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RE: Where is Steemit.chat? [ concerning witness voting ](PSA)

in #steemit7 years ago

Yes, it doesn't cost so much to run I think but there is time and effort involved too. The witnesses earn so much because it is paid in Steem and the prices have changed significantly over the last year. It isn't paid in US dollars. What 'basically' happens is that as they process all of the transactions on the blockchain, some percentage of the Steem generated gets paid to them. The more they process, the more they get paid. They are like the miners. The top 20 get nearly all of the transactions so they earn a lot more than those below. Perhaps they should spread it wider, but it is it my area.

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Very interesting to know, about witnesses. Sounds like a lot of work & involves great technical expertise. I’m still learning how to navigate the basics, here, nearly 3 months in :)

Yes, to run a witness takes some technical knowledge i think but not in my wheelhouse. The beauty of having and paying the witnesses means that the blockchain is very efficient and transactions are free for users as they are paid from the pool to the witnesses transacting.