I went to the post office at lunch time to send a package of black turmeric to a customer. As I walked back to work, I thought it could use that walk time to make a little video explaining one misconception I believe some Steemians still have about the rewards the witnesses receive and their relationship with the Reward Pool used to pay out for content authoring and curation.
In a nutshell, every day, the system generates some STEEMS which are split into three parts:
- 75% goes to the Reward Pool for rewarding content authors and curators
- 10% is distributed between SP holders (kind of an interest for powering up)
- 15% is used for paying witnesses for signing blocks
So as you can see, the witness rewards (actually called Producer Reward) are not taken from the Reward Pool. So paying the witnesses does not affect the payout amount authors and curators are receiving.
One thing I forgot to add in the video is the following.
At payout time, the amount in STU (Steem Token Unit) is distributed in the following manner:
- 75% is paid to the author
- up to 25% is distributed only between curators. The curators can include the author if the author has self-upvoted. This curation reward is NOT distributed to witnesses, however, a curator can also happen to be a witness but this is different.
Previously on my Ulog:
- Witness Earnings Report - 2018-10-22
- First HF20 success at taking down a spammer?
- ULOG 115 - What I think of Fiskars X21 axe and X7 hatchet
- ULOG 113 - TGIF
Vote for my witness
On Steem, Witnesses are playing the important role of providing a performant and safe network for all of us. You have the power to choose 30 trusty witnesses to package transactions and sign the blocks that will go in the Steem blockchain. Vote for me via SteemConnect to help me do more useful projects for the communities.
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Credits
- The image at the top has been generated with the Canva app using my own photo.
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Password and Private Keys security
You all know that your Steem password is the access to all your STEEM, SBD, posting, transferring, everything... right?
So, please, follow these simple steps and keep yourself safe:
- Apart from the initial setup of your account, NEVER use your password ANYWHERE, if stolen, it will give full control to your Steem account.
- Backup your password and keep it somewhere safe. Use a password manager like Lastpass, print it on paper and put it in a safe (no kidding). If you forget your password, no one can help you out.
- To login for creating content and curating, use your Private Posting Key
- To make transfers and account operations, use your Private Active Key
- To encrypt and decrypt memos, use your Private Memo Key
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