The Steemit Crypto Academy Week 7: Introduction to Defi and Yield Farming | homework done by @davchi

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It's my pleasure to pen down my homework task in respect to the steemit ecosystem as a decentralized financial system among others.

Nevertheless, I would like to go with the term DECENTRALIZED FINANCE ECOSYSTEM AND A CENTRALIZED ECOSYSTEM
This could be seen as a financial ecosystem where there is no Central regulatory body like a physical structure, where one can go in person to initiate any transaction.

On the contrary, the central financial ecosystem has it's operation in the physical world where banks and some other financial institutions are it's base. So in response to this it is centralized in that it has a precise contrlo system where people meet to initiate transactions.

In view of this I would like to draw our attention to the steemit ecosystem as a perfectly decentralized ecosystem in regard.

WHAT IS STEEMIT
This is a socially inclined decentralized ecosystem where its users are rewarded based on their respective engagement in the system by either exchanging their Fiat to steem crypto and using it to for or by creating good content in the system which later gets rewarded in the form of up-vote from the system.

THE BRAIN BEHIND THE SYSTEM
The steemit ecosystem was founded by Dan Larimer as the major brain behind the system and was later augmented by NED SCOTT and they both deliberated to create a social online Blockchain platform where every individual can earn based on their commitment. Finally the invention was launched and went into full operation by January 2016

The system as I said is a socially inclined decentralized ecosystem, nevertheless the system has a trend in which it follow as to fully gain membership.

First you have to sign up using signup.steemit.com, where you confirm your email, phone number and capturing a recapcher with your user name In the system. Further you generate your master key and Finally download all your keys in a PDF format.

After generating those keys, you are now good to go, so finally you log in those keys Into your personal blog in the system.

Finally you join communities in the system with your posting key and then create your introductory post in newcomers community, which after verified, you are then set to make every other posts.

Nevertheless everyone earns through a system called UPVOTING, that is either you're upvoted or that you up-voted someone else which inturn comes as authors and curation reward.

Finally and in nutshell, the system engages in a contest called power up that is being conducted on the first day of every month where winners are rewarded with with some SBD and also some steem being delegated to them used in voting as to earn more from curation reward.

On the other hand the system has three reward system that is STEEM, STEEM BACKED DOLLAR and TRON CRYPTO.

in these reward system if a user Powers up his post, he earns hundred percent of his post payout as steempower and Tron but on the contrary if he does not power up his post, he earns 50 percent of the final reward of his post as SBD and the rest percentage as STEEM.

FINALLY THE STEEM CRYPTOCURRENCY HAS THE FOLLOWING RATINGS:

SOURCE

For a little analysis we can fisrt see that the price of steem has crossed half of the USD, and besides with a market Capitalization of $248.27m which and a total market volume of 57.98 which is a good trend for the steem Blockchain technology.
To this extent, I wish to draw the curtain in the steemit ecosystem as decentralized financial ecosystem.

Special thanks to Prof. Sir @gbenga for such an incredible opportunity to make a review on the blockchain ecosystem which steemit is one of the best of them. Also my special regards do go to steemitblog for such an incredible community as this with such a magnificent assistance, thanks.

Cc:@gbenga
Cc:@steemcurator01
Cc:@steemcurator02