Do you know what this means? It's worth our while to explore and investigate. This is how Steem and Steemit platform function here. This is a form of Representative Democracy. Other crypto examples include Bitshares and Ark.
Each Account holder has Votes for Steem-Witnesses. The witnesses function as 'delegates' that are responsible for the overall vitality of the Network/blockchain.
Having a somewhat small concentrated number of delegates/witnesses, enables a high performance level of effectiveness in mining the blocks and general upkeep of the network/blockchain.
By having a focused amount of primary positions of responsibility for witnesses/delegates - trust can be created through a democratic practice. See it is in the delegates/witnesses interest to take care in doing best work as each witness/delegate has a vested interest in the overall communities best interest. This is a win/win. This works as a win/win because the incentives are effectively structured.
The voting process is a sort of 24/7 thing - meaning that each steemit user has so many votes...and one can utilize their votes at any time. This is quite cool in regards to keeping things moving effectively as a showcasing of 'self-governance' (for the people by the people)
In most countries today - democracy is questionable at best. Election for a leader every once in a proverbial blue moon. Obviously time frames very....but point being it's a populous voting all at the same time with just a few options....and then that's it for awhile...this is a kind of stagnation...dare i say 'staged' way of going about it - each person serving a primary role of importance should be voted by the populous/community. it can be regarded that most national governments are more confusing in nature than is necessary. It can be regarded that the effectiveness of most national governments is less than effective in serving the best interests of the nations.
Steemit and Steem here is one clear example....granted we are still in early days - of a governance model, Delegated Proof of Stake - which can be simply regarded as a form of 'self-governance' where best case participation and performance is incentivized. This model encompasses the principles of Austrian Economics. Which, keeps things operating at a high level and standard of excellence.
we are making history here in unprecedented ways - this is indeed a social experiment on a global level and the research will indeed be a stepping stone of support in substantiating and integrating "Common Sense" principles of win/win mutual benefit incentivized actions of performance. Obviously their will be challenges...adversity along the way, as this is a real time physical living education process being walked and each User here is a participant in creating the Outcome. Remembering and recognizing that this is a relatively new process - supports with patience, flexibility and open mindedness within and without as our very own internal and external self-reflections.
"Robustness" is the Key Word Here.
The quality and or condition of being strong and in good condition.
The ability to withstand and/or overcome adverse conditions and/or rigorous testing.
What is Delegated Proof of Stake
