RE: Dan Larimer on the Future of EOS and Decentralized Applications
Thanks for your comment. It's the finer points which I don't really grasp (due to having been too busy to read the whitepaper in full). If rewards are generated with every block (similar to Bitcoin) and the network is doing the 'mining' and the 'rental' of the hardware is paid for by the wealth stored in the wallets - then I can understand that the return on the investment in the wallet would be paid out to the wallet owners. This part of it sounds like a large scale, organised network of miners - similar to a mining pool. Do people who use their hardware as part of the EOS network (used for processing transactions) also get paid - like a miner would in bitcoin? Does every user of the network dedicate part of their computer to processing transactions?
I probably need to watch Dan's technical presentation again now that I have a better understanding of blockchains and steemit in general.
Yes, the delegates (or block producers) are getting paid like a bitcoin miner would. The top 21 in each block cycle are the only ones getting paid (for that block cycle). None of the other delegates or any of the people staking coins get paid by this method.
The active block producers that received the rewards have the option to do whatever they want with the generated revenue. Most of them will have written proposals offering profit sharing for each wallet holder that voted for them as a block producer, some public some private.
No, not every user's computer is dedicated to processing transactions, just the nodes. The users can stake their coins, and still get paid without having to use the computer power and electricity to compete for the block reward.
Reviewing Dan's presentations and interviews is something I've spent over 100 hours on in the past few months. It's exciting because each and every time I do, something becomes clearer to me.
Wow, ok - I imagine after 100 hours you have a good understanding of it all! I will definitely watch again - thanks for the answers.