What I learnt from the Abuja steemit meet up and cryptocurrency workshop #Lecture 1

---

First lecture presentation by @ehiboss on the topic "Introduction to steemit and Cryptocurrency."

Cryptocurrency introduction and overview

The term cryptocurrency is no longer new in the world of technology as it has pronounced more often in the financial market in the past decade, it has however become a global phenomenon known to most people though vast majority of people are still ignorant of the technology and opportunities it presents, while somehow geeky and not understood by most people, banks, government and many other companies are aware of its importance hence the reason for the so called fight on the cryptocurrency by some countries.

But wait a minute where did cryptocurrency originate from and what is the technology behind it?

Cryptocurrency can said to be a combination of the two word crypto meaning “hidden or secret” and currency “as a system of exchange” that operates on the blokchain technology. So in it simple form
cryptocurrency or crypto currency is a digital asset design to work as a medium of exchange that uses cryptography to secure its transactions to control the creation of additional units and to verify the transfer of assets or alternatively and reducing to its simplest term cryptocurrency are just limited entries in a database no one can change without fulfilling specific conditions.
Cryptocurrency are type of digital currency or virtual currency which serves as an alternative to physical money, they are virtual in the sense that they cannot be touched or fill but rather they can only be seen and used via a computer monitor.

Cryptocurrency uses decentralized control as opposed to centralized electronic money and centralized banking system. This technology works through a blockchain which is a public transaction database functioning as a distributed ledger however the history of cryptocurrency cannot be complete without mentioning the one of the early proponent of the technology.

Ever since the creation of cryptocurrency they have been numerous other forms of crypto currency though one of the prominent and first ever is bitcoin created in 2009.
SATOSHI NAKAMOTO one of the proponent of cryptocurrency created the first every cryptocurrency “bitcoin”
Satoshi created invented bitcoin as one of his side product though it was never intended to invent a currency.

In late 2008 satoshi announced to the world that he developed bitcoin which A peer-to-peer electronic cash system. The goal was to invent something many people failed to create before digital cash.

announcing the first release of bitcoin a new electronic cash system that uses peer-to-peer network to prevent double spending, its completely decentralized with no server to central authority SATOSHI NAKAMOTO 09 January 2009 announcing bitcoin on sourceforge.

The simple and most interesting part of the invention by satoshi was that he was able to find a way to build decentralized digital cash system which was not possible in the nineties, though there were several attempts to build digital money but failed.

after more than a decade of failed trusted third party based systems (Digicash, etc) they see it as a lost cause. I hope they can make the distinction. That this is the first time I know that we’re trying a non-trust based system- satoshi nakamoto in an email to Dustin Trammell.

Witnessing all the centralized attempts failed nakamoto satoshi tried to build digital cash system without a central entity, like a peer to peer network file sharing. This gave birth to the technology of cryptocurrency.
However cryptocurrency works in a decentralized network which prevent the so called problem of double spending i.es on entity having to spend twice usually done by a central server who keeps records about the balance on the other hand in a decentralized network you don’t have this server so you need every single entity of the network to do this job.

on steemit

Steemit is also another technology that operates on the cryptocurrency blockchain which rewards is members.
Steemit is a blogging and social networking website on top of the database called steem where everyone gets paid for creating and curating content.
The steem blockchain provides steem and steem Dollars (sbd) which are magic bean tokens users obtain for posting, upvoting, and commenting on interesting content.
Steemit is an open source plateform which allow them to include third-party applications such as dtube, dlive, dmania, dsound etc

THE LECTURE

The first lecture of the meet up was presented by @ehiboss one of the prominent user in the steemit blockchain.
He stated the lecture with a preamble of the cryptocurrency and it technology and later proceeded by giving full insight into systems that support cryptocurrency while focusing solely on the steemit blockchain.
He explained steemit in its simplest form as a system that reward you for doing what you love doing
I.es a website that pays you for creating, curating and commenting on post and that steemit is a website which is hosted on the blockchain database that operate with a virtual currency called steem dollars.

User who creating content weather text, video, audio or picture get rewarded for using the platform so therefore he advice we focus more attention and energy on the system that rewards for doing what you love.
he also spoke extensively on the important of finding your niche, that instead of just writing and posting random post it is better you find what you are good at and make it your central focus and produce more quality content by so doing more attention will be drawn to your blog which will end up getting you more rewards.
Furthermore his wealth of was one of the major ingredients for the lecture, sharing his experience did not only spice up the lecture but also boost the morale of the minnows present.

THE DISCREPANCIES BETWEEN STEEMIT AND OTHER CRYPTOCURRENCY BLOCKCHAIN

In the lecture some of the difference between other form of cryptocurrency and steemit was highlighted which make steemit more preferable.
The steemit technology is one of the safest and fastest blockchain technologies in terms of speed, accuracy and security.
The steemit blockchain technology can perform a thousand transactions faster than any other cryptocurrency system.
Steemit transactions are free compare to other coin transaction.

WHAT I LEARNT/CONCLUSION
I learnt more about the cryptocurrency technology and most especially the steemit platform
And more so I learnt the important of information

Like the popular saying that says when you are not informed then you will be deformed.

Therefore it necessary to always try and attend meet ups so as to get more enlightenment from those who are experienced on the steemit and most importantly I learned that patient is the key to success on the steemit blockchain and that steemit is not just a quick rich scheme but a platform that only reward for hard work.

Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family. koffi annan

Thanks to the steemit Abuja team @xpency, @chiama, @jacobite for organizing this meet up and to every other person who made the steemit meet up a success the likes of @ejemai, @michaelcj, @fisteganos, @benga, @nairadaddy, @destinysaid, @ememovic , @mimy

more photo from the event.

Thanks to you for visiting and reading my blog
The next chapter shall be on what I learnt from lecture 2

document source 1, source 2

---

▶️ DTube
▶️ IPFS