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RE: Open Letter To Steem Community
We had POW mining in the beginning.
All STEEM happens to be is a decentralized database. However the majority of the blocks are created by the top 20 witnesses voted by the community.
I'm not against what you are saying here.. However as it sits I don't see it happening any time soon as would be regarded as taking a step backwards.
So, Steem had proof of works (POW) mining. So, now it is proof of brains or what is it right now? What kind of mining would you prefer and how many kinds of mining are there? I believe there are around 5 different kinds. I am still not totally sure which I would prefer. Yeah, I agree that many of these things may not change any time sooner, perhaps. I am simply here to encourage people to talk about making things better, assuming it is even possible to improve the system. But not to say that I am right about what I say. I am only trying to suggest ideas that might help. But I could be wrong concerning the specific details.
Yeah, I get what you are saying.
Right now we have value subjective voting that does the "mining" / post rewards or whatever you want to call it.. Plus the witnesses that facilitate this.
Not sure we'll ever see POW mining come back.
No worries, It is certainly not the easiest crypto to get your hands on unless you're a highly supported witness, a well voted blogger or someone who can afford to buy STEEM.
What are the rules? In order to be a witness, first you have to be running a Steem node and secondly, you have to get a certain amount of votes? How many votes would be the minimum required?
The strength of the votes you receieve dictate how high your rank is, and how many blocks a day your server can create.
Here is a question. Does a witness earn Steem for mining blocks? I'm assuming that blocks are mined like Bitcoin blocks are mined by miners. I don't want to say Bitcoin and Steem are identical but this is my comparison. If I'm accurate, then that makes sense and I would prefer that over how Bitcoin does it I think.
Top 20 witnesses get 0.21 STEEM per a block. Backup witnesses get ~1.2 STEEM per a block.
This might be one of the advantages Steem has over Bitcoin. I wish Tron the best of luck. Things are getting better for Steemit. My fingers are crossed.