Witness System Explained Simply.

in #life7 years ago

Welcome and thank you for reading my simple explanation of Witness System.

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During my effort to convince a witness to get STEEM or SBD on a major exchange, I realize that many people that I need support from don't understand the witness system on STEEM. It is confusing and really needs a dedicated home page to explain it. For now all we have is people like myself to help out.

The witness thing is confusing and large majority don't vote. Questions people are afraid to ask are: Do the witness votes affect my voting power? Does it affect my earnings? Do I have to pay for this vote? How do I know which witness is the right witness to vote on?

Let me help you get to know the witness system on Steemit.

A witness is a person that runs a Node. A Node is like a server that supports the STEEM blockchain. Witnesses are rewarded from a different reward pool than we use. How much they are rewarded is based on the number of votes and how well they maintain their Node.
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Whenever you make a transaction with STEEM currency, blog, or vote, you are adding information to the blockchain. It is important that these Nodes function to record that information into the blocks of the blockchain. The top witnesses are expected to keep their nodes running 24/7 and keep a price feed for STEEM and SBD. If they don't, they may lose votes from the Steemit community which would mean that they could fall out of the top positions and lose rewards.

How does that affect you?

  • If you vote for witness, it doesn't affect you or your earnings.
  • If you don't vote for witness, it doesn't affect you or your earnings.
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So why do it?

  • Your witness vote allows the witness to get paid for the equipment and operational cost of running a Node. It gives them a reason to do it. This way you are supporting the STEEM blockchain that Steemit runs on and allows the system to run smoothly.
  • The top witnesses make decisions about the future of STEEM and Steemit. It is like a democracy where you vote for your leader.

Along with running nodes, some of these witnesses have developed apps, games, tools, paid for advertising, and other various things to promote Steemit and themselves as a leader.

Questions and Answers:

Question: How many witness votes do I have?
Answer: 30

Question: How long do I have to wait until I can vote again?
Answer: You can always change your witness vote. There is no wait to unvote or to change your vote to another witness.

Question:? Will voting for witness take away from my daily allotment of votes?
Answer: No

Question: Will voting for witness change how much rewards I get on Steemit?
Answer: No

Question: How do I know which witnesses to vote on?
Answer: Witnesses are voted on by their ability to keep the nodes operating, their popularity, and their achievements. Many have other projects to promote themselves. I am taking a different approach by creating a challenge for the Witnesses to accomplish to gain our votes.

My solution to convince the witnesses to work for us:

What I have done is give the witnesses a challenge to get STEEM or SBD on a major exchange. If they do that, they win the witness votes. This is a way that we can combine our votes to influence our leaders to accomplish goals that are important to us.

Why is getting STEEM on an exchange important?

The more exchanges STEEM and SBD are on, the more access people will have with more options and more supported languages. When this happens, STEEM can be adopted a major currency worldwide.

Here is how you vote:


To learn more about my challenge for a witness to get STEEM or SBD listed on a major exchange, follow this link: https://steemit.com/steemit/@socky/witness-reward-bounty-173-800-055-vests

I hope you enjoyed reading my Blog. Please remember to Upvote, Resteem, and Follow. Thank you.

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For a breakdown of how Steemit Rewards system works:

https://steemit.com/steemit/@socky/steemit-rewards-breakdown-a-simplified-explanation-with-illustrations

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Thank you for sharing information about the work of the steam witness, for me let the witnesses I choose to work patiently and calmly there. maybe they are working hard day by day, I think to be a heavy steam witness and need a lot of support from people who realize that steam witness is a job that must be really carefully noticed. Thanks @socky.

Thank you @dianclasher.
You have 12 more unused witness votes. Would you promise to vote the witness that gets the job done with one of those 12 votes? I will take the responsibility to let you know if a witness actually accomplishes the job.
https://steemit.com/photography/@dianclasher/black-ant-9801eb95de04

yes I will do it if anyone supports me, without support maybe my work is meaningless here. thanks @socky 👍

Thank you!

Thanks
i didn't understand it before

@tsnaks,

You are a real trooper. Thank you for supporting my effort!
https://steemit.com/dmania/@tsnaks/feels-so-good-zg1hbmlh-21s08

You have very nice and often helpful posts.
I really like reading your posts.

Hola amigo lo declaro de manera formal, Yo @lanzjoseg declaro por escrito en este comentario que si estoy deacuerdo en participar y que puedes contar con mi apoyo.. Gracias por tenerme en cuenta para tu proyecto..

Hello friend I formally declare, I @lanzjoseg stated in writing in this comment that if I agree to participate and that you can count on my support .. Thank you for keeping me in mind for your project ..

Glad to have your support.

a very good post, a good start to start a work, I like the post you share @socky
and i am very inspired. thanks as regards introduction @muktariza011095

Cool, thanks for sharing.

Thank you - I had some vote for witness request in replies on my post. I wanted to learn first before doing something with that - so thank you for this lesson :-)

Hola @socky, cuando tenemos que votar? Mandame el enlace para hacerlo. Un cariñoso abrazo.

I will take responsibility to message everyone to vote when a witness has accomplished the challenge. I'll send you the info if it happens.

https://steemit.com/spanish/@celinavisaez/sin-internet

the eternal problem.

How does that affect you?
If you vote for witness, it doesn't affect you or your earnings.
If you don't vote for witness, it doesn't affect you or your earnings.

And once we get people to care about witnesses, they still have trouble finding information on them.

@tarekdam also had a recent post about witnesses which overlaps with some of what you wrote, and I shared some resources I've gathered along the way. I'm pasting them here in case they're useful (not endorsing any particular witness):

Now that helps! It is great to get some tools that checks what the witnesses are doing. I also think that there should be an official STEEM webpage that is updated by STEEM Inc that would include some of this information. This hands-off approach from STEEM Inc is not right.