Beyond the STEEM Hysteria - The Underlying Blockchain Technology ChronoCrypto Chronicles (2)

in beyondsteem •  7 months ago

Unless you as many others have been hiding under a rock for the past 2 years, you have probably heard about Steem. The world's most popular cryptocurrency has been on a tear, rising to extraordinary heights and crashing back to earth just as fast. Circle is to blame! Joking

The distributed network is at the heart of blockchain technology, and the shareable nature of its database is what makes it so secure. Every participant in the distributed network agrees to abide by a single set of rules. There is no third-party mediator, no clearinghouse and no financial institution in charge. Instead, there are thousands, tens of thousands or more participants, all governing by consensus and doing their part to keep the network secure.

Every record on the distributed ledger contains authenticating information, including a timestamp and a cryptographic signature. All of these records, taken together, are what makes up the blockchain. What makes Steem different is you can actully write,post,upload Words,actions,media and it all stays on its blockchain.

STEEMD.COM

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Some Steem fans claim that the cryptocurrency will one day reach a 100 dollars, I think it will hit over $200 while Steem doubters claim its actual value is close to what it is now. From these two disparate opinions, it is clear that no one truly knows what a Steem is truly worth, but assessing cryptocurrency on trading prices alone is missing the point.

Each time a new transaction takes place, it is recorded on the distributed ledger, i.e., the blockchain. That creates a permanent record of every transaction, and every participant in the network can view the entire ledger, which creates a transparent and auditable history of every transaction that has ever happened on the ledger.

It is easy to see how this approach to record retention and the recording of transactions provides benefits that go far beyond the cryptocurrency market. Governmental agencies are looking at ways blockchain technology could make future elections more secure and more resistant to outside interference. Banks are looking at how blockchain could help them resist hacking efforts and spot fraud in its earliest stages. These are just two examples of how blockchain is changing the world, and those changes are likely to take place no matter what happens to Steem and its cryptocurrency cousins.

STEEMTOOLS

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The amazing thing about what sets steem apart from all the other and just a handful is it already has a working product which is called Steemit, It also holds so much more as APPs or Daps as you will. Steem's own blockchain is far ahead of its time it makes FB and any other socialmedia/Platform look very much a waste of time.

Beyond STEEM will be a part series stay tuned.

We will discuss in further detail, what STEEM and SBD can do for you.

This is a Small mock up of my Own Post Part of a series ChronoCrypto Chronicles

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