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RE: Can STEEM ever become a reserve currency?
Hi @snowflake, i have only just started to read and learn about smts, so this article is timley for me. I was under the impression that smts ran on their own side chain, with only lets say summary transactions sent to the steemit block. This would mean steemit witnesses and smt witnesses would be different and smt witnesses will be paid with the smt (please do correct me if im wrong).
Hello @paulag SMT's run on top of the STEEM blockchain which means there are no SMT witnesses.
Everything is processed and verified by the STEEM witnesses.
if this is the case, the steem witness servers will be very very busy and the current steem witness reward system will not cover the costs of the servers. I have so much to learn, thanks for the clarification
Indeed, this is my concern.
And i have just found the line in the whitepaper that states steemit witnesses will be respinsible
now I am on the same page. I'm actually reading the SMT whitepaper now