Every time someone posts, comments, upvotes, transfers, etc. - that all gets processed and recorded in the blockchain. The witnesses are the ones running the servers and software that validate and record all of the transactions.
Witnesses are also elected leaders of the community. They have a responsibility to grow the Steem/Steemit community by using their skills/talents (as well as witness funds) in ways that benefit the community.
They are the final deciders as to whether or not hard-forks occur. If there are controversial or bad changes being proposed, the witnesses can put a stop to them by refusing to pick up the new version.
They also publish the price of Steem, which is used to determine the payout of SBD->Steem conversions, as well as the Steem marketcap - which determines the total amount of rewards available in the reward pool.
They also determine how much interest SBD pays, and how much it costs for a site like Steemit.com to register a new account on the blockchain.
Hope that helps! If you have any other questions, let me know.
Hope that helps! If you have any other questions, let me know.
interesting , thnx timcliff for the details answer
i think i have much to learn about steem and how it works
following u :)
Cool :) Let me know if you have any questions!
good to know , thank you .
Thanks. It's a great question. I will reply when I get home tonight. It is a bit much to type on my cell phone :)