Explain Delegated Proof of Stake Like I'm 5

rebeccabe (63) · 7 years ago (edited)

Great post..thanks for taking the time to explain. What do you think about when people delegate their voting power to someone else? I have not done that but am thinking about it. Thanks for your input @stellabelle

So glad you are here in Steemit ❤️ Resteemed

This post deserves a tip! 1.00

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4 votes

stellabelle (75) · 7 years ago

thanks for the tip! Hmmmm.....I think maybe some people don't want to do the research to determine who to vote for.....so are you talking about setting a proxy? I think delegating voting power to someone else is a good thing. Not everyone likes to vote daily, and if the voting power is not delegated, then it's wasted.

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rebeccabe (63) · 7 years ago

thanks .. I appreciate the input.

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dcgikandi (41) · 7 years ago

Yes, thank you so much, @stellabelle, I finally get it! After watching heaps of videos elsewhere and documents, I finally get it! :)

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conspiracy-guy (47) · 7 years ago

Thanks for the beginners course on DPOS, but I still have some questions. How does one become a witness? How does one vote for a witness? Do witnesses run full nodes? Where is the STEEM blockchain hosted? How big is the STEEM blockchain currently, and how many full nodes do we have? I have been wondering these things for awhile.

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stellabelle (75) · 7 years ago

wow, I'll have to write an article about each of your questions...here goes

One becomes a witness by setting up a witness....@someguy123 has great tutorials on what you need to do as far as your computer. Then, one has to constantly campaign to become a Witness, as well as do work for the Steem ecosystem.
You would need to ask a Witness if they run full nodes, as I don't know.
The Steem blockchain runs in a decentralized manner, meaning through computers (nodes) all over the globe that are connected to each other. Steemit.com is different from the Steem blockchain. Steemit is hosted on AWS.
I don't know how big the Steem blockchain is currently, I think @someguy123 might know....and you'd need to ask @jesta, @good-karma or other Witnesses how many full nodes we have.

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conspiracy-guy (47) · 7 years ago (edited)

Thank You for your reply! I will look into becoming a witness and setting up a node. I should probably go and read the updated whitepaper as well.

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tojukaka (68) · 7 years ago

I have a question @stellabelle

What is AWS?

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demotruk (69) · 7 years ago

Only the top 20 Witnesses are paid for their service. Because many want to become a Witness, there are hundreds of backup Witnesses.

The top 100 witnesses are paid.

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stellabelle (75) · 7 years ago

Thanks. I will edit this.

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neoxian (70) · 7 years ago

Only the top 20 Witnesses are paid for their service. Because many want to become a Witness, there are hundreds of backup Witnesses.

This isn't true. Backup witness do make some money as well. At position 58 I make around 300$ a month.

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stellabelle (75) · 7 years ago

ok, thanks for that. I'll edit it.

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stellabelle (75) · 7 years ago

Do you know how many full nodes are currently running? Also, someone asked how big the Steem blockchain currently is...

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neoxian (70) · 7 years ago

Not sure on the full nodes, but I believe the blockchain is about 32 gigs currently.

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glennolua (68) · 7 years ago

Thanks for the lesson and education regarding the witnesses and DPOS. Many are new to this platform as well as with the crypto alt tokens and there is a lot to learn.

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g-mor (59) · 7 years ago (edited)

If a Witness starts acting like an asshole, or stops doing a quality job securing the network, people in the community can remove their votes, essentially firing the bad actor. Voting is always ongoing.

Lol, i cant stop laughing , lovely post stella

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stellabelle (75) · 7 years ago (edited)

I love to use the word, 'asshole', mainly because I can. I was going to spell it, a&&hole, but then i just said, 'fuck it'.

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greenrun (66) · 7 years ago

I just raised the PG to 13 :)

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g-mor (59) · 7 years ago

Lol!!!

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gunneresq (55) · 7 years ago

hahaha. this is rib cracking.

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murtaziqah (9) · 7 years ago

Thanks for sharing keep it up

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murtaziqah (9) · 7 years ago

your post is great, you should get a lot of rewards, thank you for sharing, do not forget my vote 100% yes, let's help fellow

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josediccus (75) · 7 years ago

This makes it more of democracy, where the people votes matter a lot

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turpsy (62) · 7 years ago

This means that people who have more tokens will influence the network more than people who have very few tokens.

Obviously increasing the amount of token is synonymous to increasing ones shares(stake) on the platform.

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mikeshuh (57) · 7 years ago

Nice explanation. The witness program hasn't been crystal clear and this cleared it up a bit for me...and my 5 year old reading comprehension 😀

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@tipU - send tips by writing tip! in the comment, get share of the profit :)

tipu (67) · 7 years ago

Hi @stellabelle! @rebeccabe is sending you 1.0 SBD tip and @tipU upvote :)

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peter2017 (58) · 7 years ago

Thank you for the excellent information.

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greenrun (66) · 7 years ago

Simple and straightforward explanation. Zero fluff. Bookmarked. Thanks

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d-pend (73) · 7 years ago

Excellent information!
No really--- thank you for presenting this so simply. To be honest, it clarified things for me to the point that I now think I could explain this to somebody. Maybe not a five year old. But then again maybe!
Thanks @stellabelle. :)

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intuitivejakob (65) · 7 years ago (edited)

Nice. Thank you for finding a way to make this easy to learn about. I know a lot of people this will help as much as it helped me.

As a minnow who has been on steemit less than a month at this point, I also found it helpful for me to have had the added benefit to meet with dolphins like @lpfaust and @broncnutz at our Colorado Springs Meetup. I was able to learn about their experiences with different people on that witness list to see who does what and learn how different people are earning their money.

I was fascinated to see how many have "double dipping" opportunities already.

The insights I was provided helped me assess who was a worthy vote which I have taken seriously and politically. So far 16 votes deeply considered and cast.

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rogvalentin (44) · 7 years ago

Good lucid explanation. And yes, there have been plenty of bosses I've wanted a bit of upward reporting on.

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taha84 (25) · 7 years ago

thanks

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teamhumble (74) · 7 years ago

brilliantly done. loved that. i one day will build a server and it will be a witness! :) #witnessthefitness ;)

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droucil (62) · 7 years ago

You keep saying 20 witnesses, but does that mean the paid witnesses list doesn't eventually grow when the userbase becomes larger?

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stellabelle (75) · 7 years ago

I am not sure, but I think the 20 could get larger if the network needed it...you'd have to ask a witness for clarification.

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moxi (42) · 7 years ago

This was an enjoyable read--I miss being 5yr.

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cryptopie (81) · 7 years ago

The way this system works is quite complicated but effective for making a digital currency run without much wasting energy, being fast, and with a lot of options for people to earn.

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clumsysilverdad (64) · 7 years ago

"Voting is always going on", that's a great point... there is no waiting 3 months to right a ship that is of course, there is immediate repercussion and realignment! Peace / Great post

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journeyoflife (67) · 7 years ago

I am happy for the witnesses we have that are doing great work , I hope to be one of them one day to lead my fellow Steem community , I hope no one is abusing their power or working against our trust . It would be nice if they delegate a little power of theirs maybe every week to new people to help in the community

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danield (44) · 7 years ago

Always trying out new things, more of this from where it came from, awesome post so much depth!

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churchboy (60) · 7 years ago

Thank you. Before I saw you on Steemit, I only just came to drop my thoughts on articles that come to mind. But since I started reading your posts, I have come into a deeper understanding of how steemit works and I realise that it is not just a social media platform. It could also provide avenue for real work that touches lives.

I am still learning and I'm exceedingly grateful to all the people that have made my learning experience as rewarding as it has been. Thank you for DPOS.

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ladyrebecca (65) · 7 years ago

You're too kind, I'm afraid. Firing incompetent bosses would be the least painful solution that crossed my mind on many meetings...I can't tell you about the other solutions I came up with (mostly illegal or at least frowned upon).
As for the witnesses, I guess it's the job of those that understand all the technical stuff to point out who's not doing their job, so the other simple users can act accordingly and unvote them.

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deirdyweirdy (61) · 7 years ago

Actually, you can easily keep an eye on how your witnesses are doing on Witstats. Just enter your user name.
https://witstats.steemliberator.com/index

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stellabelle (75) · 7 years ago

not familiar with this tool...is it on Steemtools?

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deirdyweirdy (61) · 7 years ago

Yes it is!

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happyphoenix (66) · 7 years ago

Yes, that's nice, actually Bitcoin is prototype of blockchain model. So I hope many people aware to improve it also to give more people the chance how to mining without need a lot of energy consum

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nenio (66) · 7 years ago

Very well explained!

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harrywill (56) · 7 years ago

I'll call it DPOS 101. An ideal course for every soul here. Simple and ingenious.

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kodaxx (56) · 7 years ago

This is the kind of info we need out - a big reason for any perceived slow uptake is due to ignorance of this technology. Very far ahead of it's time!

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stellabelle (75) · 7 years ago

yeah, and it has taken me a lot of time and reading to properly understand it.....pictures help, and the more people who can make easy to read tutorials, the more will see how good of a system it is.

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harshallele (58) · 7 years ago

While all this is good, this system still faces the one problem that almost every type of democracy faces - people don't take their duty to vote seriously. Even on steemit, less than 10% of all accounts vote for witnesses. I think something needs to be done to incentivise people to vote for witnesses.

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stellabelle (75) · 7 years ago

that's why I wrote this post. Many people don't even know what the word, 'witness' means. It's a new system, completely new, so very few people understand it. I'll be doing more posts about this, to first educate, raise awareness of how this all works.....good observation...

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bashadow (65) · 7 years ago

Thank you, you can now ignore my other comment. understanding witness stuff is forthcoming, thanks.

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scalextrix (60) · 7 years ago

I think it bears explaining why most users should delegate their block authoring responsibility to anyone else? In standard POS I control it myself, so why give that control to another?
How do we spot bad actors before it's too late, how do we get the message out that a witness acted badly, and why should anyone believe such a message?

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stellabelle (75) · 7 years ago

Good questions. Dan or someone more knowledgable would have to answer that. The reality is that most people don't want the responsibility of maininting the network. If you feel strongly about maintaining the network, then you could be one who sets up a witness. The reason I think the delegation part exists is that it reflects social reality: not everyone wants to secure the network.....
As far as bad actors, they out themselves and if you were to look through the history of Witnesses, you would see that many have shifted position, out of the top 20. People show their true colors, eventually, just like in any social group......this platform with its reputation system actually makes this possible to find out one's true nature and integrity. Look at the example of @timcliff, who came into Steem with nothing. He was not one of the early adopters, and didn't have a Witness position. Through his hard work and labor, constantly improving Steem, and the network, ironing out problems, his work began to be noticed. He's now a top Witness. He is an example of a merit-based economy.....and he continues to positively influence this ecosystem.

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timcliff (73) · 7 years ago

Thanks @stellabelle :)
You may also be interested in reading this post about 'bad actors' if you haven't seen it already:
https://steemit.com/steem/@dantheman/response-to-cosmos-white-paper-s-claims-on-dpos-security

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timcliff (73) · 7 years ago

Here is a good post that touches on bad actors:
https://steemit.com/steem/@dantheman/response-to-cosmos-white-paper-s-claims-on-dpos-security

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bitgeek (62) · 7 years ago

Congratulations @stellabelle, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 26 and the total pending payments to posts in these categories was $1381.65. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

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buterdaniel (54) · 7 years ago

I think the DPOS thing is a huge innovation and a giant leap for mankind. Indeed it's like flipping the universe to the other side.

In my opinion this system decentralises crytocurrency and would make the market highly valuable information the future. Since a couple of people are striving to keep it in excellent shape so that they can remain in good books.

@stellabelle this information is invaluable. Thanks for the post

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vm2904 (64) · 7 years ago

@stellabelle - DPOS really forms the fundamental on which platforms like Steemit are based. Though I had read the basics and understood the concept before, I was happy to reaffirm my understanding through your post! Not sure if a 5 year old would understand it but most of us would. LOL.
Thanks. Upvoted

Regards,

@vm2904

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xyzashu (75) · 7 years ago

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Thank you for writing awesome content!

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stellabelle (75) · 7 years ago

Thanks for reading.

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aftabkhan10 (65) · 7 years ago

Thanks for the upvdates.
@stellabelle you are working as a witness?

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stellabelle (75) · 7 years ago

I am considering it. Right now, I'm doing the research, as I like to be thorough in any endeavor I undertake.

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aftabkhan10 (65) · 7 years ago

Yeah you should be, will love to see you as a witness, I can gather too some witnesses for you :P

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stellabelle (75) · 7 years ago

part of my learning right now involves security, which is pretty new to me....it's taking a while to get a good understanding of how do it properly.

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aftabkhan10 (65) · 7 years ago (edited)

Yeah indeed, you need some good hands on knowledge to start

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ojay (43) · 7 years ago (edited)

Learning all these technical terms can be daunting and often an exercise in futility. Thank you for helping a girl out. Now I know that I can kick some boss's ass. I will need further details on how to identify those whose ass I should kick and the ones to give a pat on the back. Where I'm from we say "Ndewo" and that's thanks. BTW, I just joined. I hear there can't be lies here. I suppose that also mean that it is a forgiving place. So forgive me if I have erred on my first day😁

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stellabelle (75) · 7 years ago

please do kick some horrible boss' ass......
I have some stories about dem bad bosess.....

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ojay (43) · 7 years ago

Please show me and I will do the needful. Don't look at my size!!!

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coachta (46) · 7 years ago

Thank you so much for all you do to educate us (me). I have enjoyed your teaching. Each time another piece in the chain of knowledge connects after I consider your explanations.

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stellabelle (75) · 7 years ago

Don't forget about Bitcoin Movie night on Oct. 6 at Franny's Training Center....

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andrarchy (72) · 7 years ago

Great job! DPoS is one of the things that was a struggle for me to understand as well as explain.

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stellabelle (75) · 7 years ago

feel free to use these to help explain it.....

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angelgarz (61) · 7 years ago

Nice way to explain it!

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davidconstantine (54) · 7 years ago

Nice post, thanks!!!

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skycorridors (71) · 7 years ago

Interesting!!

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isteemithard (60) · 7 years ago

this helped explain a lot of my questions thanks I never knew the witnesses get paid that's cool.

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sweetdera (35) · 7 years ago

Delegated Proof of Stake! I like the terminologies in crytocurrencies. So it basically means that we are collectively responsible for what happens in steemit, right? If we collectively don't like anything, we can change it, right? I can't wait to buy more steem power! Thank you for the education.

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princeso (57) · 7 years ago

Wow, vivid explanation, thank God I join steemit.com.
I get to learn new things and Moreno earn.
Grateful for this great opportunity.
Pls how do I vote you as witness

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bashadow (65) · 7 years ago

It helps explain a bit about the DPOS, still a bit confusing though. One thing I have not really been able to find good solid information on is the "Witness" stuff. I know I get to vote for 30, (and now I guess I can unvote whenever I want), but I still really do not understand what it is they do. I have looked at some of their statistic reports that some o them do, but it is like a foreign language.

Is there a simple explanation of what they are, why we need them, and how do we figure out who to vote for? I am really getting annoyed with the money side, but since I seem to be making some I need to sort this out I guess.

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kwonjs77 (70) · 7 years ago

easy explanation for dpos algorithm; well read; thanks for sharing your thought...

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brianphobos (70) · 7 years ago

It really seems to be a solid system and I'm glad to see that some people who weren't large stake holder in BitShares work there way up the ranks.

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steemitboard (66) · 7 years ago

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idunique (51) · 7 years ago

Nice article, so comprehensive. Thanks @stellabelle

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gunneresq (55) · 7 years ago

This is about the easiest i have gotten the explanation of the delegated proof of stake. Thanks for this @stellabelle

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world-travel-pro (76) · 7 years ago

Great explanation for us newbies. I'm new to crytpo, steem, blockchain, blogging, witnesses, even smart phones. Steemit must be real special to bring in a guy like myself. I forgot to click follow on my comment from yesterday! ooooops. Following you now and going to vote for you as witness! Love the info you share! Keep up the great work! -Dan

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american-pie (53) · 7 years ago

Nice great Post . Thanks for share
bravo meme.gif

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richhersey (52) · 7 years ago

So basically it's like our politicians. If our politicians act badly they can be voted out, except that hardly ever happens.

There is no hope for humanity.

Sarcasm!!!

Steemit is different because of the way the platform itself rewards you for your work. If you write and contribute quality posts to Steemit, you will be rewarded! If you are rewarded, your Steem Power grows and affects how much your vote for a witness counts. If you sit on the sidelines and contribute very little, like the average voter in the political system, your Steem Power remains stagnant and your vote for a witness means little.

Steemit gives control and power to the community. We have no King! I'm glad to be a part of it.

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richhersey (52) · 7 years ago

Also, after being on Steemit for over 1 year, I voted for my first witness just yesterday. @teamsteem earned it.

Who will get my next vote? Is it @stellabelle? We will see....

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tojukaka (68) · 7 years ago

Wow
@stellabelle

This post reminds me of your first post I read.
That post made me have a very deep sense of respect for you
I love the way u simplify things

When I first saw this post I decided to procrastinate the reading because I felt it would be one lengthy and tech stuff that I really have to rack my brain over.
But I love the way you simplify things.
Have you considered being a witness yourself?
You re already doing a ton of work here

This is just proof of what I previously wrote about that the true treasure in Steemit is education that it provides.

I feel that the ulterior motive of steemit is to incentivize and foster Cryptocurrency education. Which is very favorable to the entire cryptospace and the non Crypto masses

Fantastic!

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icoexaminer (49) · 7 years ago

Thanks for this. The concept is a bit clearer now - although I don't know if I am convinced that the delegated witness concept is necessarily a huge improvement. It seems like a popularity contest - a bit like the US presidential elections, say - and a popularity contest doesn't necessarily imply the best person for the job.

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f3nix (59) · 7 years ago

Thank you Stella for your enlightening article. This is truly anarchic! If Tolstoj or the fathers of the anarchic philosophy would have seen this they could not believe their eyes..

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