I understand that PoW is no longer providing much security for the network, but I've seen at least one talk by @ned on youtube where he highlights the ability to mine an anonymous account as a selling point. I think that capability should be retained.
You could do the same via a username dedicated for creating anonymous accounts by paying it's fees.
If it's a 3rd party, you could pay for it with a cryptocurrency that offers anon transactions.
There's already a 3rd party doing this (I forget the web site offhand), but I think there should continue to be a way to do it without the need to trust a 3rd party.
When you send them your BTC, you need to trust that you'll get an account in return.
I should write my previous comment as:
The website that you may know is AnonSteem.
You would find a 3rd party if there is a demand, that you don't need to trust. Chose a service that offer escrow payment, and trust only the escrow provider. You should chose a high profile one, who would never ruin their goodwill for some dollar.
If this trust is too much, I don't recommend Steem, since it isn't trustless. The blockchain is in the hands of the elected witnesses.
Yes, I'm not saying it can't be done. I'm saying that the CEO of the company has been making public statements promoting the ability to mine an anonymous account without spending funds. For example, see here at about 15:32.
It has problems right now and has been that way for the last few versions. The decision was made to remove it rather than constantly spend time trying to fix it.
I don't think it would affect users or the price seriously. No one can PoW mine now (beside the 1-2 user who found out how to bypass the rules), it's a depreciated part of the system.
Creating content doesn't actually "mine" anything per say.
The "mining" happens currently by traditional PoW mining, as well as DPOS through the witnesses. Witnesses/miners produce blocks, and a certain percentage of each block reward is put into the rewards pool, which is then distributed to the people creating content and curating.
I think removing PoW (mining) won't have a negative impact on the platform, since there are plenty of people on Steemit. Steemit is just one app for the Steem blockchain. I believe there will be more "apps" that connect to the Steem blockchain.
But if noone is mining doesn't that mean no more steem is being created? aka limited supply, high demand = price increase?
STEEM is not limited, it has a 9.5% yearly inflation rate that will descend with time. PoW was there for those who wanted to stay outside of the politics that a witness has to play to be successful (aka get the most votes). PoW could provide additional security if there are a lot of miners, but with mining monopoly it's just another 'witness'. We don't get any advantage maintaining it.
Those rewards could be better spent. We have enough witnesses, and being a witness or contributing to the network is good for distribution. We could save developer time, make Steem simpler, explain Steem easier. It's not that great selling point, but Steem would be a really green tech.
There is no need for external PoW - it has been dead for months, sign up as a witness instead.
edit: Also removing PoW removes a risk-factor (not that we know of any) so just kill it.
Just click on the vote again. By the way PoW is mining. We mine with words. So removing PoW is removing people being able to mine the currency with computers like other crypto currencies. In reality, this is not needed by the steem blockchain at all. Yet PoW = Proof of Work which is related to mining rigs and using devices/computers to mine crypto currency.
PoW gives a person who is not popular a chance to be a witness once.
I invite @steemed to explain us the benefits of keeping 2 PoW slots
Been dead for months really.
I understand that PoW is no longer providing much security for the network, but I've seen at least one talk by @ned on youtube where he highlights the ability to mine an anonymous account as a selling point. I think that capability should be retained.
You could do the same via a username dedicated for creating anonymous accounts by paying it's fees.
If it's a 3rd party, you could pay for it with a cryptocurrency that offers anon transactions.
There's already a 3rd party doing this (I forget the web site offhand), but I think there should continue to be a way to do it without the need to trust a 3rd party.
It's AnonSteem. You don't need to trust in the 3rd party.
When you send them your BTC, you need to trust that you'll get an account in return.
I should write my previous comment as:
The website that you may know is AnonSteem.
You would find a 3rd party if there is a demand, that you don't need to trust. Chose a service that offer escrow payment, and trust only the escrow provider. You should chose a high profile one, who would never ruin their goodwill for some dollar.
If this trust is too much, I don't recommend Steem, since it isn't trustless. The blockchain is in the hands of the elected witnesses.
Yes, I'm not saying it can't be done. I'm saying that the CEO of the company has been making public statements promoting the ability to mine an anonymous account without spending funds. For example, see here at about 15:32.
(Maybe I'm stupid because I haven't read the white paper? ) .... What is PoW??
Proof of Work - or mining.
It has problems right now and has been that way for the last few versions. The decision was made to remove it rather than constantly spend time trying to fix it.
Thanks...forgive me for my ignorance...I had heard @craig-grant mention this a while back as well.
How will this affect the price of steem and how will it affect the steemit community in your opinion?
I don't think it would affect users or the price seriously. No one can PoW mine now (beside the 1-2 user who found out how to bypass the rules), it's a depreciated part of the system.
But if noone is mining doesn't that mean no more steem is being created? aka limited supply, high demand = price increase?
Steem is being created from our blog posts, comments, and curation activities on Steemit
? How does that CREATE a currency?
It's like "mining" bitcoin, except we mine Steem by creating content.
@jetsa makes sense :] cheers
Creating content doesn't actually "mine" anything per say.
The "mining" happens currently by traditional PoW mining, as well as DPOS through the witnesses. Witnesses/miners produce blocks, and a certain percentage of each block reward is put into the rewards pool, which is then distributed to the people creating content and curating.
Really....but if that is the case why did we need traditional miners in the first place?
I don't know. I believe Steem is getting rid of PoW (traditional mining) in the next update.
yes...and how do you think that will affect the platform as well as the currency?
I think removing PoW (mining) won't have a negative impact on the platform, since there are plenty of people on Steemit. Steemit is just one app for the Steem blockchain. I believe there will be more "apps" that connect to the Steem blockchain.
STEEM is not limited, it has a 9.5% yearly inflation rate that will descend with time. PoW was there for those who wanted to stay outside of the politics that a witness has to play to be successful (aka get the most votes). PoW could provide additional security if there are a lot of miners, but with mining monopoly it's just another 'witness'. We don't get any advantage maintaining it.
So how does an inflation rate descend? ( im clueless about economics)
That 9.5% will be reduced by 0.5% yearly by the code.
Those rewards could be better spent. We have enough witnesses, and being a witness or contributing to the network is good for distribution. We could save developer time, make Steem simpler, explain Steem easier. It's not that great selling point, but Steem would be a really green tech.
There is no need for external PoW - it has been dead for months, sign up as a witness instead.
edit: Also removing PoW removes a risk-factor (not that we know of any) so just kill it.
(I misunderstood the parent's writing) .... I want to see it all ... Is there a way to cancel the upvote in the comment?
Just click on the vote again. By the way PoW is mining. We mine with words. So removing PoW is removing people being able to mine the currency with computers like other crypto currencies. In reality, this is not needed by the steem blockchain at all. Yet PoW = Proof of Work which is related to mining rigs and using devices/computers to mine crypto currency.
thank you.