This article was first published on Stories by yoyow on Medium
Witnesses — The Maintainers and Guardians of the YOYOW Network
The producers of bitcoins are called “miners”. Their job is to use Bitcoin mining machines to conduct hash computing and try to find the correct random number. The first miner to find that random number gets the right to record transactions on that block and receives block rewards and transaction fees within that block. Essentially, the miners mine to compete for the ledger-keeping right and the rewards. During this process, the Bitcoin distributed ledger (blockchain) gets updated and maintained. The YOYOW network also needs someone to record the transaction information (block producing) for the ledger to be updated continuously. These ledger-keepers have another name in YOYOW — — “witnesses”.
What is a witness?
A witness, as the name suggests, witnesses and records the transaction information for the entire network. A witness receives token rewards from the system when producing blocks. What makes witnesses different from miners is that, first of all, they are selected through voting and staking, and take turns to produce blocks in a set order. This means for every block in the block producing process, the witness is already set, and the reward is pretty much set as well. Secondly, the entry threshold for Bitcoin miners is quite low, so theoretically anyone can participate in mining. However under the hashing power competition, the threshold for producing blocks is high. Since in reality the YOYOW network has only a small number of witnesses, and each witness needs to compete for the roles within the community, therefore the threshold for becoming a witness is relatively higher and for block producing is considerably lower.
2. YOYOW’s Mixed Consensus
So, how to become a witness? To answer this question we must first understand the consensus mechanism. The consensus mechanism decides how ledger-keeping rights are received. ...
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