RE: What are steem witnesses for??

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What are steem witnesses for??

in steemit •  8 years ago 

Witnesses in steem (and in BitShares, too) do what Bitcoin miners do, only without wasting lots of energy: they collect users' transactions and bundle them into blocks, thereby creating the steem blockchain.

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      ·  8 years ago 

    Thanks

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        ·  8 years ago 

      Stupid question: Whats to prevent someone from creating lots of witnesses and controlling the network?

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          ·  8 years ago 

        There are 21 active witnesses in total. Only one of these is determined through mining, in a way similar to bitcoin.
        The other 20 active witnesses are selected through a voting process. Every steem user can vote for witnesses with their SP. I. e. the more SP you have, the more weight has your vote.

        So in order to take control of the network, creating lots of witnesses is not enough. You must also get them voted in.

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            ·  8 years ago 

          Why should I vote for a witness. Is there benefits or drawbacks for voting

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            [-]
              ·  8 years ago 

            Voting for witnesses helps secure the network.
            It also rewards those witnesses monetarily, because it increases their chance to sign a block and receive the witness reward.
            There are no drawbacks. In particular, it does not consume voting power. Witness voting is entirely separate from curations.

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              [-]
                ·  8 years ago 

              How do I know who to vote for? heh

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                [-]
                  ·  7 years ago 

                Puzzled. New to this concept.

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                  [-]
                    ·  8 years ago 

                  i did not understand would you make it more clear please?

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