(ENG/ESP) Steemit Crypto Academy Contest /S17W5 : Whales In Steem blockchain
I sincerely hope that everyone enjoys the educational themes of the Steemit Engagement Challenge S17-W5 . subsequently, the competitors' epic entries under the designated subject. I was eager to learn more about this new topic, so I did some research and shared my own opinions with you all. I hope that my contribution will also be valuable.
Who are considered whales on the Steem platform, and what are their responsibilities to the community
According to my acknowledgement Whales are users on the Steem platform who possess a substantial quantity of Steem Power. A user's level of influence within the blockchain-powered social media network Steem ecosystem is measured by their Steem Power. Users can influence more areas of the platform, especially through voting systems, the more Steem Power they own.
Contest! Contest!! Contest!!! : A Meeting with one of the steemit whales
Last year's @simonnwigwe have organized very informative and engaging contest for the Steemians to meet with your favorite Whales 🐋on the Steemit Platform. In his contest , He clearly elaborated the concept of whales and the top Ranking whales on the Steemit like as SC01 & SC02, @rme @hungry-griffin and many more influenional and inspirational Whales are in Steemit , Just because of them active users are increasing incredibly . All of them my inspirational too an d one day , Through my dedication and hard work definitely will meet the criteria of whale 🐋 from dolphins 🐬.
Here are some essential responsibilities who Whales on Steemit Platform.
Very first responsibility of Whales is significantly influenced content visibility and rewards, increasing creator earnings. They have a responsibility to curate content responsibly, supporting high-quality posts and discouraging low-effort or plagiarized content.
Whales can significantly contribute to community initiatives, projects, and proposals that benefit the ecosystem, making their support crucial for funding and ensuring their success.
Whales play a crucial role in Steem's success, promoting the platform and encouraging new users to boost its reputation and user base.
Last but not least, Whales hold significant voting power, significantly impacting governance by voting on proposals affecting the platform's operational aspects and future direction, such as blockchain protocol updates or reward structure changes.
How do whales influence the value of cryptocurrencies and what role do they play in the functioning of the Steem blockchain?
Yes, Whales have a big influence on how well blockchains like Steem operate and how much cryptocurrency is worth. Their activities can impact sentiment and market pricing, and in blockchain ecosystems that employ DPoS procedures, their substantial holdings can have an impact on content curation and governance.
| Role of Whales in the functioning of Steem Blockchain |
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The delegated proof of stake (DPoS) mechanism used by the Steem blockchain, which powers websites like Steemit, allows users to elect witnesses, or block producers, who are in charge of upholding the integrity of the blockchain. Whales have a significant effect in this system because of their vast holdings, which give them more voting power when choosing witnesses. This implies that they have a great deal of influence on the selection of witnesses and, in turn, over blockchain governance decisions.
My Inspirational Ramble on Steemit• Motivational Gist for Newbies
They have the ability to vote on other sections of the platform as well. For example, on Steemit, a user's STEEM Power level affects their ability to curate content and receive rewards. Thus, whales are essential in deciding what material gets the greatest attention and rewards. This ability can be utilised to promote high-quality information, but it can also result in a concentration of power, promoting only particular points of view or categories of content.
What are the different phases that whales use in their activity on Steem and how does it affect other users?
Users on the Steem blockchain can be classified according to how much Steem Power (SP) they own. In essence, Steem Power is Steem coin that has been invested in the network to increase its sway. Individuals that possess substantial quantities of SP are referred to as whales and their actions can exert noteworthy influences on the platform. The various stages of activity that whales can normally participate in and the ways in which each effect on other users are listed below.
In short we can say that Whales significantly effect on content visibility and rewards, with their large stake in SP resulting in higher quantitative value for content creators and increased visibility.
Whales can uplift content but can also suppress it through downvoting and potentially combating against plagiarism but can also be controversial for personal disputes.
Witnesses are vital for Steem blockchain governance, with whales holding significant influence in witness elections, with top-ranking witnesses likely to influence platform direction and growth.
Yes, an other influencing factor is that Whales can delegate their SP to other users, granting them more influence and earning capability, potentially democratizing influence but also creating dependencies.
What potential challenges might users face on Steem due to the presence of whales, and what strategies can they adopt to protect their investments?
| Potential challenges might users face on Steem due to the presence of whales | Steem due to the presence of whales, and what strategies can they adopt to protect their investments |
|---|---|
| Whales, have a significant impact on content visibility and rewards distribution, potentially overshadowing smaller users. | Whales hold significant power due to their high stakes, which can significantly influence the popularity of content. |
| Whales' substantial holdings may lead to manipulation of market prices and trading volumes, potentially affecting market stability. | Participate in community discussions, growth, and initiatives to ensure a voice in platform success. |
| Whales have a significant advantage in claiming a larger portion of the daily reward pool, which can limit the earnings potential of regular users. | It is crucial to regularly update one's understanding of platform changes and broader market trends to make informed decisions. |
How does the presence of whales impact ordinary user participation and engagement on Steem, and how can we encourage a greater diversity of voices and contributions?
Well, Due to their ability to significantly influence rewards and visibility of content through their voting power, whales, or users holding large amounts of cryptocurrency, can have a significant impact on platforms like Steem. Users who feel their contributions are less likely to be recognised or rewarded may become discouraged by this concentration of influence.
Steem could create spaces where new and diverse contributors are specifically highlighted and supported, lessen the weight of votes from a single large stakeholder, or implement a more democratic voting system in order to promote a greater diversity of voices and contributions. These modifications may help level the playing field by guaranteeing a more fair distribution of benefits and visibility for every user, irrespective of the amount of stake they have.
To sum up, Whales, with their significant investments and voting power, are vital in the Steem blockchain, but their influence must be balanced for fair participation and reward distribution.
In the end I would like to invite my Steemit fellows @starrchris @jyoti-thelight @hamzayousafzai for the the kind invitation to drop their valuable feedback.
| Kind Regards 💐 @uzma4882 |
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Greetings @uzma4882,
Your post gives a really detailed explanation of how whales fit into the Steem ecosystem. You've done a great job of talking about what they do, how they affect things, and the challenges they bring to other users. It's a really thorough overview that covers all the important aspects of whales on Steem. Great work.
Hey @uzma4882
Your way of explaining the topic of whales is so impressive. You have explained about whales in a very easy way. I helped me alot to understand about the concept of whales in steem Blockchain.
By reading your post I understand that whales on steemit are users who have slot of steempower. The more steem power they have the more they have influence on things like voting. SC01 and Sc02 are examples of them (according to my knowledge).
As a newcomer it's all that I can understand from your post. You can correct me if I am wrong and also adds more to my knowledge. Thankyou.
Best regards*
@gondalsavera
Thanks dear for the kind compliments. It's pleasure for me to know that this article is really productive for you too as a new comers. Good luck too you .
Hey friend.
Great explanation of whales on Steemit! I finally understand the concept of whales in the context of cryptocurrency and online communities. Your post was clear, concise, and easy to follow. Thanks for breaking it down and helping newbies like me understand the importance of whales in the Steemit ecosystem. Keep sharing your knowledge and helping the community grow!!
Thanks for sharing and good luck with the challenge
Good to see your valuable views about expressing your own views about my participation is really appreciating. Good luck too you.
Thanks
Thanks
@uzma4882 Its inspiring to see your aspirations to become a whale one day through hard work and dedication. Good luck in the contest Your insights into the responsibilities and influence of whales are insightful and valuable for all Steem users
You analysis about my publication on given theme is really worthy for me to succeed and learn from my search too. Thanks for the review.
https://twitter.com/UShaharyaar/status/1788182522511151412?t=zwB97jCgig8K_RmDvdGFsQ&s=19
Greetings great @uzma4882
You've been able to make a good explanation and a quality content on what and who a whale is and you've been able to give suitable answers to the questions given. Whales have great influence on steemit and their rewards to users makes them happy and motivated, which I also want to be happy 😊.
Good luck
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
It's a pleasure my friend. Your post is worth saving and I'm going to save it for future references. The whales on Steem blockchain are very influential people who has the power to decide the market price. I know that some Steem whales are here and they will understand how ordinary users needs their support and encouragement . I wish you good luck ma.
Saludos amigo
Las ballenas poseen una gran responsabilidad dentro de la plataforma como es la curación de cada contenido.y la interacción con los demás usuarios