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RE: Steem.DAO and the potential after the developers
I'd like Steem to get to a point where the Top 19 witnesses are the ones who are contributing financially to; the Steem Blockchain development, QA of that development and then whatever other projects they're working on.
I'm not sure about the exact math, but a few people have thrown around suggestions that what the top 19 witnesses make per month generously exceeds the required hardware costs.
Many of the top witnesses build apps for Steem, some very important ones at that. That's something all voters should pay attention to. Active developers as witnesses should be rewarded as such people are competent at reviewing code to be deployed at hard forks to boot.
Many users take into consideration the projects that witnesses work on. Myself included. There are quite a few witnesses that are where they are on the list because of the projects that they work on.
But being a witness is more than just building things on Steem or running a curation service. They vote on the forks. The Steemiverse lives and dies by their actions.
I know. And that's why I said active developers tend to be the best witnesses because they're the most competent ones at reviewing code before forks. My actual point was that it's ok for the top witnesses getting paid much more than the cost of running witness servers because they are responsible for so much. It's up to the community to rank them according to how much they accomplish.
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Well, it depends on what language they develop in. The majority of projects here seem to be developed in JavaScript.
You don't have to be a coder necessarily to be a good witness though. The problems with the notoriously bad fork a few months ago were actually known before it went live, but they thought they needed a larger pool of data to really know for sure. In other words, they pushed the fork, knowing that it might, or even likely would, cause problems. A good witness didn't need to know code at that point, they just needed to stand up to Steem and say "No."
Sadly, it was still approved and the witnesses weren't held accountable. I don't know if any major voters re-evaluated their votes based on that, but it made me consider coders far more highly for witness positions, and consider witnesses more carefully.
Sadly, normal users don't have much sway. We'd have to start a campaign for or against a witness and get tons of users together to have any effect.
True as the blockchain is written in C++.
That happened because of the still fairly centralized stake distribution. That's changing but slowly. It was much worse in the beginning.
The majority of voters still have too little stake to vote too many witnesses into the top 20 against the wishes of Steemit Inc. But as I said, that's changing.
Exactly. But I think the situation will be much better after a year or two especially if the price of STEEM remains low, forcing Steemit Inc to sell their stake at a rapid pace to keep paying their expenses (development+full node).
Many top witnesses do... but do all of them? I'm not sure I'd super agree that even the very important apps are more important than quality blockchain development itself... after all, that development would hopefully improve all apps and the user experience of the chain itself.
Not that normal users get much of a say, but I think we're used to rewarding app developers with witness votes, and I have no problem with that... but I do think that should be secondary after 1.) are they excellent at confirming blocks 2.) are they supporting development of the blockchain.
As the stern supply decreases so do their rewards and thete are likely going to be other pressures put on. It is very important to make sure that the witnesses are well enough paid as they protect the chain. I would like to see the rewards go deeper though do maybe the next 20 or 30 get more of a share of thx blocks.
That seems fair... but if the price of Steem increases, their costs aren't likely to increase. I'm sure the price at the moment might be causing some witnesses to just break even, but if we got to a $10 USD/Steem pairing, wouldn't we want to see those profits re-invested back into the platform? While I understand the role of backup witnesses... we probably have 5 times more than we actually need right? I don't think we'd need to worry too much about protecting them if we're spoiled for choice.
It kind of depends how you look at it as essentially the goal would be that the witnesses are professional witnesses meaning, they have to more than break even and, the more people on the platform, the higher the price, the more incentive to 'act poorly' perhaps. You want at least the top 20 to be solid, the top 50 would be better. It is something like when inflation hits 1% in the future, it will be 0.005 Steem a block.
Oh, sorry, I don't think I explained myself well... I'd like us to get to a place where the witnesses who are contributing to the development/QA of the blockchain code are rewarded with a Top 19 spot. It would be entirely opt-in, so they'd manage their own profitability, but we as a community would vote for those making the blockchain better instead of a couple of accounts determining who is and who isn't at the top for reasons unknown.
Maybe it would just be a short term thing that backs off once the blockchain is super solid or the lack of inflation makes it unfeasible.
I do wonder what will happen to Bitcoin once that last block is mined.
Ah okay. I think that in the future, the witness positions will be companies themselves, not individuals but that is s while away.
I have no idea what BTC will do but what happens to all the mining rigs?
I'm assuming those few people are ones that know how much servers cost to run and how much the top 19 witnesses make?
Asking as I only know one of those things XD
I think those few people have made guesstimates... oh, which bit do you know?
How much servers cost (which I guess you know as well). I could probably find out how much witnesses are making but I’m lazy 😅
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Wait... are you a witness? Or are you just good at servers? If you're a witness let me knowwwww...
Not a witness, not game enough, I hate server admin 🤣 I’m not good at server admin it’s just kind of a necessity for other stuff I’m doing.
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