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RE: WITNESS ANNOUNCEMENT - New Witness on the block - Partnering with @davemccoy

in #witness-category • 7 years ago

Aha. Thank you for that explanation @danielsaori. It's starting to make a bit more sense now.

  • So, is this strictly an internal peg? Steemit takes an average of all witness price feeds and works out the calculations from there? Is this weighted so the top tier witnesses feed carries more weight?
    • Thanks for explaining. I'm a nuts and bolts kinda guy and have never run across anything telling how this works...
7 years ago in #witness-category by
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         7 years ago 

        Yes, it is only an internal peg. The system believes SBD is always worth 1USD, so currently, you would need 2.8 SBD to buy 1 STEEM. But in the open market, both STEEM and SBD are now worth roughly $2.8 USD. :)

        The price data for each processed block carries the same weight, but as the Top20 witnesses produce a block roughly every minute, their feeds are more important, so overall it carries a bigger weight.

        I don't know the exact inner-workings of the calculations, but it is an average over the last 3 days.

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