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Witness Update - Transparency - Trust

ijmmaiwitnessPosted to Public10 months ago10 min read

Technical Stuff

Didn't realize it has already been a month ago I switched hosts. It turns out to be a great step forward. Only missed one block. This happens when your server is handed a block but is unable to receive it. Completely my own doing. I thought I could stop and start the server within a minute (that is the current rate at which my server receives blocks), but due to access rights to a certain file I completely forgot about, it took longer. Other than that, this server works great. The server had to be stopped and restarted due to an update of the software.

Now that the server issue was solved, it was time to try setup a full node again. Things went smoothly, the node is running, but not used to the fullest at the moment. More on that later on.

Witness Stuff

Christmas came with a great present. Apart from enjoying time with relatives, which is a great present, I also entered the Top20 list of witnesses. First time I checked I was ranked #19. That is a tough spot, you are in, but at the same time, it doesn't take much to be out again just as quickly. I was super happy with it nonetheless.

Recently I entered the Top10, that is a leap forward. Part of that leap could be a result of other witnesses shutting down their server, but that can't be all. We didn't lose that many Top20 witnesses. Just as all the other witnesses, I am grateful for your votes. Thankful for your trust. More on that later on too.

Transparency

What does it mean to be Top20 witness?

Financially

Witnesses outside the Top20, receive 0.973999 Vests (at this moment) every time they produce a block. The higher up you are on the list, the more blocks you produce, the more Vests you get. When you are in the 20-30 range you get like 3 blocks per hour.

That gets you 0.973999 Vests x 3 x 24 = 70.12728 Vests per day
(with an WLS rate of 0.03 USD, that is 2.20 USD per day)

Top20 witnesses produce a block every minute (on average, it is actually one per 63 seconds), but receive a lesser amount of Vests, namely 0.193999 Vests.

That gets you 0.193999 Vests x 60 x 24 = 279,35856 Vests per day
(with an WLS rate of 0.03 USD, that is 8.38 USD per day)

Now that is a nice amount. Maybe you want to become a witness as well, just for the money. Everyone can start a witness server, but that doesn't mean you are going to earn anything with it. A few things to consider.

  • If you want to take that money out, you have to powerdown, which takes some time, and hopefully the rate didn't drop while waiting, and the fees are not too high, and you have a way to convert it to fiat.
  • You have to find people who want to vote for you. There are a lot of witnesses already, which means you start low, and instead of producing a few blocks per hour, you will probably be producing one block per few hours.
  • Another thing to remember is, the server is running, that is not for free, so you have costs. These costs will increase when the blockchain grows.
What Do I Do with my Witness Income?

I have no intention of powering down, the amount of walestake will grow. Hopefully with that, my reward value will grow. There are days I fail at this task, but I am trying to use my mana all the time, not below 75% though.

Who gets rewarded?

My own project, @whaleguardians, other projects I like @that-vegan-whale is one of them. People who voted for me. If you voted for me, I want to reward you for your trust. Even though I don't follow anyone with my witness account I do check the accounts of my voters. Make sure you have a current post. It is impossible to reward everyone every day, but you will see me passing by.

At this moment most of my rewards are spent on the comments of the participants of my #treasurehunt challenge

Responsibility

New Account Approval

All Top20 witnesses are responsible for who may or may not enter the platform. The current system requires every new account request to collect 2 positive votes. If people supply enough information, this approval can be done pretty quickly, 2 witnesses will check and cast a positive vote, done.

When things are less clear, or people seem to have misbehaved on other platforms, a witness can decide to cast a negative vote. That is not a good thing, but not all is lost. If 3 other witnesses think it is okay and cast a positive vote, the request will still be approved (3-1=2).

Apart from the responsibility, this process takes time. Time that is not compensated in any way, other than whalestake per produced block.

Code Change

Top20 witnesses have to approve changes to the blockchain code. That doesn't mean they will have to be able to read the code. It means they have to be okay with the code changes and update their software.

Good Behavior

This one seems logical, but is a tough one at the same time. Everyone should behave well on Whaleshares. That is true but people look at witness actions more closely, especially when they have more whalestake. Who are they rewarding, how are they rewarded by others?

Like I said before, I am trying to reward as many people as possible, at the same time I don't think I am overly rewarded by others on any of my posts. If you feel different about this, let me know in a comment.

Information

Witnesses will share information that has been provided to them in their role of witness. In the case of Whaleshares, when the dev/launch team, the owners of the organization until it has been handed over to the community, share information they want the community to know about, witnesses will help spread that information.

Contribute to the Community

This can be a variety of things. Most witnesses have some kind of tool or project they initiated and support.

For those who missed it, my project is @whaleguardians. A team of users dedicate some of their time to fight plagiarism on the platform.

Trust

By granting me your witness vote I take it you trust me with the above responsibilities. Trust is the most important value in any relationship, for me.

What can you expect?

  • I will put the people first, money second
  • I will try to do whatever benefits the platform most
  • I will never share information supplied to me in DM
  • Unfortunately I will also not share information with you that was given to me in a role different from witness

That last one probably needs some explanation.
I am a witness, 100%, maybe even 200%, but before I became a witness, I was already doing other stuff. Some of it on the Discord server, some of it behind the scene.



#1 task I was trusted with, token distribution

The first person of the Whaleshares community who trusted me was Krista. She trusted me with 200 KrazyKoins per week (175 to spend on contests and curation, 25 for me). That worked out fine, the amount increased over time and currently is at 700 KrazyKoins (500 to distribute, 200 for me). At this moment I only use 100 KrazyKoin on one of my own posts, and leave 100 KrazyKoin in my wallet because I need those tokens to reward the winner of the #treasurehunt.

Bushkill liked the arrangement and wanted his bHIVE token to be distributed. We started of with the same 200 token amount but due to some personal business he granted me 5k tokens. I could keep 25% of them, but only kept 20%. Of that 4k amount, about 1.5K is still left. The tokens are used as a reward for the #whatisit contest and the prize you win in the Discord Lottery.



#2 task I was trusted with, programming

Bushkill needed a script to be updated. I am a webengineer, but most of all a programmer. For this and coding to come, I received 1K WLS. This was not a payment. At that point in time all dev and launch team members had to distribute a certain amount of WLS. Many other members were showered with WLS too, for completely different reasons.



#3 task I was trusted with, moderator

That one came as a complete surprise. I had only been on the server for a month. By then I loved the community already so I had no reason to say no. As a moderator you get access to channels and functions that are not accessible to others. This is a task that does not result in any payment or reward, but I like it anyway.



#4 task I was trusted with, team member team1

Plans are made for getting information about Whaleshares online in a more userfriendly manner. One spot with everything you want to know. I was invited into that team. Due to other projects I have outside the Whaleshares platfrom I had to decrease involvement a bit, but still hope this project will result in something beautiful.



#5 task I was trusted with, team member testteam

Yep, there is a lot of confusion, frustration and at some point anger about it, but v2 is being tested and I am part of that team of testers. When you are invited into the test team you have to agree to not share any of what you are trusted with.

And that is fine. Wouldn't you want people to keep their mouth shut when you are working out the details of a new project?



#6 task I was trusted with, team member team2

Just some brainstorming from time to time

Back to trust and information

The tasks I was trusted with, were given to me by people who trusted me, who valued my knowledge. This is all completely outside the scope of being a witness. These tasks have everything to do with being a webengineer and the skills that come with it.

So do I know more about things to come than other witnesses, yes, but that is not because information is kept from them, that is just because being a witness doesn't automatically make you part of the other teams. And why would it? These things are two completely different things.

The Whaleshares system has not yet reached the point where it will be turned over to the community, it is still in beta. It seems weird that the community, or some of its members, trusted the dev and launch team to initiate the whole system and now accuse them of postponing handing it over. Give them time to finish what they started. Focus on building your audience, engage with people from around the world. And maybe even more, stay away from people who misbehave. The ones who scream to high heaven about what witnesses should and shouldn't do, are at the same time circle-jerking comment rewards with their friends. Focus on the good, not on the bad.


Use your witness votes wisely

Jump over to the Block Producer / Witness page and cast your witness votes. Simply click on the (^) up arrow next to the witness names of your choice (mine would be "ijmmaiwitness") and supply your private active key to lock in your vote.


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