Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @nishadi89
Although there are several blockchain networks, my favorite blockchain network is the steem blockchain. The only blockchain network I currently use is steem, so I thought I'd talk about the steem blockchain network in this contest. I have experience with steem. Also the cryptocurrency I first used to use is steem. Before joining steemit I did not know about cryptocurrencies and blockchain. But after joining steemit, I was able to learn about the cryptocurrencies and blockchains. In addition, there is a blockchain that I know because of the steem blockchain. That's the tron blockchain. But even though I deal with trx I still do not have enough experience with it so I am not going to talk about it.
History and Blackground of Steem Blockchain
Steem blockchain is a decentralized network. That is, a blockchain that is not controlled by any central authority. And the key feature here is that it is a blockchain on the social media side compared to other blockchains. Messrs, Ned Scott and Daniel Larimer founded the steem blockchain network in 2016. The creators of steem blockchain wanted to introduce the steemit platform to the users beyond the steem blockchain.
The Steem blockchain network consists of authors and curators, and authors have complete freedom to publish quality content within the blockchain network. Curators vote on quality content. Simply put, this is how the system works.
Screenshot taken from coinmarket cap; https://coinmarketcap.com/currencies/steem/
The cryptocurrency distributed by this blockchain network is steem. Initially, the value of the steem was very small, but the highest value ever reached was in 2018. Although the value of steem has been rising and falling since then, prices have not yet risen to the level reached in 2018.
Reasons why steem is my favorite blockchain network
There are several reasons why I like the steem blockchain. Now I am going to tell you what those reasons are. I thought I would present them one by one below.
• I have to say first, any user of the steem blockchain network can register for free and continue working. There is no charge for registering in this blockchain network. This is an advantage for users.
• With PoB certified in the steem blockchain network, a prize pooling system is implemented. This gives the authors and curators 50% of the prize pool rewards. Any author who publishes quality content can get 50% author rewards through steem blockchain. It is also an advantage to receive these rewards for free. One such cryptocurrency is steem. These rewards are based on the dedication and hard work of the authors.
• Anyone who uses steem blockchain has the opportunity to learn a lot from this blockchain. Steem can be introduced as a good value blockchain network for gaining new knowledge about cryptocurrencies and other things. Also, although this is a social media blockchain, it does not waste users' time like other social media. As a user who already uses the steem blockchain network, I can guarantee that.
• Because the steem blockchain is decentralized, the user has full control over their funds. Only the user has the right to the passwords provided. But if a user loses those passwords, they will lose access to the funds. Because there is no way to recover lost passwords. It is therefore their responsibility to keep their passwords secure.
Does the network has some earliest shortcomings and how has the network's team taken care of the problem?
The steem blockchain started in 2016 but they had a bitter experience that same year. The hackers hacked about 260 accounts in the steem blockchain and stole large sums of steem and steem dollars. This attack, which occurred at the very beginning of the steem blockchain, caused the blockchain to crash.
The creators of steem blockchain never expected such an attack. So at that point they crashed hard. Due to this attack, also Daniel Larimer withdrew. The damage caused by the attack was estimated at $85,000. That is a huge loss.
But since then no such attack has taken place again. It's been 6 years since the launch of the steem blockchain. But during this time there was no such attack by hackers again. This shows that they have taken very precautions to prevent such attacks from happening again in the steem blockchain network.
What changes do you think would make the network better?
There are a few new changes I would like to see in the steem blockchain network. I think these changes will lead to the improvement of the blockchain network.
• Introducing new projects such as smart contracts in the steem blockchain can provide opportunities to generate new tokens.
• Connecting the steem blockchain network with p2p technology so that users can deal directly with steem.
• Giving extra rewards to promoters by the steem team to increase the number of users promoting steem.
• If they can be made to burn a certain amount of coins during a transaction in a steem blockchain, then the circulation supply can be slightly reduced.
Write about a Project that is built on your favorite Blockchain.
Steemit is a project built on the steem blockchain. The Steemit platform was also launched in 2016. Any user can free register for steemit and post articles. Authors who publish quality content are always well supported.
Steemit is a great platform for those who like to read and write. With the steemit platform, users can gain a lot of knowledge. I am also a user who has gained new knowledge due to steemit.
There are different communities on the steemit platform and users can post articles of their choice within those communities. Quality content free of plagiarism is endorsed by every community. There is no space for plagiarism content in steemit.
There are three types of rewards for users who post articles here. They are steem, steem power and SBD.
🔶 SBD is a token that can be obtained directly by posting articles. An SBD is worth more than a US dollar. We can deal with SBD through the internal market and external exchange.
🔶 Steem power is a vapor token. The steem we receive for our articles is added to this steem power. Steem power affects the progress of the steemit platform. Every author and curator has a certain amount of steem power. Steem power can be converted into steem.
🔶 Steem is a liquid token. We can convert SBD to steem through internal market. And we can then power up that steem into steem power any time. In addition, steem can be obtained through an external exchange.
In collaboration with steemit tron in 2020, steemit users will receive trx tokens in addition to the above three rewards. To get the most trx token you need to publish articles that are 100% powered up.
Unlike before, now several new programs are being implemented in the steemit platform. Among those new programs are the club5050 project, engagement programs and curation teams. All of these are new action taken to improve the steemit.
Hello friend, good post and good information.
Regardless of the network that each one has chosen, all of us are somehow grateful to this wonderful network that has changed the lives of so many of us.
I think Steemit is also the favorite project for all of us.
Yes dear. I'm always thankful that the steemit platform has really added new meaning to my life.
Upvoted! Thank you for supporting witness @jswit.
Please check my new project, STEEM.NFT. Thank you!
It is overwhelming to witness how many people are writing on the steem blockchain. I think, it is due to this great steemit project built on the blockchain.
Without the steem blockchain we wouldn't have been here on this great platform.
Good luck.
Yes friend. You are totally correct. Without the steem blockchain we wouldn't have been here.
😊
Hello dear friend, how happy I am to see your participation in this contest, where you talk to us about STEEM. Although I already knew some things about it, you have given me knowledge about its operation and importance to you. Good content, congratulations.
Thanks for your support and comment. ❤