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.
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.
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.
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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Thanks
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Stupid question: Whats to prevent someone from creating lots of witnesses and controlling the network?
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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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Why should I vote for a witness. Is there benefits or drawbacks for voting
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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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How do I know who to vote for? heh
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Puzzled. New to this concept.
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i did not understand would you make it more clear please?
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Congratulations @dilzeem! You have received a personal award!
Click on the badge to view your own Board of Honor on SteemitBoard.
For more information about this award, click here
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Congratulations @dilzeem! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - France vs Belgium
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
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@dilzeem you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!
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Congratulations @dilzeem! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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