.06.23 PM.pngIt used to be that way before HF16
Screen Shot 2017-10-21 at 4.10.02 PM.pngSTEEM blockchain is open source
you don't need to be
a witness to access any tools
,codes or information about hardforks
you can checkout github to see the
open-source project.
Screen Shot 2017-10-21 at 4.10.41 PM.pngCorrect!
Screen Shot 2017-10-21 at 4.12.16 PM.pngI don't watch Ned.
Screen Shot 2017-10-21 at 4.12.19 PM.pngYes. Good citizens pay taxes.
Screen Shot 2017-10-21 at 4.12.27 PM.pngAlways buy low and sell high
whether you're buying or selling
always choose the best prices
sometimes they vary.
Screen Shot 2017-10-21 at 4.13.16 PM.pngbuying and selling of commodity
from different markets taking
advantage of the price difference
Screen Shot 2017-10-21 at 4.14.23 PM.pngHowever good the platform is
, it won't be of any significance
if no one finds value in it.
so witnesses, also aim to create
and provide value to the STEEM
blockchain.
Screen Shot 2017-10-21 at 4.14.34 PM.pngWitnesses maintain the
integrity of the blockchain
and make sure the nodes are
up 24/7 to process transactions.
Screen Shot 2017-10-21 at 4.14.46 PM.pngIt is still breakable in fact,
it only takes to destroy less than 500
server nodes (if you know where they are) to destroy
the current state of the blockchain.
Screen Shot 2017-10-21 at 4.15.41 PM.png(hacks in the context of phishing)
Unfortunately, phishing attacks
involves social engineering, part
of being a human is our nature of being vulnerable.
There is a need to educate everyone in terms
of security and how to be protected
against malicious entities.
On my own capacity,
One of my aim for this AMA series
is to impart knowledge, so everyone
of us knows what to watch out
for and how to protect ourselves.
Screen Shot 2017-10-21 at 4.16.57 PM.pngPublic key - your public signature;
what you use to encrypt data
Private key - use to sign or generates a
signature block; what you use to decrypt
Screen Shot 2017-10-21 at 4.17.55 PM.png2 Main uses: (1)for secure communications:
encrypt data with public key and
only the bearer of the private
key can decrypt. (2)a public key
can be use to verify and validate
a digital signature produced by a private key.
Screen Shot 2017-10-21 at 4.18.17 PM.pngVPS - 16GB RAM
4-core processor
200GB HDD
$50/month
Screen Shot 2017-10-21 at 4.18.24 PM.pngNo. if you are not
producing enough blocks
meaning it depends
partly of your ranking
in terms of witness votes.
Screen Shot 2017-10-21 at 4.18.32 PM.pngNo. unless you have a very
reliable setup and a reliable internet
connectivity.
Screen Shot 2017-10-21 at 4.18.47 PM.pngI have no idea.
you can very everything on the blockchain
blocks should be produced approx. every 3 seconds.
Screen Shot 2017-10-21 at 4.18.57 PM.pngPartly yes.
Screen Shot 2017-10-21 at 4.19.12 PM.png1Gbit/s
Screen Shot 2017-10-21 at 4.22.17 PM.pngScreen Shot 2017-10-23 at 8.52.27 PM.png
Screen Shot 2017-10-21 at 4.23.01 PM.pngIf a witness becomes inactive,
there is no punishment.
however, you won't be included
in the rounds to produce a block.
Screen Shot 2017-10-21 at 4.23.06 PM.pngRequirements: setup a witness node,
declare your intentions
do your part as a witness
Screen Shot 2017-10-21 at 4.24.56 PM.pngScreen Shot 2017-10-21 at 4.24.59 PM.png
Screen Shot 2017-10-21 at 4.26.00 PM.pngIf the value of STEEM increases
against the dollar, your
Steem Power do not increase per se.
Screen Shot 2017-10-21 at 4.26.21 PM.pngThe value of your vote (in terms of USD)
is influence by many factors, inflation,
STEEM/USD rate, the weight of SP.
Screen Shot 2017-10-21 at 4.27.01 PM.pngThe value of your post
depends partly on the weight
of the upvotes you get. Remember,
the rewards pool is shared
amongst authors and authors
are voted based on the "quality" of their
post through upvotes.

Screenshots taken from Steemit Philippines Discord #ama - with permission.

If you think I deserve your witness vote, cast it here https://steemit.com/~witnesses

vote.png

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7 years ago
precise57
via steemit
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