Very well explained in this post - with more to follow as mentioned. It's a good 15-minute read maybe more if you want to digest the information completely!
Becoming a witness means that you have to be prepared for the ongoing administrative cost and time required for it. It is a tough call for anyone who is new but is no less challenging for folks who have been around and also have the resources for it.
On the other hand, if you do volunteer to become a witness and extend your contribution in helping others on the platform, you are implying your long term commitment to serve the community.
@maxabit thank you for summarizing here! Would you please vote for me at https://steemit.com/~witnesses because then you can enjoy making your first witness vote?
DONE! Voted for Witness!
In fact I have gone ahead and done a small promotion in my latest post - The Steemit Success Tips I Learnt From Jerry Banfield.
Hope you like the post! If you think it will be useful please resteem it so that it reaches a wider audience. Thanks!