SEC S17-W3 || Onchain Metrics of Steem blockchain || by @mianawais

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What are the main Onchain Metrics indicators used to evaluate user activity on the Steem blockchain, and how can they be explained in terms of their significance?

Of course! On the Steem blockchain, on-chain analytics are crucial for comparing user pastime and community health. Now let's examine the crucial symptoms and what they mean:

Total Circulating Supply and Daily Issuance :

• Total Circulating Supply: This figure indicates what number of Steem coins have been produced and are now in use. It gives perceptions into the general dynamics of supply.
• Daily Issuance: Indicates the sparkling coins that are created and given as block rewards to miners. It aids investors in comprehending Steem's monetary policy and rate of inflation.

Hash Rate and Miner Revenue:

• Hash Rate: Shows the complete amount of processing power used to handle transactions and hold community protection. Higher security and miner dedication are implied via better hash rates.
• Miner Revenue: Merges transaction charges with block rewards. It displays the profitability and feasible go back on investment for miners, demonstrating Steem's universal financial stability.

Transaction Volume and Active Addresses:

• Active Addresses: Shows network pastime and user adoption. Positive fee adjustments can be correlated with more active addresses.
• Transaction Volume: Indicates the blockchain's monetary throughput. High volumes are a signal of energetic network use, which is right information for investors.

Realized Price and Bitcoin Days Destroyed:

• Realized Price: The average traded Steem charge, weighted through quantity. In assessment to identify pricing, it offers a reasonable appraisal.

• Bitcoin Days Destroyed: The emphasis is on the quantity of transactions of cash that have been stored for a long term. Aids in determining the market's adulthood and capital depth.

Value-Days Destroyed (CVDD) and Delta Cap:

• CVDD: Offers a floor fee decided by using past statistics. Helpful in locating lengthy-time period value possibilities.
• Delta Cap: Indicates market bottoms by using combining found out and average cap. Aids in measuring extremes in marketplace sentiment.

How can Onchain Metrics data from the Steem blockchain be analyzed to understand user engagement trends and community evolution over time?

Of route! The Steem blockchain's on-chain metrics facts analysis offers critical insights into network improvement over the years and user engagement patterns. Let's observe this in greater element:

Total Transactions:

• Significance: The overall amount of transactions made at the Steem blockchain indicates the degree of activity within the network. Trends inside the usual wide variety of transactions can be used to determine the network's fitness. Abrupt pauses in interest is probably a sign of issues or modifications.

• Suggested Reading: Growing adoption and user involvement are proven through increasing transaction extent. On the alternative hand, a lower in transactions may imply a drop in hobby or technical problems.

Active Wallets:

• Significance: The wide variety of people attractive with the blockchain at a positive time period is represented by lively wallets. It's an critical indicator of person involvement and the health of the network.

• Suggested Reading: An ecosystem that is prospering is indicated by a larger wide variety of energetic wallets. It means that people ought to actively engage with Steem and pick out its fee.

Gas Spent:

• Significance: Analyzing the gas (transaction costs) utilized in Steem transactions offers treasured statistics on financial system and efficiency. It aids consumers in comprehending the capability of the network.

• Suggested Reading: Reduced gasoline charges appeal to clients and stimulate greater transactions. High petrol fees would possibly make customers sad and obstruct adoption.

Top Wallet Holders:

• Significance: It is crucial to reveal the largest network stakeholders, which includes early adopters, establishments, and effective people. Their movements affect adjustments within the marketplace.

• Suggested Reading: Predicting market developments is aided by way of maintaining an eye on top pockets moves. Significant purchases from powerful holders might imply guarantee or apprehension.The general value locked, or TVL, is a measure of all of the cryptocurrency property which can be locked inside Steem's decentralized finance (DeFi) apps.

• Suggested Reading: Growing TVL is a sign of environment fitness and DeFi adoption. Users' confidence in Steem-based DeFi techniques is contemplated in it.

Advanced Tools for Analysis:

• Blockchain-Specific Scanners: Etherscan, for Ethereum, is one of the specialized statistics scanners for every blockchain. These tools provide facts on activity, data, and transactions stored on the blockchain.

• Advanced Analytics Platforms: Programs inclusive of Glassnode and Dune Analytics help connect the dots among unprocessed blockchain facts and insightful analysis. They offer ancient trends, cohort evaluation, and visualizations.

• Scalar Measures: For instance, Glassnode offers 28 more on-chain signs for Ethereum and Bitcoin, enhancing precision and depth.

What are the specific challenges of interpreting Onchain Metrics on the Steem blockchain, considering its unique social structure and incentives?

Of path! Because of the Steem blockchain's unique social structure and incentives, analyzing on-chain metrics poses specific problems. Let's observe this in more element:

Social Influence and Content manufacturing:

• Challenge: By giving customers Steem tokens (STEEM) in exchange for their contributions, Steem's structure promotes content production and curation. But biases are added through this. Metrics like transaction volume and active addresses can be impacted by way of the capability for incentives for famous content authors.
• Impact: Real consumer involvement may not be fully meditated in metrics. A small number of powerful users may be liable for a excessive transaction extent, while the relaxation live inactive.

Reward-Driven Behavior:

• Problem: Steem's incentive shape rewards certain behaviors (such publishing, upvoting, and curating). In order to maximize incentives, users can act strategically, which could reason fake inflating of measures.
• Impact: Certain metrics, like as transaction extent and energetic wallets, couldn't appropriately mirror natural user pastime. To growth benefits, some users could check in several debts or change votes.

Centralization and Concentration of Power:

• Difficulty: Steem's delegated proof-of-stake (DPoS) consensus structure gives influential parties (witnesses) manage over incentives and governance. The have an impact on of some massive wallets may sway selections.
• Impact: Decentralization-related metrics (which includes the wide variety of nodes) couldn't as it should be represent the real electricity shape. The network's health is tormented by centralized control.

Quality of Content vs. Quantity:

• Difficulty: Steem's incentive structure offers priority to regular publishing and upvoting. Quantity regularly triumphs over great in cloth, which inspires spam, low-exceptional postings, and machine manipulation.
• Impact: Low-first-class bills or bots can be protected in metrics consisting of active addresses. There might be much less authentic person interaction.

Voting Patterns and Influence:

• Problem: Social dynamics are proven through voting patterns. Because in their connections or impact, a few customers get more interest than others.
• Impact: Voting behavior-associated metrics, along with voting electricity distribution, could not correctly mirror public opinion or justice.

Economic Incentives and Token Price:

• Challenge: User behavior is motivated via the token rate on Steem. More customers participate because the cost of STEEM will increase. In contrast, a undergo marketplace might bring about much less activity.
• Impact: Market mood influences metrics (like TVL) that are connected to monetary incentives. They don't necessarily constitute the overall fitness of the community.

Privacy and Pseudonymity:

• Challenge: Steem allows participation beneath a pseudonym. Multiple accounts may be created via customers without disclosing their genuine identities.
• Impact: Metrics may not pretty depict wonderful human beings. Users that fee their privacy may not divulge their whole involvement.

Community Dynamics and Governance

• Venture Venture is that Steem's governance selections have an impact on metrics. User conduct is stricken by community disagreements, forks, and changes to consensus models.
• Impact: Measures can also exhibit abrupt changes because of governance events. Long-time period styles might be thrown off.

How can Onchain Metrics of the Steem blockchain be used to assess the health of its ecosystem, including aspects such as the distribution of voting powers, content diversity, and reward fairness?

Of direction! On-chain metrics evaluation offer vital records approximately the kingdom of the Steem blockchain ecosystem. Let's see how crucial capabilities may be evaluated using these metrics:

On-Chain Transaction Volume:

• Significance: The volume of on-chain transactions serves as the blockchain networks' heartbeat. It presentations user behavior, adoption costs, and general usefulness.

Introduction:

• Augmented Volume: A rise in transaction volume indicates expanding interest, network use, and trade operations. It can be the consequence of speculative fervor or new protocol usefulness.
• Reduction in Volume: Diminished volumes might imply a shift in attention toward network improvement, protocol stagnation, or opponents gaining market share.

Distribution of Voting Powers:

• Significance: Stake-weighted vote casting is the foundation of the Steem balloting device. Evaluating the distribution of voting electricity is vital to information affect and authorities.

Interpretation:

• Centralization: Voting electricity dominance by way of a small range of powerful stakeholders can be a signal of centralization and feasible governance troubles.
• Decentralization: A extra equitable distribution of vote casting strength factors to a higher atmosphere with more involvement.

variety of Content:

• Importance: The form of content material showcases the liveliness of the Steem network. A broader target audience is drawn in and engagement is extended through numerous material.

Interpretation:

• Niche vs. Broad Topics: Examine the variety of topics that users have written about. Diverse hobbies are a thing of a healthful ecosystem, ranging from life-style and price range to art and generation.
• Quality vs. Quantity: Strike a stability between beneficial, incredible fabric and occasional-high-quality or spammy pieces. A combination of the two suggests a colourful community.

Reward Fairness:

• Significance: User behavior is directly impacted by means of Steem's reward machine. Fairness makes making sure that people who make contributions get the proper form of credit.

Explanation:

• Equal Chance: Examine if prizes are dispersed equitably throughout diverse content material types (e.g., articles, movies, art).

• Preventing Abuse: Keep an eye out for collaboration, self-vote casting, and vote manipulation. Injustices harm the environment.

Participation of Stakeholders:

• Importance: Involved parties play an energetic position in content material manufacturing, curation, and governance.

Suggested Reading:

• Active vs. Passive Stakeholders: Compare the range of holders who take part actively (by using voting, curating, and posting) to people who do so in a passive way.
• Incentivizing Participation: Promote community-constructing tasks and incentives to have interaction stakeholders.

Developer Activity and updates:

• Significance: A strong ecosystem is indicated by frequent protocol updates and developer hobby.

Explanation:

• Dependencies on Code: Keep a watch out for feature upgrades, bug fixes, and code updates on GitHub repositories.
• Involvement in the Community: Talk to builders and other network contributors to find out about ongoing upgrades.

User Retention and Churn:

• Significance: The viability of an surroundings relies upon on high consumer retention.

Interpretation:

• Churn Rate: Determine the proportion of users that leave from the website online. High churn might be a sign of discontent or unworthiness.
• User Feedback: Pay interest to what users have to mention and quickly restoration any issues.

Network Security and Consensus Participation:

• Significance: Stability and agree with are guaranteed by using a secure network.

Interpretation:

• Number of Nodes: Determine the overall quantity of nodes which might be currently in use. Stronger is a decentralized network.
• Consensus Participation: Keep track of block makers' (witnesses') involvement. High involvement demonstrates dedication.

How can Steem blockchain developers utilize Onchain Metrics to enhance platform usability, drive adoption, and address scalability issues while upholding community integrity?

The blockchain Steem, renowned for its resourceful "Proof of Brain" social consensus process, affords builders with interesting possibilities. They can also enhance platform usability, inspire adoption, manage scalability, and keep network integrity by means of the usage of on-chain metrics. How to do it is as follows:

Total Circulating Supply and Daily Issuance:

• Recognize the general quantity of coins produced and how they're being circulated.
• Track each day releases to evaluate monetary policy and inflation prices.
  Supply dynamics that are predictable help with funding analysis

Hash Rate and Miner Revenue:

• The hash charge is an indicator of miner determination and community protection.
• Higher hash fees imply a good mind-set in the marketplace.
• Miner earnings (costs plus block rewards) measures the fitness of the ecosystem.

Transaction Volume and Active Addresses:

• User adoption and network hobby are correlated with active addresses.
• Economic throughput is pondered in transaction volume.
• Investors evaluate vibrant network use favorably.

Destroyed Bitcoin Days and Realized Price:

• The extent-weighted common of the found out fee gives a reasonable estimate.
• The transaction extent of long-held currencies is tracked by Bitcoin Days Destroyed.
• These signs show the marketplace's maturity and intensity of capital.

Cumulative Value-Days Destroyed and Delta Cap:
-A historic fee ground is set up by CVDD.

• Delta Cap signals marketplace bottoms by combining found out and common cap.
• Helpful in spotting emotion extremes and lengthy-time period value potential.

Developer Portal and Community Collaboration:

• Examine the comprehensive API specs at the Steem Developer Portal
• Work collectively to solve scalability problems and change ideas with the Steem community.

Recall that the advent of dApps is normally driven by means of Steem's Smart Media Tokens (SMTs). Developers are capable of offer innovative answers while keeping the integrity and self assurance of the community. 🚀🌟

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