image source: quickreadbuzz.com
Did you know what is a witness in the steem blockchain? or, How you can become a witness?
Let me explain more.
Steem blockchain is decentralized. That means, everyone can participate and use that without any third-party program. As you know, steemit Inc. can't produce new STEEM or SBD like a national bank. So, how we can reward new users if we can't produce more STEEM or SBD? That's where we have witnesses. They produce STEEM and SBD by producing new blocks.
Witness earnings:
How are the new tokens distributed?
Out of the new tokens that are generated:
- 75% go to the reward pool, which is split between authors and curators.
- 15% of the new tokens are awarded to holders of Steem Power.
- The remaining 10% pays for the witnesses to power the blockchain.
source: FAQ
As you can see: The remaining 10% pays for the witnesses
That 10% is actually like this:
Top 20 witnesses will receive about 0.2 SP (steem power) per block and other witnesses will receive 1 SP per block. Top 20 witnesses will produce one block every 63 seconds. That is longer for other witnesses. For example, I produce one block every 10 hours (2 blocks per day).
So, we expect to see something in back from witnesses for their payment. They should work for the community.
Voting for witnesses:
We should choose good witnesses to be in the top 20 list. Because they earn more money than other witnesses and they should work more than others. Read their witness article, read their blogs, explore their works, and choose your witnesses. Of course, you can vote more witnesses and unvote at any time. Also, any steem user can vote up to 30 witnesses.
What can they do other than producing blocks?
- Top 20 witnesses can choose a version of steem blockchain. Right now, we are on fork 19 and version 0.19.2 according to their choice.
- Top 20 witnesses will publish steem price. That's how your rewards from each post will be distributed to SBD and SP (steem power).
- Top 20 witnesses will choose the registration fee (creating new accounts), steem/sbd rate, block size, bias, and APR (...etc if I missed something :P)
So, witnesses can decide about steem blockchain on your behalf.
How to vote?
You can choose your witnesses here: https://steemit.com/~witnesses
Or:
Also, you can easily vote for '@mahdiyari' as a witness by clicking here.
How to become a witness?
For more information, read this article:
Seriously, what is a STEEM witness? Why should I care? How do I become one? (Answer) by @someguy123
My position on the witnesses list is #98 with 3,031 MV votes and 818 voters. Thanks to all of my 818 supporters.
Why vote me as a witness?
If you like what I'm doing for steem community, please vote me as a witness.
Vote by steemconnect or Vote by steemit
Regards,
2018-03-18