[EP96] Why can't the witnesses pay for Steem Blockchain Development?
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How much do the Top 19 witnesses make per month from producing blocks, and how much does their equipment cost? With Steemit Inc working on bringing the costs of producing blocks down (256GB RAM to 64GB RAM) I imagine we'd see the Top 19 witnesses bring down their own costs and therefore making more profit.
Clearly development needs to happen on the Steem Blockchain, so I'd like to see the Steem Blockchain get to a point where the Top 19 witnesses are the ones who are donating the most to the development and quality assurance of the blockchain code. This makes the most sense to me, they stand to profit the most from a strong blockchain and they're the ones that have to approve and implement any new code.
The Steem Blockchain doesn't technically need any creators whatsoever. It just needs transactions and witnesses... but the value of the Steem token is mainly determined by how valuable the content on the blockchain is seen by the world... so taxing only the content creators by paying for development out of the reward pool... and not taxing the witnesses seems like an odd move to me.
Except of course, the current Top 19 witnesses might never suggest or approve this method of finance.
I totally get that we often use Witness Votes as a reward for witnesses working on some of our favourite apps, and I'm not at all against that... but I think that should only come into consideration after we've established that a.) they're excellent at producing blocks and b.) they're providing or funding blockchain development and QA.
It's also really important that Witness Vote Decay (your vote for a witness needs to be re-established after a period of time) is implemented. How many witnesses are making Steem off votes from people that haven't touched the blockchain or months or years? How many hungry and inspiring witnesses just can't get ahead because of old votes.
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The STEEM witnesses take all the risk by investing in the hardware and paying for power. This is a classic tax the rich perspective. The growth of this blockchain is organic, let it grow, you came in early, enjoy the ride :). Steemit Inc owns the Rights to the Intellectual property of the coin, no one has a right to come in and augment their platform. Just like when you own a business, employees aren't forced into your business, you hire them under your own discretion.
I think it's more of an investment than a tax. They'd be investing in the development of the blockchain, which would benefit their own interests.
I totally get what you're saying about a business... but I'm not sure it's accurate in this case. My understanding is that the Steem Blockchain is open source. The witnesses can branch off at any time using a version of the code that literally anyone can develop... if half the witnesses branched off tomorrow, we'd end up with two blockchains... but it's everyone's best interests to play nicely together.
I'm not saying we should force the witnesses to do anything... what I'd like is a system where we vote for the witnesses that help fund the development of the blockchain. The higher the donations, the higher on the witness list they are.
Instead, we have really 2 accounts that decide who is and who isn't in the Top 19. One of which is a witness themselves.
good point for sure on the witnesses. I think there should be changes that would make fairness for the rest of us. thanks for bring awareness on this. good work
Thanks Mr Traveller32! To me it makes the most sense... the people who have invested the most, and profit the most, surely also want the best coded blockchain.
Funding development by taking it out of the shared rewards pool that really only affects creators kinda seems like the people without power get hit the hardest.
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