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RE: How are the witnesses performing? Let's look at some statistics!
I still dont understand the concept of witnesses. Can anyone explain?
I still dont understand the concept of witnesses. Can anyone explain?
Instead of there being proof-of-work miners like in bitcoin, Steem uses delegated proof-of-stake. Basically, your stake is your steem power, and you 'delegate' it to 'miners' by voting for witnesses.
Witnesses are the 'miners' that secure the Steem blockchain. But because it uses delegated proof-of-stake, it uses a lot less resources than bitcoin mining and frees up most of the new coin creation to be shared with content creators instead of with miners.
So do we get any reward by delegating our steem to the witnesses?
You still control your STEEM - delegating STEEM is something different entirely.
Think of it more like a representative government. You vote for witnesses, but your vote is based on how much STEEM you control, and the witnesses run the servers that allow Steem to function and decide which laws to pass (protocol changes... hard forks).
You don't get any explicit reward for voting (and less than 15% of users vote).
Thank you for explaining. I understand it a little better.