haloo steemian friend now i will galking you about WITNESS..
I know that means witness, but witness for what?
On the Steemit platform and other crypto currencies, all the above blockchain activities are called transactions. For example:
Posting the post.
Upload the post.
Comment on posts.
Transfer STEEM / SBD.
etc.
In a transaction in the real world there will usually be a contract that needs to be signed. Similarly, transactions on blockchain also need to be signed by the author. For example:
The author signs the posts he posted.
The curator signed the upvote he gave.
The commentator signed the comment he posted.
The sender signs the transfer of STEEM / SBD he sent.
etc..
How to sign deals on blockchain? That is by using public key cryptography techniques. The deal maker will use the private key to sign the transaction, then the system or other party will use its partner's public key to verify the signature.
If in Bitcoin platform, the verifying party to this transaction is called miner by the inventor, Satoshi Nakamoto. Because he analogized this verification process with the gold mining process. Where the results in the form of BTC is precious similar gold.
While on the Steemit platform, the verifying party is called a witness by the author, Daniel Larimer. The philosophy is that of real-world transactions, not just the transactors involved but also the need for a witness to make the transaction legitimate. So the transaction in Steemit also requires approval from a neutral witness and trusted by the community. That is the witness.
Miner in Bitcoin and witness in Steemit equally:
Assigned to verify the transaction.
Store all transactions in blockchain in storage on the server.
Get rewarded for it, that is BTC if in Bitcoin or STEEM if in Steemit.
However both are not entirely the same, which distinguishes the witness in Steemit with miner in Bitcoin, among others:
Witness is chosen by the community, while free miner without any election.
Miner is only in charge of verifying, whereas a witness in addition to verification also has a duty:
Proposed property values required by blockchain.
Feed STEEM price feeds against USD into blockchain.
Run a seed node to broadcast blockchain to all peers on the network.
Blockchain Property Steemit
Here is a list of property values needed by Steemit blockchain to operate properly. In the value column is displayed also the value proposed for now by Puncak Hill as a witness.
Value Property
account_creation_fee 0.200 STEEM
maximum_block_size 65,536 bytes
sbd_interest_rate 0%
account_creation_fee: new account creation price
The price is too low, making account creation too easy, including SPAM accounts.
Excessively high prices will make it difficult to create new accounts, including valid accounts.
maximum_block_size: maximum block size inside blockchain
Block size that is too small causes transactions per block to be few and running slowly.
Block size is too large causing blockchain size to be large and consuming more storage on witness server.
sbd_interest_rate: SBD interest rate per year
The lower the interest rate the Steemit economy is stabilizing, ideally 0%.
The higher the interest rate will burden the Steemit community, because they have to pay the owner SBD without the need to work.
As for price feeds, this is the STEEM factual exchange rate against USD which is traded on various exchange. We monitor multiple exchanges and take average, then update them into the network every 60 minutes. Furthermore this value becomes benchmark by blockchain to determine the value of SBD required at the time of payout.
here is my post today..thanm for you all..
don't forget upvote me...
@mawarlinda