Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @beckie96830
Welcome to week 1 of the steemit engagement challenge. I'm impressed by the inclusiveness initiative to encourage active participation and engagement of users, and the growth of the Blockchain.
The crypto academy community wants participants to highlight the relevance of their favorite blockchain. In this post, I will be discussing my favorite blockchain.
My Favorite Blockchain
My favorite blockchain is the Steem Blockchain. Steem blockchain is a crypto incentive-based blockchain that rewards creators for creating original and unplagiarized content and engaging with other creators on the Blockchain. The Blockchain aims to encourage social engagement globally through writing and related media content while providing a wide library of open source information based on personal experiences and also providing a means to earn through cryptocurrency.
Steem blockchain uses the proof-of-brain as the consensus algorithm where the quality of content is evaluated based on its uniqueness and originality. Steem blockchain has a reward scheme adopted within the blockchain that comprises of the reward pool and stake weighted mechanism.
Steem blockchain is neutral to language barriers, subject of interest, and type of content created as it has various communities that allow users to create content on subjects of choice like football, photography, foodies, livelihood activities (diary games), campus communities, entertainment and lifestyle, gaming communities, etc. Some of the DApps built on the Steem blockchain include STEEMIT, DTube, Utopian, etc.
The steem blockchain rewards are token incentives of Steem Backed Dollar (SBD), STEEM, and TRX. The rewarding of content posted on the blockchain is based on the public appeal of the post created, where curators (steem users) can either upvote or downvote a post. The valuation of the reward depends on percentages allocated to the post by the steem token curators, where users with high STEEM token staked on the blockchain has more voting power than users with less STEEM token staked on the Blockchain.
History Of Steem Blockchain
The Steem Blockchain and the Steem coin were introduced in March of 2016 by Ned Scott and Dan Larimer. They collaborated and wrote the white paper of the steem project and launched the first Dapp on the steem Blockchain called steemit, which is a blogging platform built on the steem Blockchain that allows users to create social-related content while engaging with the communities. Steemit was the first decentralized social network app built based on blockchain technology standards.
The co-founders' Ned Scott and Dan Larimer served as the project's CEO and CTO respectively until the departure of Dan Larimer in 2017. There are no public records of token sales of the STEEM token which is the native token used within the Blockchain for governance. But according to coinmarketcap's official website the price metrics of the STEEM token has been bearish, following the cryptocurrency downhaul of price in 2018, the STEEM token has struggled to maintain its price above $1.
Why Steem Blockchain is my Favorite Blockchain
I prefer the steem Blockchain because of the following reasons:
Steem Blockchain is built for the purpose of encouraging social interaction between users through writing and other related media content.
Steem Blockchain rewards its users with token incentives for the consumption of their created content thus encouraging creators for the progressive efforts.
Steem blockchain's Steemit Dapp has provided opportunities for unlimited information, and self-expression through content writing and other related media.
Steem blockchain has a strict policy against plagiarism and improper representation of information. This is only right as the blockchain is based on the creation of original based information.
Early Shortcoming of Steem Blockchain
2016 Hack Incident
Steem Blockchain experienced its earliest problem within the first 4 months after its launch. In July of 2016, the steem Blockchain announced through its official website about a case of account hack. The hack resulted in the compromise of over 260 STEEMIT accounts with over $85k equivalent of steem tokens in SBD and STEEM stolen from the comprised accounts.
Following the hacking incident, the steem Blockchain has improved account security measures such as the development of different access keys (posting key, active key, memo key, etc.) have since been adopted to ensure that multiple layers of security on the Blockchain are achieved. Reference source
Changes to Improve Steem Blockchain
Steem Blockchain is adopting brilliant initiatives, measures, and ideas to ensure that the blockchain is meeting up with the required expectation, a recent initiative adopted is the implementation of the club5050, club75, club100, etc. which were measures created to checkmate the disparities between the ratio of payouts in SBD to the author and the steem power-ups. This brilliant countermeasure required active users to power up either 50%, 75%, or 100% of their earnings which balanced the difference in ratios of payout to power-ups.
I would like the Blockchain to incorporate a decentralized exchange where Steem Blockchain tokens can be exchanged directly with USD, compared to the exchange method used currently. The liquidity of the exchange can be managed using the automated market maker (AMM) liquidity providing scheme, where liquidity providers receive incentive tokens like SBD or steem for providing liquidity.
By doing this, I think a lot of users will be encouraged to stake their steem token in the liquidity pool, thus further improving the value of steem in parallel markets. And the exchange of steem blockchain-based tokens can be done much easier.
Don't you think?
Project Built on Steem Blockchain
STEEMIT Blog
Steemit is the first DApp launched on the steem Blockchain in 2016. Steemit is a content-based social blogging website that rewards its users with incentives for creating refined original content.
Steemit blog is based on written content, where users can join communities to engage and share related content. Steemit being a decentralized blog has a unique feature over other forms of social blogs as it banks on transparency in the activities of its users. Users can publicly see the earnings of each content posted and can openly investigate the genuinety of the content of the post shared.
Steemit blog encourages users to follow the necessary processes of reading and voting for a post. This is done through reading to verify the post's originality, if the content is unplagiarized, curators (users) can Up-votes a certain percentage to the post, otherwise a downvote.
Steemit curation weight on contents is dependent on the voting power of the user expressed as steem power. Ideally, the steem token is in an equal ratio of 1:1 to the steem power, making it possible to power up steem tokens to increase voting influence on the blog platform. Steemit is indeed a wonderful DApp to use!.
This draws the curtain on why I like steem Blockchain!
Steem on!
Thank you for reading!
Hi @beckie96830 please can you explain to me the criteria for participating in the academy this season, I mean must you be active in other societies?
If yes, are specific communities to participate in for you to be qualified to participate in the academy this season?
Kindly visit @steemitblog for more clarification.
Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Steem Blockchain is a good competitor to blockchains like Ethereum, Bitcoin etc. There are a lot factors limiting the adoption of the blockchain by developers/user. I believe the team is making effort to improve the engagement and user activities on the blockchain. Thank you for participating in this trading contest.
Such a great post my dear friend about steem blockchain. Its combination with Tron also makes it more powerful blockchain.
Best of luck for the engagement contest.... 👍
When the integration of Tron came on board, I was so happy. The thought of writing and earning twice was the first thing that made me happy and the other was that with the right collaboration, other coins can also be integrated into steemit blockchain.
The steem blockchain is really one of the best blockchain and they are even getting the blockchain to a better standard
If course they are, although, it might seem that some people don't actually buy the ideas of others but then, you wouldn't blame them as people's opinions differ.
What can never be done is, imposing one's idea on the the other and vice versa. Whoever that's adopting a particular idea is doing so out his or her own free will.
You are right on this one i made an engagement post do u mind checking it out
https://steemit.com/hive-188403/@jonnchima/steemit-engagement-challenge-or-or-the-most-important-woman-in-my-life-today
Steem blockchain is growing day by day and we can hope for a good future if the steem blockchain in the near future. You have explained about the steem blockchain very good.
I believe with the right measures put in place, the future of steem is not far from being bright and resourceful. We hope for continued effort of everyone to make Steemit blockchain better than it was yesterday by posting quality contents.
So interesting information is important that you talk about steemit, many users thinks that the blockchain is Steemit but it’s not it’s just a DAPP tge blockchain is the STEEM one good luck
Thank you for visiting my blog and I'm happy you share a good idea about steemit. I love forward to reading your entry.
Hey Beckie! I'm also agree about what you stated by talking very helpful about Steemit. I would like to see more extra services you can make with the earned STEEMS and interaction with another Blockchains, not only with the already integrated Tron technology that was an awesome highlight in the history of your favorite one. Liked your text. 👍🏼
The idea is to educate people about steemit blockchain and I would like it of the steemit blockchain is being broadcasted to the world, to potential authors.
Yes. Great reason for it. 👍🏼
I like your idea about the implementation of a stable currency within the platform, that is to say that you can also enter power up in stable currency. greetings and thank you.
Anything is possible on the steemit blockchain. The successful integration of TRX into the steemit blockchain will bring about more successful integrations using TRX as a testimony.
What a powerful review you have made about the steem blockchain. This is really very informative.
I actually have not reviewed the blockchain to this extent. Thanks alot for this informative post. Keep steeming!
I had to research deeply in other to give the best and in doing so I gained more knowledge. Reviews about steemit blockchain online is numerous and to think that a lot of people still don't know about steemit is what baffles me but then it's still to my advantage. Thank you for reading my post, I look forward to reading yours.
I am happy to read your contest post about the Steem blockchain. I have also chosen this blockchain network as my favorite for a lot of its benefits like free transaction fee, scalability, decentralization and many others. You wrote beautifully about the blockchain. I wish you success in the contest.
The blockchain became my favourite since I joined and I have not seen another that I can compare with. Thank you for wishing me success in the contest, I wish that to you too.