Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @rad-austine

Hello Friend

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Greetings to you my friend and welcome to my first post ever in Steemit Crypto Academy Contest. In this post I will be discussing my favorite blockchain network with you all in accordances to the laydown rules and guidelines to this contest. Let's get started.

Tell us about your favorite Blockchain network, its history, and why it's your favorite.


As a novice, like me that started his crypto journey this year, I have come to know several blockchain network through my research and through those that I have bought and sell they cryptocurrency. From the list of most the blockchain network that I know, it is only Steem Blockchain Network that stand out to be my favorite.


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Steem Blockchain Network is my favorite blockchain and it's the only blockchain network that seem to be the best among the numbers of blockchain network that I am aware of. Today, the platform that I am publishing this post is power by Steem blockchain network. Well let me briefly tell you about Steem blockchain and it's history.

Steem is a blockchain network that powers the Steemit social media platform that I and you are writing on today, and it works by rewarding users who keep on posting original content consistently with Steem Dollars (SDB), Steem Power (SP) and Tron (TRX). The SDB is a currency that is pegged to USD, whereas the Steem is a liquid cryptocurrency that can be traded for other cryptocurrencies or fiat. The Steem power (SP) is what give users influence in the platform.

Well a simple a understanding on Steem blockchain network is that is a social media blockchain that grows communities like Steemit, Dtube, Utopian and other projects that are built upon the blockchain which helps them most precisely the Steemit platform that we are using to makes immediate revenue streams possible for users by rewarding user who share original content in the platform. As for that of Dtube, it's for videos sharing. Let me now take you to the history.

History about Steem Blockchain Network


Steem coin is the cryptocurrency that is use in Steem blockchain network and it is equally the cryptocurrency that is used in rewarding users in Steemit platform which is a blockchain based social media platform that was created in 2014 by two noble young and handsome looking men Ned Scott and Dan Larimer.


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Dan Larmer was a very well known blockchain developer and he was the CEO of ButShares before he met Ned Scott who was the one that brought the idea of creating this great platform called Steemit. However, before Steemit was created, Dan Scott was working previously with as a business operator with an American food importation company called Global Group which he probably work for only three and half years. That is from 2022 to 2025 before meeting with Dan Larmer where the ideas of creating steemit platform was initiated.

As soon as the both of them agreed to the idea of creating/developing Steemit, he then resigned working with Global Group. Dan Larmer he worked with Steemit company for just few years as a CTO of the company before he left the company for good.

Well, I can say that is how Steemit platform started gradually and became a might social media platform today of which Steem blockchain is the network upon which Steemit is built upon. At you keep on reading you will get to know about it the more.

Steemit is the first app in history that was created on Steem blockchain network and it is equally the first ever social media platform that started before other media platforms began to follow suit. Waooh this awesome more Grace to Steem blockchain and Steemit plaform.

Steemit as a social media platform, is just like that of Reddit, Facebook, Twitter and other social media platform that you and I know. But the difference is that Steemit is a decentralized blockchain technology that rewards content creators like you and me is earning. Well there are a lot of goodies that is attached to both Steem blockchain and that of Steemit that if I should start telling you now you might even forget about what you are to do today. But the thing is that Steemit truly rewards content creators inform of crypto for they time and Steem blockchain allows everyone to create his/her own DApps.

Why Steem Blockchain is My Favorite


Let me first as this question. Do you know that in 2016 Steem cryptocurrency was among the top 3rd trading cryptocurrency?

Honestly, saying Steem cryptocurrency was trading massively around 20th July 2016 as of then when the price of Steem raised from around $0.28 to $4.45 dollars within a week. Due to the fast grew Steem market capitalization became the top three $384.6 million dollars among BTC and ETH. Below is the chart that shows the history of what am talking about.

Well aside that there are more reasons as to why Steem blockchain is my favourite which I will be listing the reasons why to you in details below.

  • With Steem blockchain and it Social Media App Steemit I can take good care of myself without depending much on anyone nor salaries from my workplace before I can feed. So to this I can see that steemit is an opportunity for everyone to earn cryptocurrency.

  • Stem blockchain network is my favorite, because its first app Steemit is created for the so purpose of providing financial services and also opportunities for everyone.

  • Steemit allows its users to contribute to the network and earn Steem coin,Steem Dollars that is pegged to $1 USD.

  • It is is a platform that is easy to use.

  • The rewards that I earn for steemit platform can be used to pay for goods and services and can also be converted to fiat currency.

  • Everything about Steem blockchain including all of its DApps are all free there is nothing like transactions fees.

Does the network has some earliest shortcomings and how has the network's team taken care of the problem?

Well or businesses, companies, plaform and whatever that you can think of are prompt to threat by hackers and haters and Steem blockchain and its first app Steemit isn't exempted from threat. Because if it's exempted there wouldn't have been a shortcoming on Steemit platform in 2016.

Steemit plaform was previously hacked by an unknown hackers that transferred steemit users they funds worth over $85,000 into Bittrex Account. However, as soon as the hacked happened it was quickly reported by @dragonslayer109 which the Steemit team then quickly takes actions where the issues was later sort out and all the users that was affected which they was about 260 users or there about they funds was refunded back into they Steemit Wallet.

However, immediately the attack was fixed, Steemit server was hit by a DDoS which lead steemit plaform in shorting down its serves for proper maintenances and upgrade which they later Introduced what is called "blockchain-based multi factor anthentication" which help confronted the issued that was faced with DDoS.

What changes do you think would make the network better?


Well eversince that I joined Steemit platform the platform has been running well and I haven't never encountered any challenges apart from sometime that my post do get expired without curating. Well this one is nothing because I am not the only one and life is not something that we will be winning all day time.

Currently, right now since I am still a beginner on the crypto industry that hasn't gain much experience, I will say that as a social media platform that Steemit is it should foster the growth of communities development. A lot of users always depends on SC01 and SC02 vote and at the end of the day if they didn't get the big upvote they will get sad and fade up forgetting that they are thousands of users that equally needs the vote.

So to this I think that they should be a changes in various community whereby community use they account to upvote users that do not get SCO1 and SCO2 vote and also that of other Booming and SC Account should do so since at the end of the payout of the post the community will receive its percentage rewards because they are set as benefiary. So I think Steemitblog should look into this.

Secondly,I most say that the recent changes that was Introduced to steemit platform the #club5050, #club75 and #club100 is a good development that can help maintain the value of Steem from falling dip. And also the Steemit Engagement Challenge is a good changes that brings interaction among steemians,and to this I think it will also be better it user are not just commenting but voting on other people post. Doing this will encourage voting among users. Let's do this mathematically and see.

In some posts you will see over 300 comments on one single post having $0.15 whereas majority of those that commented have more thank 2k SP, some 10k, 5k 1k and even 500sp. Now let's say that 50 users with 10k SP if they should vote with at least 50% the post will be having about $0.25 to $0.33 vote now we can image if all the the users do the same that means the post will be having about $1 or more than.

Write about a Project that is built on your favorite Blockchain


There are several projects that is built upon Steem blockchain network. In all and all Steemit is the first and most used projects that is built on Steem blockchain network follow by Dtube Utopian and the rest of them like Steemworld.org which is created by @steemchiller. Let's start by looking at them one after the other.

Steemit Application as I have earlier said and as I kept on saying that Steemit is a social media platform that allows users to post they contents and earn Steem coin that can be traded for other cryptocurrencies or fiat currency. In Steemit app, users earn what is called Steem (liquid currency of Steem blockchain) that is used to reward users.


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Steem Power (SP) is what give me and you influence, more power in Steemit. The bigger your Steem power that is the Niger your vote will be on a user post and also the curation rewards that you will earn from voting of other users post. So it's good to always power up your account.

Steem Dollars (SDB) is the currency that is pegged to $1 US.dollars that can is used to buy liquid Steem that can be either trader for another crypto fiat or used for powering up your account. However, there are some exchanges plaform that allowing depositing and withdrawing of SDB.

Another, good here again is that you can also earn Tron (TRX) as rewards which is based on the amount of SP you are earning from a post payout or your voting power. Now let's head over to another project that is built on Steem blockchain network my favorite.

Dtube is another social media platform that also rewards video content creators. It's just like Steemit but emphasis more on videos than writing. If you are a YouTuber or you love watching YouTube videos then I will advise you to switch over to Dtube as its serve you more better with videos that happened lives.

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Over to the next one.

Uptopian is an open source project that is also built on Steem blockchain. (i.e is a platform that is connected/linked to Steem blockchain network). In Utopian users get rewarded for the contribution they make in it's open source project and also the website is similar to that of Steemit.


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Let me not forget about "Steemworld".

Steemworld I no majorities of us most have used the steemworld.org in our achievement5 tasks you must have heard about @steemchiller his a creator of the steemworld. Well in a nutshell, steemworld is a platform that allows us to check our voting power, delegate our SP and do many more things.

IMG_20220430_085045.jpg Screenshot gotten from https://steemworld.org/@rad-austine

For further information about Steemworld you can refer back to your achievement5 tasks.

Conclusion:

Well, I have nothing much to say here, but to let you know that Steem blockchain network is my one and all blockchain network that I love so much. And aside the affomentioned projects that is built on Steem blockchain there are several others as well that I didn't mentioned.

Thanks to Steemitblog, Team, SteemitcryptoAcademy, all the professors and to you my beloved readers....

Stay Safe and See You on My Next Post....Love You

Sort:  

Steemit blockchain is no doubt a very important one. This platform is very example of how important is it where anyone can sign up learn and earn. Thank you for sharing

Thank you so much my friend

Steem Blockchain Network is my favorite blockchain and it's the only blockchain network that seem to be the best among the numbers of blockchain network that I am aware of. Yes bro steem blockchain is one of the best blockchain an it very simple to operate on nice post my friend keep it up,

Thank you i appreciate

Steem is a blockchain network that powers the Steemit social media platform that I and you are writing on today, and it works by rewarding users who keep on posting original content great post your explanation about steem is very simplify, you are a good steemians keep it up

Thank you so much my friend

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 2 years ago 

Blockchain technology isn't a new thing to we the steemians but the history and other things you wrote in this article are new to me, I learnt alot and from the score you got, I'm happy for you as you earned it. The steem blockchain has definitely done alot for me that's why I send every free time I get steeming as hard as I can

Thank you so much my friend

Your writing styles bis impeccable you have been able to explain this block chain to the simplest form that even I could pick a few things

Thank you so much my friend

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