Yes the witnesses are the ones that are like the politicians. The top 21 of them get to decide what rules we operate by. In order for anything to change, these top 21 people have to agree (or a large percentage of them)... We all get to vote for them, but the votes are weighted by size of your SP. If you have a small amount like me, then you can vote but the big guys are the ones who really pick which witnesses are at the top.
Does that answer your question, or would you like a further explanation?
Steem contrary to Bitcoin, do not require expensive mining rigs which only professional miners can afford, to generate new blocks with latest transactions. It could be said, that Bitcoin uses mining to determine who will generate a new block, effectively by a contest "who will waste more electric power".
Steem in the other hand, use more productive approach and allows users to chose block producers (a.k.a. witnesses) by allowing users to vote for those which brings the most value the network for example by creating interesting projects, promoting Steem, etc.
Yes the witnesses are the ones that are like the politicians. The top 21 of them get to decide what rules we operate by. In order for anything to change, these top 21 people have to agree (or a large percentage of them)... We all get to vote for them, but the votes are weighted by size of your SP. If you have a small amount like me, then you can vote but the big guys are the ones who really pick which witnesses are at the top.
Does that answer your question, or would you like a further explanation?
Thank you so much for details about witness..
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You are very welcome!
Steem contrary to Bitcoin, do not require expensive mining rigs which only professional miners can afford, to generate new blocks with latest transactions. It could be said, that Bitcoin uses mining to determine who will generate a new block, effectively by a contest "who will waste more electric power".
Steem in the other hand, use more productive approach and allows users to chose block producers (a.k.a. witnesses) by allowing users to vote for those which brings the most value the network for example by creating interesting projects, promoting Steem, etc.