Steemit Crypto Academy Contest / S1W1 - My Favorite Blockchain Network Is Steem Blockchain By @ngoenyi

Hello friends, hope we are doing wonderfully well. I will be engaging in the steemit academy contest which deals on the topic Favorite Blockchain Network..

This contest is so nice as it will help explain the blockchain network I love best.

Source

My favorite blockchain

My favorite blockchain is the steem blockchain. Why do I say it is the steem blockchain? Because of the reasons that I am going to discuss with you through my write up.

The blockchain was developed by Ned Scott and Dan Larimer who is well known as a blockchain developer. However, after both men met in January 2016, the blockchain came online at the end of March 2016.

Steem as a blockchain is a social one. It accommodates communities helping them to grow while creating earnings for its users. This it does by rewarding the efforts of users who create and share their original and quality content. It is the only blockchain on which applications like social apps run on.

The blockchain is equipped with a database which is publicly accessible that stores information that cannot be changed in text format.

The steem blockchain is endowed with so many features unique to it alone. It handles more transactions than any other blockchain about 10,000 TPS. Currently there are over 324 steem-based apps with more than 1 million persons using these apps which run on the steem blockchain.

It runs in an almost zero fee transaction making it cheap for users and developers to use and an exchange for swaping its tokens at almost no fee . To enable content creators have the ability to interface with the blockchain, a dapp was created for such users, holders too can easily access their account via that interface. This is where the steemit platform comes in, which we will discuss later.

How the steem blockchain works

When we talk about blockchain, we always make mention of blocks, in which information is gathered together and stored in blocks. To actualise this on the steem blockchain, it uses a consensus mechanism referred to as delegated proof of stake to create its block. While some blockchains use miners to validate and verify transactions, the steem blockchain uses witnesses to do so.

These witnesses are groups of people empowered to create and validate block creations. These are selected by the process of election by voting. The witnesses are 21 in number. It is only 20 witness that validate the blocks why the extra one witness serves as a backup. The blocks are created every 63 seconds and are compensated with steem power.
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Why it is my favorite blockchain

• It is my favorite blockchain because it is very easy to use and navigate. The blockchain is open for any body to register and registration is free with no hidden charges. Some blockchain I have interfaced would either make financial demands from you or use your mining power for themselves, thus taking advantage of you. While in steem blockchain, nothing like that happens. You only invest if you want to and your investment is secure in the blockchain.

• Another reason for being my favorite blockchain is that users are rewarded for their hard work. They are rewarded with steem tokens for sharing and curating on the social apps powered by the blockchain. The blockchain also provides a floor whereby business owner can build their own reward based platform on the blockchain.

• The steemit blockchain almost runs on zero transaction fee. This makes access to it open to everyone. It is the only blockchain that powers social applications no matter the size, processing a transaction every three seconds. The attachment of the social media to the blockchain makes me love it the more.

Does the network have some earliest shortcomings? How have the network team taken care of the problem?

There have been a time when the blockchain was attacked by crypto fraudsters and investors steem stolen. Additionally, crash in the crypto space really affected it.

To resolve the fraudulent attack, they have added more layers of security in the blockchain. This have ensured more security on the network. They also have implemented multisignature system of signing transactions which serves to secure accounts as well. So since after that incident, such have not happened again.

The network team have also built up their reputation once more, this in turn affects the price of the network token positively. Since then, the price of the steem token have been moving from strength to strength.

	STEEM TOKEN LOGO

The changes I think would make the network better

There is need to make more noise about steem blockchain through steemit. Prior to my being told about steemit. I never knew about the blockchain and even its social dapps. This is bad compared to others that may not be as good as the steem blockchain, but is everywhere, on social media, news, even when discussing with friends, those blockchain names are part of the discussion.

There is need to create a share feature in the dapps powered by the steem blockchain, so that all our glamorous experiences on this blockchain can be easily shared to other social media like twitter, facebook or even youtube with just a click or a button.

Apart from the above, I think the blockchain is on the right path of success. Already, some merchandise and articles sold by steemians in my area are paid for using steem token. This is helping in creating the much needed awareness too.

Steemit, a project that is built on my favorite blockchain.

Like I have earlier mentioned, the steem blockchain power social media dapps on it. One of these projects or dapps running on the blockchain is Steemit

The steemit dapp is one of the project runned on steem blockchain for over 6 years. It came on board on July 2016 launched by Ned Scott and Dan Larimer. It is a social media platform with blogging site. The users share their quality and original content in the platform while they are rewarded for their effort in three ways. The three ways the creators are rewarded are

• In steem token which is the native token of the blockchain. It is the unit of account in the steem blockchain.

• In Steem Power(SP). This can be refered to as staked steem within the steem ecosystem. They are paid a certaan (APR%) for staking and it is majorly the power or weight behind curation values and curation rewards. The higher your SP, the higher the amount in dollars you give and the higher your curation rewards. The SP can either be earned as rewards or by powering up liquid steem.

• In SBD(Steem Blockchain Dollars). This is the stable token of the blockchain which is pegged to 1 USD. It can be converted to steem and the quantity of steem received in return is dependent on the market value of both tokens.

Initially, in steemit, contents were made in English, but currently, many languages are supported in the platform ranging from spanish, chinese, korean, to portuguese, Italian, russian, ukraine, ardu and many indigenous languages of its users.

The platform is a benchmark or yardstick which others look at. Apart from the reward systems, so many bonds of friendships have been created via the platform, charity donations done from members to individuals and their localities, this is the social media aspect of it.

Another important aspect of this beautiful platform is that it creates avenues for learning. So many things can be learnt from the platform like different foods for different cultures, cities and countries, you can also learn different languages since there are users who provides such education, online skill acquisition, learning about nature from professionals, cryptocurrency and finance education, and so many other fields of learning. Do you also know that even kids have a space in the system? Perhaps you will need to visit steemkids community

Currently, there are 1,238,717 registered users in steemit. That is a mind blowing figure. This figure will continue to increase as more people learn about the platform.

Conclusion

The steem blockchain is amazing, being built from down to up, encouraging learning and earning at the same time. The blockchain and its associated dapps have changed or positively affected the lives of many around the world of which I am a beneficiary. I hope that improvements continue to be done on the blockchain and steemit dapp entirely. This will maintain the longevity of the system attracting more users to it.

Hopefully, the Smart Media Token Protocol(SMT) will be launched on the blockchain, enabling entrepreneurs to digitalize their businesses creating their own tokens to reward their users within the blockchain.

So we can all see why I said that Steem blockchain is my Favorite Blockchain. What's your own favorite Blockchain technology? I want to read about yours @mesola @inspiration @event-horizon @goodybest @eliany @ubongudofot and others. Why not make your entry soon, am eager to read. Thanks to you all for reading my entry.

This is my introductorypost here