Who provides the money

canwaals (25)in #steemit • 7 years ago

I am new to blockchain and steemit. After scanning the steemit, there is one question in my mind: if everyone can get rewards from steemit, where does the money come from?

#money #benefit #blockchain

7 years ago in #steemit by canwaals (25)

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ryanblue7s (59) 7 years ago

it is like mining where does the free block rewards come from

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jaimeguti (29) 7 years ago

so is steem minable?

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ryanblue7s (59) 7 years ago (edited)

no its a comparison , bitcoin generates new bitcoin with mining, steem generates new steem for upvotes

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ryanblue7s (59) 7 years ago

So the more Steem power you have the more Hashpower you have like for mining

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firemeibegyou (49) 7 years ago

I was also confused.

I would start with this: https://steemit.com/steem/@steemrollin/steem-where-does-the-money-come-from

and then https://bitcoin.stackexchange.com/questions/182/where-do-bitcoins-come-from-and-what-gives-them-their-value

and finally a Tim Ferriss podcast is a MUST listen. He basically asks the same question like you did.

http://tim.blog/2017/06/04/nick-szabo/

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canwaals (25) 7 years ago

thanks

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topslim (51) 7 years ago

Steemit doesn’t have ‘Miners’ It has ‘Witnesses’

Unlike bitcoins, Steemit is based on a blockchain technology called ‘Graphene’ which uses ‘Witness’ for producing Steem coin blocks. When a Steem Block is witnessed 10%of it goes to the witness and the rest 90 % is awarded to the content creators and curators and the users with STEEM Power. 21 witness nodes are produced every 63 second by 21 witnesses, There are 20 of them and they might change based on the number of votes they receive.
@utfull @topslim

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