I heard the mining part of Steem would be ending after the next hardfork.

in #steem • 8 years ago (edited)

According to what I heard from @thecryptofiend

The rationale [for no more mining] is that one or a couple of users were periodically hogging the mining using either an exploit or a GPU miner.

Now I would like to ask, where and how would STEEM be created unless from mining? Voting only? (How many Steem are there, and shouldn't the mining part be the whole idea in crypto currencies and keeping books on it?)

Wouldn't it be easier to code rules in place, that whatever a miner makes from mining, 2/3 of the rewards would automatically go to the author and curation rewards, and the miner would get the remaining third?

Just wanted to ask. (Didn't know better place to do it either. I'm going to bed so I had to write this quick.)

[Previous post Here's something to lighten up your day.]

Buy me a beer

#mining #hardfork
8 years ago in #steem by
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     8 years ago (edited)

    The Steem blockchain primarily relies on "delegated proof of stake" (witnesses) instead of "proof of work" (miners). There are still blocks produced in a similar way as traditional proof of work mining, except instead of it being a battle over computing power - it is a battle over votes.

    The STEEM tokens that used to be generated to pay the mining block production will just be converted into a new top witness position. There are currently 19 "top witnesses". After the hardfork, there will be 20.

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     8 years ago (edited)

    Thanks, I think I got it. One thing still seems to bother me.

    battle over votes.

    Does this somehow take into count the possibility of millions of voter bots coming into play?

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     8 years ago 

    Yes, it is stake weighted based on the amount of Steem Power the voter has.

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     8 years ago 

    Very good questions, my new friend! I actually have the same.

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