Top 20 Witnesses Should Decline Rewards - $573k a Year salary
Been Creeping
I like to creep around Steemd.com, I was creeping on a witness today when I noticed the producer reward. I realized that it was showing basically every minute, although it isn't exactly every minute, he was getting .191 STEEM as a producer reward.
The top 20 witnesses get one block per round which is 63 seconds long.
21 blocks are made in succession, 3 seconds apart, and the first 20 going to the top 20 witnesses. The 21st goes to a random witness with some algorithm I do not understand but is suppose to have a better chance the higher your place is.
So let us do a little math here.
The number of seconds in a day, divided by 63 gives us 1371.43 rounds per day. Each round gives a top 20 witness .191 Steem.
That is 261.9 SP a day. Over a year, that comes out to 95.6k SP or ~$573k at current prices of $6.
So Tell Me Why You Need Rewards From The Reward Pool
Shame On You.
It doesn't make sense to me why they should not take rewards simply because they are making good money as witnesses.
Because there main purpose should be to grow the platform which involves spreading rewards to as many new people as possible. If they take more of the reward pool, on top of us fighting the abuse from others, they need to recognize that what they take from the pool is less that is going to a minnow.
They still gain 95k steem year, currently, and gain rep from up votes people give to their canceled out rewards.
I would even agree to one post a week or something so they can get some SBD flowing in their pockets.
Hi @biasnarrative! As accurate as usual - Mother Nature gave you hawk eyes and owl mind ;-) I totally agree with you, and would even propose:
the Reward Pool access to be suspended for the top 20 Witnesses,
AND the block production algorithm to be reformed so that the first 50 Witnesses receive an equal reward per period of time (I suppose there already has been plenty of debates around it, haha). Actually the Witnesses I most have talked with are positioned between ranks 40 and 100, and as far as I've seen nor the hardware installation they need (and their investment in it) nor the workload they direct to running their seed and to inform/assess the Community are so drastically inferior to the "Top 20" as their rewards are...
I have thought about your first point and agree.
Your second point could affect hard fork updates. Not sure though. I have thought about making everybody on the witness pool random, and the higher your rank, the more chance you have of getting it
As far as the hard forks are concerned, aren't they the result of a simple majority votation between the first 20 Witnesses, that could be extended to the first 50 (promoting a more democratic base for that hard fork process)?
@biasnarrative Such a great article thank for shear
@biasnarrative...nice information and detailed explanation bro... thank you for sharing with us.....thank you for sharing with us...
Thanks for sharing! A link to your post was included in the Steem.center wiki article about Steem Witness. Thanks and good luck again!