ELI5 (explain it like I'm 5): What are Steem Witnesses, and what does my vote do?
I've been trying to read up on this but once somebody dives a little too deep into the blockchain terminology it all becomes meaningless.
- What is the job of a Witness?
- Are Witnesses essentially miners?
- How does my upvote effect their ability to be a Witness?
- Do I get any benefits for upvoting Witnesses?
If anybody can help me with this I would be much obliged!
You'll find some ELI5 answers here: https://steemit.com/faq.html#What_are_Steem_witnesses
There's no mining on Steem, but yes, it's a replacement for it. Essentially instead of solving difficult math problems, the community votes for who should run nodes to maintain consensus.
It's an election, the more votes the witnesses receive in terms of Steem Power of the voters, the more blocks they secure.
You don't get any benefits, but by voting for witnesses you trust, you indirectly make Steem a better place. Of course, large Steem Power holders have a significant effect on the political landscape of Steem.
Oh cool, I understand now. Thanks!