Ask-Me-Anything | @precise | Episode #1 : RECAP - Witnesses, the blockchain, STEEM, nodes ... read more!
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As part of my endeavors to support a growing community - @steemph - I organize a weekly AMA (Ask-Me-Anything) for the purpose of sharing, imparting knowledge and educating the community.
This was the first episode of this series and here's the recap.
Overall, my first Ask-Me-Anything session was a success. The questions were overwhelming and they kept on coming as you me see on the timestamps below. Being an introvert myself, It was nerve wracking and i literally thrown myself under the bus BUT the feeling of sharing something to the community and inciting that curiosity for the good of the community... is priceless. I'd say...
Humanity in me conquered the fear
Some of my answers were in vernacular. Below are translated to english (some) so that it will be understood not only by Filipino community.
| Question | Answers by @precise |
|---|---|
 | (1) A witness runs a server node which produces blocks for the STEEM blockchain. The process of producing blocks includes verifying and validating transactions. (2) Witnesses also publish a price feed - how 1 STEEM is compared to 1 USD. (3) bring value to the STEEM Network (which includes a list of various endeavors) |
 | Witness nodes are the backbone of the STEEM blockchain obviously if it crashes - goodbye blockchain! |
 | SegWit is closely related to the block size and the problem of scalability. As of now this is not a main concern as graphene (where steem blockchain is based) is designed to correct these problems. |
 | (the question is related to scalability) This is true, The requirements of running a witness node is increasing proportional to it's users and adoption |
 T: So choosing a witness to vote is important? | Definitely! It's easy to setup a witness node but maintaining it takes a lot of hardwork and dedication. Not to mention the value you add to the STEEM blockchain. |
 | A block contains data of transactions (ie.posts, comments, votes, transfers etc). |
 | eh di nga nga :) |
 | No. |
 | No. A block contains data of transactions (ie.posts, comments, votes, transfers etc). |
 | When a block is produced by a witness node.. STEEM is also produced |
 | It used to be that way before HF16 |
 | STEEM blockchain is open source you don't need to be a witness to access any tools ,codes or information about hardforks you can checkout github to see the open-source project. |
 | Correct! |
 | I don't watch Ned. |
 | Yes. Good citizens pay taxes. |
 | Always buy low and sell high whether you're buying or selling always choose the best prices sometimes they vary. |
 | buying and selling of commodity from different markets taking advantage of the price difference |
 | However good the platform is , it won't be of any significance if no one finds value in it. so witnesses, also aim to create and provide value to the STEEM blockchain. |
 | Witnesses maintain the integrity of the blockchain and make sure the nodes are up 24/7 to process transactions. |
 | It is still breakable in fact, it only takes to destroy less than 500 server nodes (if you know where they are) to destroy the current state of the blockchain. |
 | (hacks in the context of phishing) Unfortunately, phishing attacks involves social engineering, part of being a human is our nature of being vulnerable. There is a need to educate everyone in terms of security and how to be protected against malicious entities. On my own capacity, One of my aim for this AMA series is to impart knowledge, so everyone of us knows what to watch out for and how to protect ourselves. |
 | Public key - your public signature; what you use to encrypt data Private key - use to sign or generates a signature block; what you use to decrypt |
 | 2 Main uses: (1)for secure communications: encrypt data with public key and only the bearer of the private key can decrypt. (2)a public key can be use to verify and validate a digital signature produced by a private key. |
 | VPS - 16GB RAM 4-core processor 200GB HDD $50/month |
 | No. if you are not producing enough blocks meaning it depends partly of your ranking in terms of witness votes. |
 | No. unless you have a very reliable setup and a reliable internet connectivity. |
 | I have no idea. you can very everything on the blockchain blocks should be produced approx. every 3 seconds. |
 | Partly yes. |
 | 1Gbit/s |
 |  |
 | If a witness becomes inactive, there is no punishment. however, you won't be included in the rounds to produce a block. |
 | Requirements: setup a witness node, declare your intentions do your part as a witness |
 |  |
 | If the value of STEEM increases against the dollar, your Steem Power do not increase per se. |
 | The value of your vote (in terms of USD) is influence by many factors, inflation, STEEM/USD rate, the weight of SP. |
 | The value of your post depends partly on the weight of the upvotes you get. Remember, the rewards pool is shared amongst authors and authors are voted based on the "quality" of their post through upvotes. |
Screenshots taken from Steemit Philippines Discord #ama - with permission.
If you think I deserve your witness vote, cast it here https://steemit.com/~witnesses
Thank you for taking the time to share your knowledge with eager learners such as myself.
Congratulations on a successful AMA night, it truly was enlightening. Can't wait for the next one!
you're welcome. Next topic is up! hope you can join.
Of course! Wouldn't miss it.
The question are overwhelming talaga! but the question @dreamiely is more overwhelming. Nosebleed. Me and @lola.imma are not very techy techy.
partly my aim for this AMA is to translate the more technical insights so that it will be understandable to everyone regardless of background. I think the recap above did not give justice to the 2-hour talk :( where i even elaborated my answers with examples. Even @lola.imma (i think) have grasped the ideas to the technical aspects of being a witness. I hope you can join us for the next episode ...it's about security and you can read more about it here
https://steemit.com/witness-category/@precise/my-name-is-precise-i-take-security-for-breakfast-let-us-secure-your-accounts-ask-me-anything
Anu daw @grazz? Hehe
Hahahaha! Sikata nako diha bai oy!
kuyaw kaayo kag pangutana bai! hahaha
You are incurring expense by just running the node and buying the equipment. How does running a node or being a witness pay for itself?
Unfortunately, it only pays for itself when you are on the top 50 (rough estimate). I don't want to sound cheesy and all ... but for me it's not always the monetary gain that is rewarding. I created my account a long time ago, and if I wanted monetary returns I could have started right then. Not until a good friend of mine @tjpezlo introduced me to the awesome @steemph family, lead by these amazing core group.
Thanks for the support.