Steemit Crypto Academy Contest / S5W2 - Get to know the Steem Blockchain
Hello everyone, how are you all doing?, I welcome you once again to the steemit engagement challenge, here we are in season 5 week 2, and I shall be joining the discussion on "Get to know the Steem Blockchain".
The consensus mechanism is what determines how secure a blockchain network is, the steem blockchain uses a PoB consensus protocol, which means the Blockchain secures its network based on the Proof of brain consensus mechanism, whereby Nodes validators and blocks agreements are reached through the number of unique content created on the platform.
The Proof Of Delegated Participation is a consensus used on the Seem blockchain, whereby some amount of vest is delegated to a user, and users with the most number of delegated vests reach the block agreement and validate new blocks, the proof of delegation mechanism is as well used to secure the blockchain, whereby the user with the highest delegation meet new blocks, this is done to provide absolute security on the network, which with this, not just any user can meet up with such amount of vesting power to validates new blocks.
What are the differences between DPoS and PoW?
The Pow consensus is known as proof Of work, whereby the computer or the miner with the large computation power reached consensus by solving matrix calculation, this consumes a lot of energy and resources before a new block is validated, and its mostly for high-end computers and it is not easy to manage as well.
DPos is the Delegated Proof of Stake consensus - this means the user with the highest amount of Delegation on the particular network stakes their assets, then uses this to validate new blocks, these are all domain part of blockchain security, as the miners are rewarded for validating new blocks, they as well are required to stake the highest to win the next block.
The major difference is that on PoW, Miners are required to work by solving complex calculations to reach block agreement, while on DPoS, miners with the highest amount of coin win the next block validation.
New blocks occur on the steem Blockchain every 3 seconds, these blocks are validated on a random delegated user with the highest power, this algorithm has been automated to randomize, so as not to grant the power of block validation on one unique user only, there is currently 20 active delegated account in charge of validating new blocks on the blockchain.
How many tokens does it use
When the steem blockchain was launched in 2016 to create a decentralized platform where users could interact in a decentralized manner and as well be rewarded when blogging, the steem token was built respectively to its blockchain to reward users, so in this case, the steem network uses the steem token which is used as governance and for validating networks on the platform.
The platform as well uses SBD which means Steem Dollar, this coin is backed by the approach of USD, which is done as well to reward users on the platform, then later in 2018, there was the integration of the Tron token.
The blockchain uses Steem as its native token, which is used to vote and influence, while the SBD and Trx were integrated to reward users that create content on the platform.
The first application to run on the Steem blockchain is the Steemit decentralized social media app, this is a web-based application launched in 2016, with the official website steemit.com, the application was built as a decentralized social media page, for example, the likes of Facebook and Twitter.
The idea of the steemit platform is to create an application where users can interact and engage each other, and by doing this, they get rewarded as well, rather than blogging and sharing their info for free, the steemit media allow users to get paid by sharing contents on the platform, and these users are being rewarded in return by creating unique content to the steemit platform.
The platform is as well unique in a way that you are been given full power over your article, you can choose to write and blog on whatever you like, and you are in full control of your account, offering full decentralization, the platform also frees you to see however fit on how you control your earnings.
The platform being known as the First social dAPP has paved way for other likes' ideas, since the successful development of steemit, we have seen the likes of other media pages who as well create and offer the same awareness as the platform.
The platform rewards its users in its native token (Steem), SBD, and TRX.
Proof Of Brain is a consensus mechanism used to reward users for contributing to the development of a blockchain, the example of proof of brain is equally seen on the steemit platform.
Proof of brain consensus shows the capacity of a user to deliver unique content to a blockchain, and when these users are rewarded, equal 50% of the rewards go to the reward pool as same as the curators for verifying the validity of the content.
Proof of Brain illustration goes as this, assuming I am an employee who is being employed to do a job, whereby completing that job perfectly, I get paid in return, this is the perfect illustration of the steem network, which means when users contribute to the platform by creating exclusive content, they have added to the mechanism and security of the blockchain, whereby in return, they get paid on a vote percentage of SP to reward them for contributing to the network.
Here comes my conclusion on the topic: Get to know about the steem blockchain, where I have discussed the consensus protocol used in securing the steem blockchain, and as well discussed how long it took the validate new blocks on the blockchain, as I have explained that it took 3 secs to validate new blocks on the network, which these blocks are verified among random 20 delegates with the highest steem power.
Steem power is a token influence used on the platform, it is used for upvoting and rewarding users who participate in contributing to the development of the platform.
Thank you, everyone, for coming, I hope you have learned a thing or two from the article about the steem blockchain. Goodbye!!