Steemit Crypto Academy Contest / S1W1 - My Favorite Blockchain Network Is Steem Blockchain By @ngoenyi
Hello friends, hope we are doing wonderfully well. I will be engaging in the steemit academy contest which deals on the topic Favorite Blockchain Network..
This contest is so nice as it will help explain the blockchain network I love best.
My favorite blockchain
My favorite blockchain is the steem blockchain. Why do I say it is the steem blockchain? Because of the reasons that I am going to discuss with you through my write up.
The blockchain was developed by Ned Scott and Dan Larimer who is well known as a blockchain developer. However, after both men met in January 2016, the blockchain came online at the end of March 2016.
Steem as a blockchain is a social one. It accommodates communities helping them to grow while creating earnings for its users. This it does by rewarding the efforts of users who create and share their original and quality content. It is the only blockchain on which applications like social apps run on.
The blockchain is equipped with a database which is publicly accessible that stores information that cannot be changed in text format.
The steem blockchain is endowed with so many features unique to it alone. It handles more transactions than any other blockchain about 10,000 TPS. Currently there are over 324 steem-based apps with more than 1 million persons using these apps which run on the steem blockchain.
It runs in an almost zero fee transaction making it cheap for users and developers to use and an exchange for swaping its tokens at almost no fee . To enable content creators have the ability to interface with the blockchain, a dapp was created for such users, holders too can easily access their account via that interface. This is where the steemit platform comes in, which we will discuss later.
How the steem blockchain works
When we talk about blockchain, we always make mention of blocks, in which information is gathered together and stored in blocks. To actualise this on the steem blockchain, it uses a consensus mechanism referred to as delegated proof of stake to create its block. While some blockchains use miners to validate and verify transactions, the steem blockchain uses witnesses to do so.
These witnesses are groups of people empowered to create and validate block creations. These are selected by the process of election by voting. The witnesses are 21 in number. It is only 20 witness that validate the blocks why the extra one witness serves as a backup. The blocks are created every 63 seconds and are compensated with steem power.
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Why it is my favorite blockchain
It is my favorite blockchain because it is very easy to use and navigate. The blockchain is open for any body to register and registration is free with no hidden charges. Some blockchain I have interfaced would either make financial demands from you or use your mining power for themselves, thus taking advantage of you. While in steem blockchain, nothing like that happens. You only invest if you want to and your investment is secure in the blockchain.
Another reason for being my favorite blockchain is that users are rewarded for their hard work. They are rewarded with steem tokens for sharing and curating on the social apps powered by the blockchain. The blockchain also provides a floor whereby business owner can build their own reward based platform on the blockchain.
The steemit blockchain almost runs on zero transaction fee. This makes access to it open to everyone. It is the only blockchain that powers social applications no matter the size, processing a transaction every three seconds. The attachment of the social media to the blockchain makes me love it the more.
Does the network have some earliest shortcomings? How have the network team taken care of the problem?
There have been a time when the blockchain was attacked by crypto fraudsters and investors steem stolen. Additionally, crash in the crypto space really affected it.
To resolve the fraudulent attack, they have added more layers of security in the blockchain. This have ensured more security on the network. They also have implemented multisignature system of signing transactions which serves to secure accounts as well. So since after that incident, such have not happened again.
The network team have also built up their reputation once more, this in turn affects the price of the network token positively. Since then, the price of the steem token have been moving from strength to strength.
![]() | STEEM TOKEN LOGO |
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The changes I think would make the network better
There is need to make more noise about steem blockchain through steemit. Prior to my being told about steemit. I never knew about the blockchain and even its social dapps. This is bad compared to others that may not be as good as the steem blockchain, but is everywhere, on social media, news, even when discussing with friends, those blockchain names are part of the discussion.
There is need to create a share feature in the dapps powered by the steem blockchain, so that all our glamorous experiences on this blockchain can be easily shared to other social media like twitter, facebook or even youtube with just a click or a button.
Apart from the above, I think the blockchain is on the right path of success. Already, some merchandise and articles sold by steemians in my area are paid for using steem token. This is helping in creating the much needed awareness too.
Steemit, a project that is built on my favorite blockchain.
Like I have earlier mentioned, the steem blockchain power social media dapps on it. One of these projects or dapps running on the blockchain is Steemit
The steemit dapp is one of the project runned on steem blockchain for over 6 years. It came on board on July 2016 launched by Ned Scott and Dan Larimer. It is a social media platform with blogging site. The users share their quality and original content in the platform while they are rewarded for their effort in three ways. The three ways the creators are rewarded are
In steem token which is the native token of the blockchain. It is the unit of account in the steem blockchain.
In Steem Power(SP). This can be refered to as staked steem within the steem ecosystem. They are paid a certaan (APR%) for staking and it is majorly the power or weight behind curation values and curation rewards. The higher your SP, the higher the amount in dollars you give and the higher your curation rewards. The SP can either be earned as rewards or by powering up liquid steem.
In SBD(Steem Blockchain Dollars). This is the stable token of the blockchain which is pegged to 1 USD. It can be converted to steem and the quantity of steem received in return is dependent on the market value of both tokens.
Initially, in steemit, contents were made in English, but currently, many languages are supported in the platform ranging from spanish, chinese, korean, to portuguese, Italian, russian, ukraine, ardu and many indigenous languages of its users.
The platform is a benchmark or yardstick which others look at. Apart from the reward systems, so many bonds of friendships have been created via the platform, charity donations done from members to individuals and their localities, this is the social media aspect of it.
Another important aspect of this beautiful platform is that it creates avenues for learning. So many things can be learnt from the platform like different foods for different cultures, cities and countries, you can also learn different languages since there are users who provides such education, online skill acquisition, learning about nature from professionals, cryptocurrency and finance education, and so many other fields of learning. Do you also know that even kids have a space in the system? Perhaps you will need to visit steemkids community
Currently, there are 1,238,717 registered users in steemit. That is a mind blowing figure. This figure will continue to increase as more people learn about the platform.
Conclusion
The steem blockchain is amazing, being built from down to up, encouraging learning and earning at the same time. The blockchain and its associated dapps have changed or positively affected the lives of many around the world of which I am a beneficiary. I hope that improvements continue to be done on the blockchain and steemit dapp entirely. This will maintain the longevity of the system attracting more users to it.
Hopefully, the Smart Media Token Protocol(SMT) will be launched on the blockchain, enabling entrepreneurs to digitalize their businesses creating their own tokens to reward their users within the blockchain.
So we can all see why I said that Steem blockchain is my Favorite Blockchain. What's your own favorite Blockchain technology? I want to read about yours @mesola @inspiration @event-horizon @goodybest @eliany @ubongudofot and others. Why not make your entry soon, am eager to read. Thanks to you all for reading my entry.
This is my introductorypost here
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
I already knew you will write about Steem blockchain. Your love for Steemit can't be compared any other DApp. From your experience on the network, you have highlighted key issues that needs to be put in place for the development of the network. I trust the team is trying their best to push the project to its full potential.
Thank you for taking part in this contest.
Thanks a lot @reminiscence01 for your review of my entry. I am glad that I did well to score 8.5.
Lols 😂😂! I can't stop laughing! The truth is that I feel good about anything concerning steem Blockchain. There is non like it. Well, when something is good, it is good to make some noise about it.
I carefully read your write up ma'am, an it is very clear to understand, your favourite blockchain is filled with so much advantages it is a blockchain every users should fall inlove with I appreciate your detailed explanation of this. Steem is also my favourite thank you for inviting me to join the contest I will drop my entry soon.
Wishing you success in this contest
Thanks a lot for reading it carefully. Really? Steem your favorite? Wow! I am waiting to read your entry. Thanks for your nice comment
Amiga que gran resumen, esto me ha abierto el camino para mi entrada, leerte ha Sido tan placentero que parecía estar en una clase de blockchain, todo se entiende muy bien lo que beneficia al lector.
Te deseo el mejor de los éxitos para tu participación.
I appreciate you kind comment dear sister. I am glad it has opened the way for your entry. I am waiting to read from you. Much hug 🤗 and love 💕💕💕 from me
Definitivamente Steem es tu red favorita y la mía también m pronto estaré también rindiendo mí entrada, eres una excelente promotora de steem en Nigeria y el mundo, pues eres un referente mundial de éxito dentro de este red social blockchain que es la original y por ser tan bondadosa con nosotros merece que la sigamos trabajando para verla proyectada en le mundo.
Es preciso que hagamos más ruido para que nadie se quede sin conocer al blockchain Steem y ser parte del crecimiento
Muy buena publicación querida @ngoenyi
I am glad to hear that steem Blockchain is your favorite too. We can't settle for less at all my dear Sister. I appreciate your kind comment. We need to keep promoting it to the world. You are already doing great in this instance. Let's keep doing our best
Let's keep doing our best😊🙏
Gosh! It is true! We are never too old to learn!
Thank you for sharing your favourite blockchain, Steem with us.
I read every single word from top to bottom. You can send me the test paper. 😊
Thank you for all the information. You did well!
Thanks a lot for reading through. I learned a lot too while trying to put this up. Certainly, learn knows no age. I appreciate your kind comment
It motivates how you have effortlessly entreated us with your contest post.
I do not know much about how blockchain runs but I appreciate how steem blockchain makes it easy to use and then spurs us on with rewards.
I couldn't have agreed more that the steem blockchain is my favorite.
Good entry
Just a little push to learn more will expose you to the wonders of steem Blockchain. I am glad that you too like steem Blockchain. Thanks for your nice comment.
Greetings steem the best network, the one that has made us get involved and learn a lot about this cryptographic world, excellent information provided, which reinforces us a lot the management of this network.
Thanks for your wonderful comment. I appreciate
You have really written a complete overview of your favourite blockchain. Indeed steemit blockchain is one among the best blockchain in the world. Very few blockchain run project the way the steem blockchain does. Thank for such an insightful knowledge you have shared with us.
Thanks for reading through dear. It's good I had to study more about steem Blockchain. A lot was revealed in course of that. I appreciate
steem is really amazing with no doubts. and you have taken time to highlight so much benefits.
Great and detailed explanation about STEEM Blockchain and the project behind it. With no doubt, with your high rate of investment on this Blockchain has not surprised me that it's your favorite Blockchain
I love STEEM Blockchain because of its decentralized nature and how secured this blockchain is, which makes it impossible for hackers or scammers to interfere in ones account
Thanks so much for the in-depth explaination about steemit Blockchain