Steemit Crypto Academy Contest / S5W2 - Get to know the Steem Blockchain by @drqamu
Hello and welcome to my blog . I hope you are all doing well. Today i choose to write a task by cryptoacademy community which is about Steem blockchain.
Discuss the consensus protocol used in Steem, Proof of Delegated Participation. What are the differences between DPoS and PoW?
Every blockchain works on a predefined set of rules that are formulated to define the working of the blockchain to maintain the integrity of the network. Steem blockchain makes use of proof of delegated participation as a consensus algorithm to govern various processes of the blockchain and maintain its integrity.
People with a vested interest in the future of steem blockchain vote for witnesses to validate the transactions in rounds. The vested interest of voters has a direct bearing on the weight of the vote. The more the veered interest, the more weight of vote. The process of block validation is carried out on the steem blockchain in the form of rounds where 21 witness work in collaboration for the success of each round.
Proof of Delegated Participation ensures the integrity and reliability of the network by providing equal opportunity for all the eligible candidates to be selected among the top 21 witnesses so as they carry out the process of production and validation of blocks on this steem blockchain. There is no scope for censorship on the platform as any attempt to do so renders witnesses unqualified for the occupied post.
Proof of Delegated Participation was not a new protocol for steem blockchain or we can say that it was not a pilot project but it was earlier tested on the BitSharee network before being adopted by Steem Blockchain. So after ascertaining the eligibility of the protocol, steem blockchain adopted it.
DPoS vs PoW
PoW (Proof of work) is based on the computational power of hardware devices to solve complex mathematical puzzles to be rewarded whereas in DPoS (Delegated Proof of Stake) stakeholders vote for representatives known as delegates who are entitled to take decisions for the entire network.
PoW is more decentralised as 51% of attacks are theoretically very difficult to conduct whereas in the case of DPoS consolidation of stakes is theoretically possible but practically the defensive mechanisms to discourage such malicious consolidation are in place on the networks that follow DPoS.
DPoS is energy efficient as compared to Paw.
DPoS is more eco-friendly than PoW consensus algorithms.
PoW networks offer a higher degree of decentralisation than DPoS networks.
Generally DPoS networks have better scalability than PoW networks.
How often does a block occur in Steem and how many tokens does it use? Discuss this topic.
Steem blockchain produces blocks every three seconds and it uses Steem token to reward the users as well as validators of the blocks.
New tokens on the steam-block chain are produced at an early inflation rate of 9.5% since the hard fork of steem in 2016. The inflation rate keeps on decreasing and is expected to reach 0.95%. The rate of decrease of inflation rate per annum is 0.5%%. if the calculations are carried to find out the rate of decrease of inflation rate corresponding to the blocks produced, we will find that after every 2.5 lakh blocks, the inflation rate decreases by 0.01%.
With every block produced, new tokens are generated. The newly released tokens are distributed differently. Witnesses and developers are awarded 10% of tokens each. About 15% of tokens are awarded to steem token holders. We can understand the significance of building steem power of Steemit from the above percentage of tokens allocated for holders. The remaining major chunk (65%) of tokens is allocated to the reward pool that is distributed among authors and curators. We can see that Steemit is a sound blogging platform because it is content-centric, unlike other blockchains where miners are given a major chunk of newly generated rewards. The reward pool is divided into two equal parts and each part is allocated to authors and curators. So proof of brain is programmed to work with equal emphasis for both content creators as well as curators.
Do you know what was the first application to run on the Steem Blockchain? Discuss this application.
The first application to run on the steem blockchain was Steemit. Steemit is a Decentralised social blogging platform based on steem Blockchain that rewards users through Cryptocurrencies. We call Steemit a form of attention economy which means that the content creators whose content can fetch the attention of the masses are going to generate an economy for them.
The content created by authors is stored on the immutable ledger of the steam blockchain and the authors as well as curators are rewarded a shared portion of rewards from the minted reward pool of the blockchain.
Steem blockchain has a native token STEEM that confers voting rights to the stakers and empowers them to choose witnesses to maintain the integrity of the network. The staked steam on Steemit is known as Steem. power. The reward tokens on the steem blockchain include Steem, SBD and TRX. Steem and TRX are allocated in the ratio of 1:1. Each post reward after a payout period of seven days is distributed equally among the author and curators.
The quality content of any theme is valued on the blockchain through community curators or Steemit curators. Steemit demands users to make use of their grey matter to give proof of brain in content creation as well as curation and reward the content by upvoting and discourages the spam content by downvoting in a stake-weighted manner from the minted reward pool.
What is Proof of Brain (PoB)?
Proof of Brain (PoB) is a mechanism to create and analyse the content on the steem blockchain by making use of the analytical capabilities of users and thereby vote the content as per stake-weighted mechanisms (SP) and derive the rewards from the reward pool of the steemit.
To put it simply, we know content creators on steemit make use of their grey matter to the best of their capabilities and curators also make use of their content analysing skills and mark the response by voting on the content that's proportionate to their steem power (stake weighted). So both the authors and curators are benefitted from giving their proof of brain through the rewards distributed from the reward pool of the blockchain. All this process of content creation, curation and reward mechanism is collectively known as the Proof of Brain mechanism of the steem blockchain.
Steemit is a creative innovation of Ned Scott and blockchain developer Daniel Larimer . This decentralised platform make use of Proof of distributed stake to empower witnesses to run the blockhain and reward the content creators and curators who make use of Proof of Brain mechanism . The STEEM is the native governance token of the steem blockchain . The reward tokens of the platform includes Steem, SBD and TRX.