Witnesses? Should they really be Paid, and We need Change

in steem •  5 months ago

Every Coin has its own ECO system, and way of verifying blocks, but are the witnesses taking advantage? download (2).jpg

So everyone gets to vote on witnesses, but it is a stake vote system, so really they are decided by only a few people. They have to agree and vote on changes to the site, and they verify the blocks. Not really a tech person so I don't know all that goes into that, but I do know they run a node. Also I do have some experience with nodes for other coins, and they are really not that expensive to run, so going off my experience with that. So they do have some electrical costs to run the node, coupled by needing space to place it. Here is where it gets funky, the top 20 Witnesses get 250 steem per day, not per week, or per month. Per day.... That as today is 587 dollars a day, and 4112.5 dollars a week. Not a bad pay day for running a computer program. Kinda like congress as they have to vote themselves to change the amount paid, like that will happen. Meanwhile this makes them almost if not the top earners on the steemit platform. I thing we are in need of some major change in the way we elected and treat our congress, I mean witnesses.

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Running a witness for Steemit is a bit more complicated than running a masternode for say Dash. The steemit witness server requirements are more robust and require larger amounts of memory to function well. Steemit has always been top heavy because you could mine it in the beginning and create multiple accounts while doing so. The top witnesses get paid a ton, but those at the bottom may not even be able to cover costs. To give you an idea of how top heavy Steemit is check out this post from a while back https://steemit.com/blocktrades/@blocktrades/buy-steem-accounts-with-pre-loaded-steem-from-blocktrades If you look at the distribution of Steemit wealth you will discover its even more depressing than some fiat models.

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Ya, I kinda knew that, and it is definitely ran by the richest accounts of steem. That is why dan is trying to do with Eos is not let it get so top heavy, but I don't know how you could do that.

How can I made anyone to my witness....And Wich witness is best.

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How many votes for witnesses do you current have on your account? By far, most users will not vote on a witness, just like in real life, most people don't vote. Over time, as the amount of SP is spread over a larger crowd of people, it's likely that only those with the most amount of SP will be voting and rightfully so because they have the most vested interest.

So with that said, there is obviously a potential conflict here since there are so few whales and few witnesses positions. Some of the whales are actually witnessess too making it even more complicated.

It's a difficult thing to make fair without treating whales like second rate people, but I suppose you could design an representative election system such as the electoral college.

I guess my question to you is really, do you think it's right for a 1 account 1 vote setup? Because there's 1 million accounts, but how many are actually active? Looking at those numbers makes me think that what we have ain't so bad.

It would be important to share more posts regarding this topic, since in the present everything has to do with the currency and its fluctuations. Greetings.

Feel free to spin up a few servers on DigitalOcean and become a witness.

Then participate in the platform enough to become a known witness that is likely to get voted.

It likely won't be as easy as you imagine.

Hmm interesting thoughts, considering that their income they receive with votes I think some reward would be an excellent the version of bestowal or an act of courtesy. Also for steemians to vote for their witnesses would be more attractive and then they would spend all their 30 votes, and not keep them to themselves. But I think all of us wonder to know what witnesses think about it?...
Also about witnesses rewards you can read here https://steemit.com/utopian-io/@semasping/accusta-witness-s-rewards-v-0-7

That looks huge but the cost in running it might be expensive than that. I have heard some of them complain