Steemit Crypto Academy Contest / S1W1 - Favourte Blockchain Network by @suzybest

Hello great minds, i trust we all are doing great. I will be presenting and equally engaging in the steemit academy contest with topic "Favourite Blockchain Network. I so much loved this contest because it give my the opportunity to explain my preferred blockchain network.

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My Favourite Blockchain

Of all the blockchains i have chosen steemit blockchain as my favourite. The following reasons which i am going to explore below shows the reason i had chosen Steemit blockchain.

The development of Steemit blockchain came through the help of Ned Scott and Dan Larimer known as (blockchain developer). It was when these two great men met in January 2016 and exchange wealth of value, then in march 2016 the blockchain was live online.

This blockchain create room for different communities for posting of quality content and equally help its members to grow by rewarding them through their efforts. As i am writing this content about the steemit blockchain, i believe this is the only blockchain which allows for the running of socail apps.

I really like the database system on steemit blockchain which allows for fellow users to publicly assess other user's blog but the system has make sure that the transaction keys are are properly protected through the use of alphanumeric which can not be easily change.

Since i started using this blockchain, i have not experienced any lost in my transactions and i believed of all the blockchains network, steemit is the best base on payment and transactions even when it has over a million users.

I discovered that in swapping of SBD to steem coin, it involved zero fees and even when transferring steem to other blockchains. However, for content creators to be able to interface with the blockchain, such users was ment to make use of dapp (decentralized application), here users may only have access to their account through the interface.

Understanding how the Steemit blockchain works

I want you to understand that whenever we talk of blockchain, you should know that here information are always brought or gadders in blocks. However, the blockchain uses consensus mechanism which is referred to as delegated proof of stake in order to create its block. The steem blockchain make use of witnesses while some blockchain uses miners to validate transactions. Also note that the witnesses are a particular group of people who are given the mandate to create and validate the creation of block and it is through voting that the selections are made. These witnesses are 21 in number. Here 20 witness is been selected through voting being that that is the only number that can validate the block while the remaining 1 is standing as a backup. This backup are compensated with Steem power (SP) and it's always created in every 63 seconds.

Why Steem Blockchain is My Favorite

• This is my favourite blockchain because it give reward to users and this has really helped thousands of individual in providing for their needs and this is why i have recommended it to the world that steem blockchain is my favorite site as far as earnings is concern.

• Steem blockchain helps in educating and build individuals / developed them to be able to draft out good content to publish and receive reward.

It create room for earnings from the site and the community has equally look for a mean to see that her members have focus for the future by bringing in Club5050 and this has really encourage saving for users.

• It create room for answers to FAQ on the steemit ecosystem.

• The platform helps in educating users in cryptocurrency investment as well as trading the financial market.

• Users are rewarded by their hard work through the reward of Steem, Steem power, and SBD.

• The platform is made simple and users friendly and the blackchain has helped in changing the life of many users who stick to the rules of the blockchain.

• As i mention earlier, the blockchain runs on a zero transaction fee which makes it very special when compared to others.

Does the network has some earliest shortcomings and how has the network's team taken care of the problem?

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When scammers attached the blockchain, many users coin were stollen and this really affected the system. Then, fraudsters do away with many users fund in the system and because of this, higher level of security were were added to the blockchain. Since all this has been put in place, the system has not encounter such again upto date.

The blockchain currency price has been moving from strength to strength. This is because the team behind the system has made efforts to build up their reputation as this has affected the price of steem in a positive way.

Once there were a change in the work or writing environment which made many user to have challenged with the system but the team quickly notify it an normalized it.

What changes do you think would make the network better?

I thing for the steem blockvhain to be better, it should be advertised in social media as this will help and make the wold to know that such ecosystem exist and equally encourage the public to buy and hold steem coin as this will help the price of the token to rise to as least $3 at the end of 2022.

Much awareness should be put in place to enable the blockchain to grow globally and provision should be done by the team to enable users to use othe crytocurrencies like the USDT, USD etc in pairing with the steem token and it should not be limited to only ETH and BTC.

Write about a Project that is built on your favorite Blockchain.

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I want you to know that one of the dapps running on the steem blockchain is Steemit. For over six years now the Steemit dapp is one of the project that is been runed on the steem blockchain. As i earlier stated it above, it was launched in 2016 and its a social media platform which deals on blogging. Here users share their quality content which allows them to earn a reward. However, the rewards being earned can be classified into three (3) groups as seen below:

• Steem: This is the native crypto currency which is use in steemit ecosystem to reward users ant its cryptor currency value also rise and fall unlike Ethereum and Bitcoin as well as others.

• Steem Power (SP): When you have SP, You have greater influence on the Steemit. Therefore, the more SP you can accommodate up, is the more your influence grow on the platform and your post as well.

• Steem Dollars (SDB): 1 Steem Dollar is equivalent to 1 USD and this can be used in buying of liquid steem. The SDB can be converted to liquid steem which can be easily traded. However, this is a convertible currency of steem blockchain.

• TRX: TRX is the Tron currency which is associated with the steem blockchain. Here whenever a user received rewards, part of it is going to the TRX on the steemit wallet. The integration took placed of Steemit ecosystem after steem had been purchased by Justin Sun, the co founder of Tron Network.

The more people hear about the platform, that is the more it increased.

Conclusion

Steem blockchain is very encouraging because it creates a based of learning and equally encourage its users through the earning of rewards.

Thank you for going through my blog.