[AskSteem] What is A SteemIt Witness?
Question #3: What is A SteemIt Witness?
What are the technical details of what makes up A Witness on SteemIt?Read about what AskSteem is trying to do here.
Reminder: the best/correct answer gets 50% of the reward of this post.
Technically, there is no such thing as a Steemit witness. But rather a witness for the Steem blockchain. The Steem blockchain requires a set of people to create blocks and uses a consensus mechanism called Delegated Proof of Stake, or DPOS. The people delegated to create these blocks are called witnesses.
They are voted on by owners of Steem accounts, using a steem-power weighted system, so they are generally some of the most trusted members of the community, as well as being tech savvy. They are expected to keep a node running every second of every day.
Blocks are produced in rounds, 63 seconds per round and 21 blocks per round. Every round, the top 19 witness accounts are delegated to produce a block, 1 block is produced by a backup witness, and 1 by a miner.
In addition to producing blocks, witnesses are also responsible for providing a price feed of the US dollar value of Steem as well as setting the Steem Dollar interest rate. As an incentive to do all their required tasks, witnesses are rewarded 1 Steem for each block they produce.
AWARD: Hello, you won this first round for best answer! The aware amount was small ,but will send it over very soon. Thanks for participating!
This post has been linked to from another place on Steem.
About linkback bot. Please upvote if you like the bot and want to support its development.