Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @benjamin09

Greetings friends and welcome to my participation post for the Steemit Engagement Challenge hosted in the Steemit Crypto Academy with the theme Favorite Blockchain Network.

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My favorite blockchain and its history.

My favorite blockchain is the blockchain we all know and love, which is the Steem Blockchain. This is a social blockchain which permits its users to blog, comment, vote and then get rewards from the post payout. On this blockchain, users get rewarded in the local tokens for creating content. Also, there is the growth of several communities which have a purpose where users can make posts and create content and get support which lead to rewards.

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The Steem blockchain has 3 tokens for rewards which are Steem, Trx, Steem Dollar(SBD). But at the momemt, a majority of rewards are given in SBD and TRX. The 2 main tokens of the Steem blockchain are Steem and SBD. The TRX rewards came about as a result of the strategic partnership between Tron and Steemit in February 2020.

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Talking on the rewarding system, the users with a higher amount of staked steem (SP) on the platform curates posts at a higher rate or for higher rewards as compared to a user with a lower SP. This therfore means that the higher the SP of a user, the higher rewards will be for the curated post or content.

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The STEEM blockchain also has a couple of dApps which include STEEMIT, DTUBE etc. The concensus mechanism of the Steem blockchain is the decentralized proof of stake (dPoS).
Now that we know all about steem blockchain, let us know some of the history.

The Steem blockchain was created in March 2016 by Ned Scott and Dan Larimer. They worked together and created the first dapp on the blockchain which is the Steemit platform. This dapp was built as a decentralized social media platform where users could create all sorts of appropriate content in communities and get rewarded for the content creation. But in 2017, Dan Larimer departed.

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The price analysis of the native token of the Steem blockchain STEEM, has had a series of highs and lows but the most significant highs are seen in the early years and the most significant lows are seen a couple of months ago. Since 2018, the price of STEEM has been struggling below the $1 price until 2021 when the price hit $1.5. But since then, it has been lingering below the 1$ price.

Reasons why the Steem blockchain is my favorite

• Content creators receive rewards for their content with the use of the TRX, SBD and STEEM tokens. This is both a financial aid and a motivation for content creation.

• There are so many communities on the Steemit platform where valuable knowledge and information can be gotten or gained. For example, in the Steem Foods community, users can get several delicious recipes for all kinds of food.

• Being a social media platform, STEEMIT is a great place to pass the time being entertained as well getting rewarded in the process.

• There are many dapps which are both entertaining and financially uplifting such as the STEEMIT platform and also DTUBE.

• There is also the respect of property through the use of a strict NO plagiarism rule. This helps prevents users on Steemit from disrespecting and misusing information and resources that is owned by someone else with a strict copyright law placed there.

Failures of the steem blockchain

Like we already know, no one is perfect so their works aren't either. The steem blockchain has faced its share of trials. A good example can be seen in the case when the Steemit platform was hacked and over $80,000 worth of coins were stolen from so many accounts on the platform.

But thanks to this incident, the security of the platform and its accounts was improved and the use of Private and Public keys came into use. It is for this reason that i don't really consider the hack a problem but more of a call for concern of the security of the platform.

Changes I think could improve STEEM BLOCKCHAIN.

• Firstly, there could be an exchange on the platform where native rewards and tokens could be traded for stable coins like USDT among others, to help keep the value of tokens for the required time needed by the user.

• Secondly, if there was the use of liquidity pools and staking where users could use their rewards from content creation to stake in the liquidity pool that will provide an increase in transaction speed and also bring rewards.

• I think it would be great for the gamers on the platform if there was a gaming dapp for users to play and earn rewards, and also use rewards so as to buy upgrades, characters, weapons etc.

Projects on the Steem Blockchain

Let us discuss the Steemit platform as it was the first ever project built on the steem blockchain.

With the Steemit platform, users are able to create contents, vote or curate content, comment, and interact with each other, as it fulfills its purpose of being a social media site. Another interesting thing about the Steemit platform is that, there are a vast variety of communities with their unique themes that support content which is created with that theme. For example, in the Steemit Crypto Academy, crypto or blockchain based posts are being made. Every community has its own rules and regulations.

Back to the topic of curation, users have the reserved right to either upvote or downvote a post depending on the content. Plagiarized, disrespectful, offensive, obscene or immoral content usually receive the downvote while quality content receive the upvote.

Another vital thing about the Steemit platform is the SP. Basically, the accounts with the higher SP have a high value on the platform because they curate posts at a high rate giving the post a good reward. There are certain curators which are provided by the Steemit team to curate posts at high rates and rewards.

I have just shown you guys my favorite blockchain, key aspects about it, the history and some projects in it. I want to invite @rosita-nkefor, @wase1234 and @b-naj to partake in this contest.

Thank you for reading and have a great time!