Explain Delegated Proof of Stake Like I'm 5

stellabelle (75) 7 years ago

thanks for the tip! Hmmmm.....I think maybe some people don't want to do the research to determine who to vote for.....so are you talking about setting a proxy? I think delegating voting power to someone else is a good thing. Not everyone likes to vote daily, and if the voting power is not delegated, then it's wasted.

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rebeccabe (63) 7 years ago

thanks .. I appreciate the input.

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dcgikandi (41) 7 years ago

Yes, thank you so much, @stellabelle, I finally get it! After watching heaps of videos elsewhere and documents, I finally get it! :)

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conspiracy-guy (47) 7 years ago

Thanks for the beginners course on DPOS, but I still have some questions. How does one become a witness? How does one vote for a witness? Do witnesses run full nodes? Where is the STEEM blockchain hosted? How big is the STEEM blockchain currently, and how many full nodes do we have? I have been wondering these things for awhile.

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stellabelle (75) 7 years ago

wow, I'll have to write an article about each of your questions...here goes

One becomes a witness by setting up a witness....@someguy123 has great tutorials on what you need to do as far as your computer. Then, one has to constantly campaign to become a Witness, as well as do work for the Steem ecosystem.
You would need to ask a Witness if they run full nodes, as I don't know.
The Steem blockchain runs in a decentralized manner, meaning through computers (nodes) all over the globe that are connected to each other. Steemit.com is different from the Steem blockchain. Steemit is hosted on AWS.
I don't know how big the Steem blockchain is currently, I think @someguy123 might know....and you'd need to ask @jesta, @good-karma or other Witnesses how many full nodes we have.

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conspiracy-guy (47) 7 years ago (edited)

Thank You for your reply! I will look into becoming a witness and setting up a node. I should probably go and read the updated whitepaper as well.

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tojukaka (68) 7 years ago

I have a question @stellabelle

What is AWS?

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demotruk (69) 7 years ago

Only the top 20 Witnesses are paid for their service. Because many want to become a Witness, there are hundreds of backup Witnesses.

The top 100 witnesses are paid.

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stellabelle (75) 7 years ago

Thanks. I will edit this.

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neoxian (70) 7 years ago

Only the top 20 Witnesses are paid for their service. Because many want to become a Witness, there are hundreds of backup Witnesses.

This isn't true. Backup witness do make some money as well. At position 58 I make around 300$ a month.

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stellabelle (75) 7 years ago

ok, thanks for that. I'll edit it.

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stellabelle (75) 7 years ago

Do you know how many full nodes are currently running? Also, someone asked how big the Steem blockchain currently is...

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neoxian (70) 7 years ago

Not sure on the full nodes, but I believe the blockchain is about 32 gigs currently.

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glennolua (68) 7 years ago

Thanks for the lesson and education regarding the witnesses and DPOS. Many are new to this platform as well as with the crypto alt tokens and there is a lot to learn.

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g-mor (59) 7 years ago (edited)

If a Witness starts acting like an asshole, or stops doing a quality job securing the network, people in the community can remove their votes, essentially firing the bad actor. Voting is always ongoing.

Lol, i cant stop laughing , lovely post stella

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