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If you hold some BTS tokens, you are considered a BTS Holder of the BitShares business and thus have a say in where it should be heading in future. As a BTS Holder you can cast a vote for three different entities within the network:
- Block producers
Block producers bundle transactions into blocks and sign them with their signing key. These so called witnesses keep the blockchain alive by producing one block every few seconds and get paid by newly issued BTS shares similar to Bitcoin. Their second job is to produce reliable and accurate price feeds for the smartcoins.
- Committee Members
Committee Members govern the blockchain and the business parameters, and define the transaction fees.
Workers are freelancers or businesses that provide a non-profitable service for the BitShares ecosystem. Essentially, they apply for a job in the ecosystem by providing actual work and get paid accordingly (if the BTS Holders approve).
Since voting might be a too time-consuming task for many BTS Holders, BitShares offers them a way to delegate their voting power to so called proxies. The sole purpose of proxies is to follow the ecosystem and be vote according to their followers. This is similar to many political votes where citizens vote for representatives which vote on their behalf.
Voting itself is very simple with the User interface and requires only a few clicks.