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RE: What would Steemit look like if everyone chose to delegate their stake to a bid-bot?
And those changes at code level can those be done by witnesses? Or the Steemit owner?
And those changes at code level can those be done by witnesses? Or the Steemit owner?
The Blockchain developers - steem inc.
Application devs like busy.org and Steemit can chose how they want the front end to look - hiding bidbot voted posts for example.
I honestly never understood the influence of witnesses. But it could be their influence is very limited?
I've heard that in the post one could only post 4 blogs per day. But that's neither something that can be created by the witnesses, correct?
Witnesses choose the code to run. If everything is perfectly amenable to everyone they all run the same code.
I believe they are not all running the identical code. They independently set certain variables, for instance the proportion of SBD, Steem, and SP you are rewarded with for posts and curation.
Code is infinitely mutable, and witnesses that retain support can run any code they want. If they go 'off the reservation' they are unlikely to retain support.
Mostly they are dependent on stake-weighted votes, just like your posts, so the 37 whales that own the majority of Steem choose who they want based upon the code they are desirous of, and they choose that based on the ROI they can expect from it.
That's why choosing witnesses is important.
Thanks for your answer!
I would say that's why it's important for all 37 whales to vote for witnesses. What the remaining Steemonians do is then totally irrelevant.