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RE: Upcoming Proposed Changes for Hardfork 0.17.0, making Steemit Simple for Everyone using the K.I.S.S Principle [Infographics]
STEEM chat is catharcissism too.
Curious how coins will actually be created if there's no miners.
Happy to contribute to such a worthwhile endeavor.
Steem uses Delegated Proof of Stake (DPOS). The coins are created by the witnesses every time a block is validated (I think it's every 3 seconds). In essence the witnesses are the miners. Currently the POW mining in Steem only generates 1/21 of the blocks but that portion of the algorithm doesn't add any additional security to the network. If you are interested I am including 2 links of Steemit articles about DPOS.
https://steemit.com/bitshares/@testz/bitshares-history-delegated-proof-of-stake-dpos
https://steemit.com/money/@autosmile13/what-is-dpos-delegated-proof-of-stake