SEC S17-W5 || Whales In Steem blockchain
Hello friend, thanks for visiting my post, there's something interesting for you in between the post. For that reason I'm encourage to continue reading and after reading drop your lovely opinion as a comment. Before I continue I want to appreciate our profs for dropping this lovely and amazing contest in our lovely community.
Who are considered whales on the Steem platform, and what are their responsibilities to the community? |
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In a general term whales are known to be one of the biggest animal in the water, although so many people call them fishes but It may amaze you that there are also mammals like me and you. The only thing is that the spend all the life inside the water and not on land as we human beings do live on the land.
The value of whales in the water body ecosystem cannot be underestimated this is because they create a link between the fishes of the sea and the plant in the water body, this is because when the feast the feast in large quantity, so therefore their waste are usually in large quantity and this large quantity of waste might have come out through the mouth during eating and those that came out as waste product from their system. The food product that comes out from their mouth are what scavenger fishes like feed on, because they might be too small or too weak to hunt for theirselves.
Okay at this stage I would say I'm done with talking about the Whales on the sea, how about we talking about the whales in a crypto system mostly specially those on our dearly beloved platform steemit, as long as cryptocurrency and crypto market is involved they are whales on every blockchain technology and they help in different purposes on the platform.
On steem blockchain you have hold up to 500,000 Steem asset on the blockchain to be ranked as one of the Whales on steem blockchain. Although it seems like a very large number but I believe with consistency and enough hard work anyone could reach that point. Been a whale on steem blockchain Steem platform is very cool and very influential, you would be like a new rich kid in a new school or academy that everyone knows.
Now back to the topics, whales on steemit are steemians who holds a very large amount of steem on their wallet, this persons tends to be very familiar and famous because smaller fishes work hard to benefits from their the powerful curation powers that could boost any smaller accounts in no distance time.
There are different ways to achieve this whale statue some becomes Whales after purchasing large amount of steem from the market while others become whales from consistently working hard on steemit and saving up all their curation rewards and authors rewards on steemit.
As I was saying in the contest comment, every whale has it's responsibility on the Steem blockchain and without them performing this duties, the platform might experience difficult times and different emotions and work character on Steem blockchain technology.
Maintaining a reasonable value for the native assert
Without the Whales on steem blockchain the price of steem asset would be bew less valuable than it is now, this whales are large holders. And as we all know what retain the price of an asset glory and value is when traders who participate on the blockchain holds as much steem as possible.
Unlike other steemians and who does hold just a small passion of the total amount of Steem assets in the market, this whales holds a very large amount of steem asset, so therefore this steem assets that they whales hold tends to stabilize or help maintain the value of the assets and even grow the value of the asset at any period of time.
They improve our authors rewards
It is true that whether they are whales on our lovely steem blockchain or whether they are no whales on steem blockchain curation of post will still occur but the question is how powerful would this curation be valued?
As we all know the amount of steem power a user hold determines how much curation power they can vote on your post, that is to say if a user with small or little steam power vote your post the value of their curation vote would be very very little but if you whales votes your post the curation value would be very valuable.
This alone helps improve the engagement and the participation that goes on on steem platform, this is because there is hope that someday a whale will visit your article and give you valuable returns after writing a very high quality article that shares out enough knowledge and experience to users who go through the article.
Whales also Create content
Although most whales don't create content but I've seen few whales who consistently create a amazing content on Steem blockchain, this act helps in improving the amount of content we create on the blockchain. For example Prof kouba, and an active boss whale known as rme do create high quality content on steemit which helps educate and bring light and life to steem blockchain, also the biggest boss steemcurator01 also create content but he specializes on very educative comments that enriches the blockchain.
The whales also acts like executioner and governors on the blockchain.
This is because when things goes wrong and a user takes advantages of the freedom we have on steam blockchain to inflict harmful content to the blockchain, when I see harmful content I meant plagiarism, spamming, copyright infringement phishing link and even account farming. The whales have the power to downvote this individual to make them look invisible on the blockchain. So therefore this hides all their ill gotten content that plans on cheating the blockchain.
How do whales influence the value of cryptocurrencies and what role do they play in the functioning of the Steem blockchain? |
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As I have said there are so many whales on steem blockchain and each and every one of this whales has their specific duty or job that they perform on the platform whether they are active or they are inactive they are really important and they should be sustained if you want to see the platform grow into a better place and very efficient.
Although it would have been fun if we see every whales on the blockchain becoming very active especially in curating content on that platform, this would increase the circulation of steem and make the production of more steem more whales easier on the blockchain.
Whales that acts as strictly storage system
I would talk about the different whales and their respective duties on the blockchain, first of all I would talk about whales account that are just used to store their assets, that's to say some rich guys just create account and fund them with steady steem, SBD and steempowers supplies. For example Whale like cold.dunamu is funded by user.dunamu, rap7tq6vu58ujg is usually funded by bithumbrecv. This accounts don't curate post, the don't transfer asset and the don't even curate post, I believe they do this because the key detail are stored in a very save area or location.
In this group we have a very special account which is misterdelegation, this accounts is a special storage system for the Steemit team, just like Whales Steem, this accounts funds all the steem curators accounts by delegating steempowers to this users.
Their importance is that the help the blockchain by holding steem, this sort of holder helps the blockchain retains it value and the also help prevent inflation of steem assets on the blockchain, as we all know the more the holders the better it is for the blockchain technologies.
Whales that acts as Exchanges
Some whales are just there to help support the buying and selling of steem on the blockchain, this whale are funded from famous exchanges on the crypto ecosystems, for example Binance funds the binance-hot2, huobi funds the huobi-withdrawal and bittrex funds and uses the bittrex account for buying and selling of steem.
They are many more exchanges that run this services on steem blockchain, the are really helpful because the also build trust of the steem blockchain because whenever a user finds out Steem blockchain has a relationship very famous and popular crypto exchanges, thy would be confident that the blockchain is of high potential.
Whales that was created for curation purposes
I Believe it's not news that some whales on the platform focus their energy and time on rewarding and encouraging high quality content with their quality curation power, this set of whales mostly focuses on supporting users and increasing authors reward by steadyly voting on this users unique content
Even in this set of whales they are still subdivisions in this classifications of whales, for example we have whales that create post in a specific community or in a set of choosing community. This Whales are strictly focused and the specific set of articles or content creators and is specific community.
For example we have hungry-griffin that we know support steem alliance, steemwatcher and some specific community that meets it's citerals, also we have the booming accounts this booming accounts are funded by a whale as steem to support specific community that meets it's citerals and that are crimes free and finally we have the steemcurator03 that supports post that burnsteem to improve the Steem blockchain ecosystem.
We have whales that supports the general Steem blockchain
We all aware are of the two steemcurators (steemcurator01 and steemcurator02)that supports post on steem blockchain, this curators are the most famous and most respected whales on the platform this is because they act as direct representative of the steem team. These two whales tends to vote on users post without any restrictions, the promote post despite the community or the user as long as this users post unique and high quality post on the platform.
Although the steemcurator01 and steemcurator02 have some distinct purpose, for example although steemcurator01 votes random high quality content, he also votes winners of special projects like engagement challenge, yearly awards of steemians who did well on the blockchain
Whales that acts as Bid-Bots
Although I don't plan or talking much on this set of whales, this is because I see them as Whales who focus their steem power for business purposes. And most of them really do things that I don't like for example they vote on users who delegate team to them without checking the quality of the articles, in that way you see them supporting more of spamming posts we see on the platform.
The other types of whales that I didn't include but I must say to you they are really doing a good job on the platform for example I want to give a special shout out to rme he has been really helpful by supporting the blockchain with innovative ideas are innovative teams who help in developing the platform. For example the steemwatchers and the steem pro team.
What are the different phases that whales use in their activity on Steem and how does it affect other users? |
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This question give me so more joy because I've been waiting for such question for a long period of time, although I wasn't away on the faces faced by most whales who were older than me on the platform but luckily for me I watched a monitored every phase that one of the latest whales hungry-griffin on the platform experience before reaching where he's phase he is currently facing.
The Monitoring Stage
It's obvious that are the stage the upcoming whales would first cross check above the platform and how its members behave whether they are orderly or not and if they platform is going to be a profitable one to his investment. Although news reaching me says that hungry-griffin can after making enquires from his good friend rme. It's obvious his friend told him how organized and how beneficial the platform would be to him if he invest so much money so they platform.
The Acquiring Phase
The acquiring stage also known as the action stage, because it is one of the very efficient stage because this is the point that they upcoming whale makes his/her decision that he or she want to buy a large amount of steem asset and save it in the platform to become a whale who will be beneficial to the growth of the platform. It usually at this stage our this. That they platform or crypto asset experience a high bullish volatility because of the high buy pressure that they whales might cause. In hungry-griffin time, it was this period his popularity started to grow. Because of the buy pressure he/she generated.
Curation Phase
It is normal to see this phrase because after much observations and much monitoring they new whale would be tempted to try out his new voting power on different articles, although they might not be able to properly manage this voting power of theirs. Back to boss hungry-griffin, when he joint newly he was just voting some post randomly and with high voting powers this alone could have affected him in managing his voting manner and the amount of post he can support at a period of time.
The influencing phase
At this stage with the latest happening that have been caused by the new whale like the new rising of the price of steam and the new powerful upvote seen around the community, so many people started sharing the news about the new whale in town. This act made him hungry-griffin very popular and as we all know popularity with large money gives you any sort of influence you wish to have, so therefore all this actions caused him very positive influence on the platform steemit.
Community development phase
In this phase the Whale is expected to have a direct point of focus that is his or her goal to focus and make a improvement on, for example in the case of the boss hungry Griffin he or she focused his goal on supporting and creating two communities which are steem Watchers (that is used to support detective) and Steem alliance( That supports creative ideas and Steem/crypto related post) official letter increase the support to other selected communities that produce high quality.
What potential challenges might users face on Steem due to the presence of whales, and what strategies can they adopt to protect their investments? |
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Whale's are very influential set of crypto holders or would I say steem holders when it comes to steem blockchain, the influence are of high power that they could influence both the price movement and the engagement of users on the platform. In fact they could influence different aspect of the platform this is because of the large holdings they have in their wallet.
Volatility
One of the top reasons the steem blockchain experience volatility is because of the amount of powerful whales that exist on the blockchain, so therefore whenever this whales decide to make a transaction it leaves the market in high volatility because of their influence financially to the crypto market and to the steam blockchain ecosystem.
Whenever they buy we tend to see a very volatile by pressure on the steam blockchain and in the crypto market and save the case when they sell we tend to see how pressure in the crypto market and in steem blockchain technology ecosystem
They act as guidance to the blockchain.
I deeply believe if they were no steemcurator01 and steemcurator02 or other influential whales the platform will look so unordered because despite the fact that they are good minded individuals that have the goal and the future of the blockchain in heart, it may count a surprise to you that there are some users on this platform who don't have the interest of the platform but I just hear for that selfish need or selfish desires this set of users can do anything just to get what they came for even if it means turning the platform upside down.
Moreover the platform is a blockchain based platform where everyone is free to perform all duties at the wish and as they desire, but with the help of this wheels they could help us enforce the laws that governs the platform and as we all know a lawless platform would be field platform so therefore we desperately need people that could help us enforce his lovely laws.
More support and higher rewards.
As we know a new steemians can't grow on this platform without qualities support that comes from curation of Post, although anyone on the platform can give this support to this user and help the user grow despite the amount of Steem power as long as it is more than 500 steem power I think you have a voting power.
Votes from Whales account
Votes by Smaller accounts
The major difference between any user curation power and a whale creation power it is their voting power, amount a whale can curate is much larger than what dolphin can offer. This helps the platform satisfy it's users in a very lovely and amazing format
They could crash the value of the blockchain
This whales are really powerful because in as much as we love them because they help us give value to the steem asset by holding large amount of steem assets, they could crash the value of an asset buy selling all their holdings on the steem blockchain.
Similar cases have been seen on both other cryptocurrency and on steem blockchain for example the recent bitcoin deep was influenced greatly by the large outflow of Bitcoin ETF over a short period of time this outflow which was of around 500 million dollars cost a little deep and bitcoin ecosystem also when steem blockchain had it hard fork and some whales migrated from our lovely blockchain to another blockchain it had an impact on the price of steem at that period of time
Misuse of power
If you check the recent hard fork on steem blockchain, you will find out that some of the odd thinking whales wanted to take advantage of their power to manipulate the working process of the blockchain for their selfish desires or selfish need. They wanted to change the rules because they have high steem powers which have influence in selecting the top witness on the blockchain.
All thanks to God and the steemit team who came to our rescue and finally defeated them and sending them away to other blockchain, if they were smaller steam holders the wouldn't have the power to try to manipulate and alter the growth that we see and a steem blockchain
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? |
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It is no news that the presence of a whale in a community or in a contest improves the participation of that context and engagement of that community at a shorter period of time, due to the large amount of assets in their holdings they command a lot of respect and influence on the platform. Whenever there is a news that's a whale is around the corner people on the blockchain tends to work harder and participate more in context competition and in the growth of the community.
For example from my observation is obvious that building a community on steemit takes a lot of time, commitment and engagement on the platform but this act of creating the community would be easier if a whale is present in that community because people will really subscribe to the community without any sort of promotion or invitation on the platform.
I want to give a practical example and again I will be doing it with the famous whale hunger-griffin this is because he is one whale that I met and I admired how he influenced the platform in a short period of time. Despite the fact that hunger Griffin came up with a different idea and created a community with retreated access or subscription users on the platform did everything in their power to meet the criterias and become a member of that community.
But if the user or creator of the community is of small amount of steam power people would really want to subscribe to the community because the user have no or little influence.
Also we can see how a whale affect engagement of a platform or a community, before now the engagement of steemit was on an average level but since the innovation and creation of the weekly steam it engagement challenge which is sponsored by the steemcurator teams, the engagement on steemit became top notch and the participation in context entry became of higher standard.
Another lovely example is seen below the first tag benton3-diy16 is held by a community admin but the contest has lower chance of getting or attracting the Whales team than the second tag recreative-s17w5 which we all know that winners of the challenge has higher chances of seeing the steem creator team votes. Now I'm going through the two tags and you discover that the entries on the first tag is roughly just 15 entries to the contest but the other tag which is an engagement contest has more than 200 verified entries. This is another evidence that the presence of a will influences the participation and activities that are done on the steem blockchain
Diversity on the blockchain really helps in improving the decentralization of a blockchain because no one will be scared of the other, although I am not saying that steemit is not decentralized because from my experience I have I have only seen and notice everything going into decentralized format
We all have been wondering why the stewm meeting have been motivating and inspiring us to power up our steem reward, but now I am glad to tell you that this is the main reason why the steem team want everyone to power up and become a very solid and strong account on the blockchain. It's obvious that there is high dependency ratio on the platform, that is to say so many small account depend solely on the few active whales on the platform to help them grow faster but they don't all get this support.
But because of the large amount of population on steemit, the whales don't notice them all, so they feel bad and think they have been ignored. Unknown to them that it is impossible for the few active creators to reach out to all of them do not have anything and outstanding to show.
And from observations this have been a reason to worry to the steem team, so that's why they inspire and motivate us all that are fortunate to get this support, to power up this rewards so that we could have sufficient voting power and steem power that we could also curate high quality articles and so therefore reduce or diversify they attention and dependency on the steemit team.
In Conclusion |
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In conclusion I would say that whales on the platform are very important to the steam blockchain in general because they help improve the engagement of the platform thereby creating liveliness, they also uses their asset for the good of the platform by investing and developing in different aspect that need upgrade and update. My little prayer, In summary may God keep adding more whales to our beloved platform steemit.
I'm using this opportunity to invite @@@okere-blessing @ana07 @danish578 @lunasilver @shahid2030 @sahmie. Thanks for going through, remember STARRCHIS cares about you. You are invited to the birthday 🎂 🎉 celebration.
TEAM 5
Congratulations! Your post has been upvoted through steemcurator08.@starrchris Happy birthday! Its wonderful to celebrate another year on Steemit with you. Your perseverance in rewriting your 3000 word entry shows true dedication and resilience. I am glad you did not give up and pushed through to share your insights once again. Your post beautifully explores the significance of whales on the Steem platform highlighting their role in maintaining asset value improving author rewards and enforcing platform integrity. Best of luck in the contest
Thanks friend your analysis is top notch, I appreciate your support friend
Congratulations and happy belated to you man, wish you many more of it.
You've written entirely well in this article, you seem to have a clear understanding of how the importance and the impact of whales on the platform, without the whales here, things could literally be hard to pass support all around, but thanks to them, we common users can fastly grow and get to the stage where we could significantly support coming users, this could take time, but its all about dedication.
Once again, enjoy your day man..
Thanks boss, I appreciate your comment
Saludos Amigo Agradezco mucho tu invitación porque la lectura de tu post me ha ayudado a tener una visión mas amplia sobre las ballenas.
Cuando me invitaron a esta plataforma, en el año 2017, Cervantes era una de esas cuentas que deseabas que votara tu publicación. Ha pasado el tiempo y las cosas han evolucionado.
Quizás me tome algunos años llegar a ser ballena, pero a delfín puede ser en dos años. Estuve inactiva dos años. Pero he regresado con muchas ganas de crecer. Y tengo ese deseo para poder invitar con propiedad a esta plataforma.
Tengo mucho que investigar y aprender sobre este tema.
Oh!!! y casi lo olvidaba, mil felicitaciones por otro aniversario en Steem. Sigue adelante campeón.
Wow friend your comment is really amazing and outstanding, it's obvious you are really experienced in this platform.
Thank you so much for sharing such a great Post with us as well as I agree with you that ways you have explained whales can significantly impact the market trends. You can say that for example if there is a whale who power up his significant holdings then it can cause market to little bit pump and if he power downs then market can dump.
Good luck 🤞
Greetings friend,
Wow, another to remember but then, how old are you again? Lol 😂, NVM. I want to express my gratitude for sharing such a thorough and detailed analysis of your experience on Steemit. It's clear that you've really taken the time to think about and understand all the different aspects of the platform. You've put in a lot of effort to explain the complex dynamics at play in a way that's easy for everyone to understand. Your hard work and dedication truly shine through in your post. Keep up the fantastic work as your insights and contributions are invaluable to the Steemit community. Good luck brother, and once again happy birthday 🎂🎂
Greetings dear friend,
Your knowledge on Crypto topics is the highly acknowledgeable and its informative for those who wanted to learn from your post how Beautifully you describe the role of whales in water with examples and also explained in term of crypto market how the role of whales can impact positive, moreover you also told us that whales has strong impact on the market trends.
Hence you told us how the role of whales can affect the different Trends of coins in cryptocurrency market which obviously has strong impact on overall Trends because of higher amount of steem power which they have.
I wish you success
greetings dear friend
Thanks for sharing your thoughts about whales for a long time. I agree with you and your opinions. Whales are our motivation to work a lot and achieve this position. Whales are created for the reason of curation but some are good writers and write beautiful content on steemit. Mostly use the power to curate others. In this way, he also gets huge rewards back. When we work hard and work consistently then we achieve this whale's titles but hard. Many success to you. Keep growing up with steem.
Hii,
First of all Belated Happy Birthday 🎂. Although I missed the opportunity to take part in this contest but I really want to appreciate that you have done very amazing job. As you have given a very detailed information about each and every question, very clearly. Yes, you are right that the major difference between any curation power and whale curation power is in its voting power.
Thank you :)