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RE: Sold Out.
If you have STEEM Power you can lend/lease your voting power to other users on the STEEM blockchain.
If you have STEEM Power you can lend/lease your voting power to other users on the STEEM blockchain.
hmm, so if one were to have: 0.500 STEEM
(+27.797 STEEM)
what does that exactly mean and how does one do that via the steemit platform. Thanks @robert-call for the quick reply!
The 0.500 appears to have been given to you by Steemit, Inc. and the 27.797 was Delegated to you most likely by Steemit, Inc also. You now own the 0.500 STEEM Power and are being lent the 27.797 untill you earn enougn STEEM power for you account to function on its own.
Unlike Bitcoin and Ethereum the STEEM blockchain doesnt have any transaction fees. So to prevent people from attacking/DDOS/ and Spamming the STEEM blockchain, every account is required to have a certain amount of STEEM power. The more STEEM power you have, the more bandwidth/resources you can consume at any given time.
You can see your account stats here.
https://steemd.com/@clasicktv
If you look on the left you can see how much Bandwidth you have remaining
Here is the Technical Paper on how the STEEM blockchain functions.
https://steem.io/SteemWhitePaper.pdf
Here is the easy to read and quick version of it.
https://steem.io/steem-bluepaper.pdf
Wow, @robert-call thank you for that detailed post. Being a newbie here, this has been one of the most helpful post to date for me. A big shoutout and follow squad to follow. Thanks again for the warm welcome and with all the helpful links and breakdowns to read up on.
You're welcome. The STEEM blockchain is a complicated system. No doubt about it, but its one of the most promising technologies in the crypto-currency space at the moment.
Thanks, @robert-call for telling him in so detailed.I have been working on steemit for 2 months but I don't even know what does delegation do.Now I understand everything.