Steemit the Best that has Happened on Internet So Far, Steemit Gives Hope to the People

I was curious at first about where the rewards or incentives comes from which enable both author and curator getting rewarded for their effort, unlike other social platforms which you spend a lot of your time and tons of data on just to post like selfie, project and others without been noticed or rewarded with anything besides likes and comments which pay no dime.

Have you been curious how Steemit platform reward you with stipend for your effort which is the best to had happened on internet so far?

Steemit is an open social platform which to host and welcome any legal content, which allow its users to post anything valuable they want to share with the fellow Steemains, whether it be blogs, photos, videos, funny or memes, songs, phrases and many more, precisely creative ideal which are legal and original are well supported/appreciated by its Steemit members.

When an obscure crypto currency forms the backbone of a social media entity rewarding its users for creating content, sometimes with thousands or tens of thousands of dollars for single posts that is excitement and at the same time skepticism in the sense that absolute knowledge which is not possible or understand? I will shield some light on how Steemit manage to rewards author and curators through its blockchain rewards system. Steemit was Laughed in the year 2016 and gaining prominence in July of the same year, Steemit a self-described “blockhain-based social media platform” has seen this level of winning scores of newcomers to the technology.

Steemit is more than just a website for earing spare change. It’s an actual blockchain built on a piece of technology developed by Larimer called Graphene, which all for the deployment of application-specific blockchains.

In an interview from CoinDesk with Ned, he explained that the team only had the ideal for Steemit back in January and because of the Grephene framework they were able to quickly roll the project out.

Other crypto currency were been mining which is a work done or responsibility of the miners to do such work, but with Steemit, Steem is earned through Proof of Brain.

There are two possible ways of earing Steem using our brain they are;

Author Rewards:when a post is publish or a comment is posted and other users upvote your post or comment, author of such post earned rewards.

Curation Rewards:When another publishes or users make a post now, and such post is found valuable enough and interesting to be upvoted, you get rewarded a share of the value of your upvote as curation reward when 7days payout done.

The concept of Steemit by creating contents and upvoting content based on its quality and original content are activities done by using the brain, hence proof of brain. In short Steemit rewards with use of brain.

Compare Steem token with Bitcoin or with other crypto currency?

Well they are both crypto currencies and using blockchain, but with powers to the power system which Steemit offers to its users make it widely difference from Bitcoin and other blockchains. Bitcoin and other crypto currency store only the currency they produce, while Steem blockchains stored all the content too. All the content published or contribution post from Steemit users were been permanently stored on the blockchain. It is called immutable in the sense that you cannot delete it. One of the greatest things that make Steemit the best is that it has some features with which other crypto didn’t have, whenever you are create or upvote content, you are actually are doing a transaction on the Steem blockchain and such transaction is permanently stored.

Steemit Gives power to the Users

Unlike Most Digital currencies which are difficult to access for the majority of the world without any money to invest, Steem removes the fiction for the average person to join in the crypto currency world by allowing earning via posting and comments without needling to buy in first if there is none capital to invest with.

Power to its Users in the sense that:

• The immutability gives total freedom from censorship.

• Proof of Brain shows that we mine Steem with brain or through our brain.

• The upvoting system means decentralization and power in our hands.

Steemit gives Power to the people through this three important point discussed above and due to this unique and censorship proof Steemit Inc. has outclass social media platform and which holds an edge to become the World most attractive and interesting social media/micro blogging website.

Steem token is difference form Bitcoin or other crypto currency?

In term of technical level, the two networks rely on the same model of a blockcahin, but are built upon different technologies and codebase. The different between steem token compare to other crypto currency is that steem is based on a new stage of the art blockchain technology which is called Graphene, which uses “Witnesses” instead of so called “Miners” which we have in Bitcoin and other crypto currency to produces its blocks.

With Bitcoin miners and other crypto currency, about 90% to 100% new coins that are created are been allocated to block producers which are “miners”. Unlike steem blockchain just 10% of the new coins are been paid to block producers that is “witnesses” while remaining big of 90% of the new Steem coins are awarded to contents producers, curators and Steem power holders.

With Steemit you can sell goods and services on this platform compare to others platforms?

Besides making a post on Steemit platform, there is other than a just post on Steemit, you can making sales manually, there is no interface for selling items directly steemit.com though, but there are third-party website which you can list goods for sales or buy for instance PeerHub.comenable and accept payment in Steem Dollars or Steem, and you have the option to advertise your items through Steemit posts as well.

How much transaction fees for sending Steem tokens to other users compare to sending coins from one wallet to other or just to convert from coins to other within same wallet or to use changelly?

Like we all know nothing go for nothing, any transaction between two users from different wallets attract fees for instance sending of others crypto currency like Bitcoin, Litecoin, Ethereum, Bitcoincash and others between separate or different wallets attracted fees, but with steem token, there are never any fees for transfers within the steem network. However, if you transfer steem to an exchange or convert it to another currency, you will incur a small fee from the exchange but transactions or transfer in-between the users within steem network are free.

Is Steem Token and Steem Dollar insured from hack or someone takes over account?

The ideal of waiting period for users to step down their Steem Power using 1/13 per week of such Steem Power was the best to have ever happen and make Steem token the best secured crypto currency. In Steemit, liquid tokens cannot be taken back instantly or taken off at once for whatever reason that might occurred, steem can’t be stolen or sent to the wrong account outside Steemit Network, and it’s not transferable directly to exchange platforms.

If your steem tokens are in Steem Power, it is impossible for hackers to take out 1/13 per week which make it most safest crypto currency to invest on. Additional, it take three-days waiting period for Steem token or Steem dollar which was saved by using saving options for either Steem token savings or Steem dollar Savings for them to become transferable. Once fishy things occurred or you suspecting anything on your account, you can contact recovery help center directly to help out, that can be found at the button of the Steemit menu at the right corner.

This ideal of 1/13 step down Steem token was employed as result of attack which occurred on July 14, 2016 which Steemit platform reported/announced that there were hacked. And about 260 accounts was compromised with a little less than US$ 85,000 worth of Steem Dollars and Steem Token were been taken by the attackers.

Where does the money come?

This is the most crucial and frequently asked questions when you invite or told someone about Steemit platform. To my findings revealed that Steem is not mined, although, it was mine-able initially but the mining was stopped.

All the Steem in circulation or supply is premined except a small percentage which is created through inflation. What this mean?

Steem is a crypto currency of Steem blockchain, the Steem that is already available on exchanges and Steemit platform is premined. This means that there was some Steem blockchain which was already in existence. [Total Steem supply in circulation as the time of writing was [ 275,168,960 token of Steem].

These Steem tokens are tradable and can be exchange just like altoins on exchanges platform, i.e. Bittrex, Binance, Pololniex and others.

However, these already existing Steem are not given to Steemit authors or curators. But Steemit users are rewarded tokens from Reward Pool which is a result of annual Inflation from the December year of creation of Steemit, 2016. Every year a percentage of Steem tokens are created;- mean a process called inflation and allotted to the reward pool. Inflation rate has impact on Reward Pool. But one important things is that there will always be a reward pool, no matter how small.

The best is not yet come, despite having been around for more than a year now, Steemit website is still in beta and improvements are being made frequently three. Thanks for stopping, join me next week for chapter of this writing project.

I will Appreciate your view about this project, comments, re-steemed and Upvote will be highly appreciated.

My Gratitude to Snr. @xpilar for the support

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@davidad