SEC S17-W3 || Onchain Metrics of Steem blockchain
|
|---|
Hope you all are doing well and good and enjoying the best days of your life. This is me @shahid2030 from Pakistan and you are here reading my post. You all are welcome here from the core of my heart.
This is my participation in a contest Onchain Metrics of Steem blockchain organized in SteemitCryptoAcademy by @crypto-academy.
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? |
|---|
We use several on-chain metrics indicators on Steem blockchain that evaluate the users activities. By understanding these metrics, it help the stakeholders, developers and investors to know about the health and growth of the Steem ecosystem. It also give us a brief insight to the users behavior, the platform performance and current trends.
 |
|---|
What are the on-chain metrics Indicators we can use for Steem's Analysis.
Daily Active Users Interaction
This metric give us the data of unique users that are interacting with the Steem blockchain on a daily basis. A rising number of new accounts indicate that more people are interest and we see more adoption of the platform. A higher DAU data means, increase user engagement and network activity.
Daily Transactions
It indicates the total number of transactions processed on the Steem blockchain on daily basis. A higher transaction volume means, increased network usage and activities on it.
Users Engagement
Users engagement includes: posting, commenting, replying and giving votes to other users. These things provide us an insight into content creation and interaction levels on the platform. It's obvious that a higher counts signify active community participation.
STEEM power Delegation
This metric indicates the amount of STEEM power delegated by users to other accounts. It might be to the community accounts or other steemians' accounts. This show us the trust and collaboration of people within the community, as well as influence distribution.
How can Onchain Metrics data from the Steem blockchain be analyzed to understand user engagement trends and community evolution over time? |
|---|
We can easily gain a comprehensive understanding of user engagement trends and community evolution on the Steem blockchain by analyzing Onchain Metrics data. Let me show a step-by-step approach to analyze this data here.
Collection of Data
We should collect the most important on-chain metrics data such as finding the transactions volume, active users, posting, voting and other community interactions from the Steem blockchain.
Analyzing time series
This give us a too much authentic data. Here we analyze the plot time series graphs to visualize current trend over time. We look for patterns, spikes or drops in users engagement and also community's activities.
Reading the community's sentiments
Analyzing the community evolution is too much important. We should read the changes in community size, people's sentiments and activities. We examine the shifts in popular topic, the accounts of influencial users, and ofcourse community interactions.
We analyze the network structure of Steem community to help us identify things like, key influencers, clusters and community sub groups.
Steem's Comparison
Compare Steem's data with other parallel blockchain that are also based on social media platforms or other traditional social media platforms. It will help us identify strengths and weaknesses steem and opportunities for it's growth.
We can summarize key findings, insights, and recommendations based on the analysis. It will highlights us areas of strength, potential challenges, and opportunities for improvement.
Predictive Analysis
History repeat itself. A very common phrase which is used in crypto market. Using a historical data to give us predictive models, that forecast future engagement of user, showing the trends and community evolution. This can help us alot in strategic planning and decision-making.
What are the specific challenges of interpreting Onchain Metrics on the Steem blockchain, considering its unique social structure and incentives? |
|---|
 |
|---|
It is important to approach Steem on-chain metrics with a critical mindset. We should analyze both quantitative and qualitative factors to gain a comprehensive understanding of the platform's dynamics. We know that interpreting on-chain metrics on the Steem blockchain presents several challenges. The reason is its unique social structure and incentives. Here they are discussed one by one.
Complex Social Dynamics
STEEM has a reward mechanism, where it gives reward to it's users based on content generation and curation, which may lead to complex social dynamics. It's not sure 100% that only high quality content will receive reward, but mostly those having more Steem staked or more SP receive reward. Their isn't a proper scale for measuring the quality of the posts.
Influence of whales
Whales have great influence in every project, same they have here in Steem too. Those accounts, which are large stakeholders, have significant influence over content rewards. They are given priority compared to low accounts. It challenges the genuine community engagement motto.
Activities of Bots
Automated bots in Steem have an influence on voting, commenting and content creation. It makes the activities and engagement level of users complicated.
Data integrity
It's a great challenge to ensure the accuracy and completeness of an on chain data. Especially when their we have mega data, such as high volume of transaction, interaction and other engagement. Sometime the community got miss lead. They get motivated by economic gains rather than genuine interest or engagement.
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? |
|---|
By analyzing the onchain metrics of the Steem blockchain we can get a valuable insights into the health and dynamics of its ecosystem. Monitoring these metrics with time can also help identify current trends, patterns, and potential areas for improvement.
How we can assess various aspects using these metrics?
Users Engagement
Gauge the users engagement by tracking metrics like active users, daily transactions, and other users interactions. Keep monitoring the intention and sentiments of news users, their growth rate and also that of existing users. It can give us assess to platform adoption and satisfaction data.
Network Health
Monitoring the performance metrics of the Steem blockchain, such as transaction throughput, block times, and network latency. Also look for signs of congestion or bottlenecks, which could impact the users experience and overall health of the system.
Distribution of Voting powers
Steem power distribution analysation among users to understand the concentration of voting power. We look for centralization or monopolistic tendencies. In this case a small group of users holds a significant portion of the voting power.
Diversity of Content
Evaluate the variety of content being uploaded and posted on the Steem platform. The number of unique authors and the diversity of topics being discussed among users should be monitored.
Reward Fairness
Examine the rewards distribution mechanism. It should be assessed whether the rewards are distributed based on the quality of content, engagement, or it has another objective criteria. Unfair practices or manipulation should be identified by finding any disparities in rewards distribution mechanism.
How can Steem blockchain developers utilize Onchain Metrics to enhance platform usability, drive adoption, and address scalability issues while upholding community integrity? |
|---|
Steem blockchain developers can utilize Onchain Metrics in several ways to make sure and improve platform usability, make it user-friendly, maintaining community integrity and driving adoption. Let's discuss them here below.
 |
|---|
Users' Engagement Analysis
Understanding users behavior is too much important. The developers should analyze onchain metrics inorder to understand user behavior, preferences, and engagement patterns. It will help to give an insight to the developers improve user experience by introducing such features or improvements, which will meet the needs and requirements of the users.
Optimization of Performance
In order to enhance platform usability and attract more users, developers should monitor onchain metrics related to speed of transactions, confirmation times, and throughput, so they can identify bottlenecks and optimize the performance.
Checking community Feedback
Developers can use the data provided by onchain metrics related to valuable feedback of community, their sentiments and preferences. It will help them know about community concerns and they can build trust and loyalty among users.
Scalability Problems
Identify scalability related challenges using onchain metrics and give them a solution in the form of sharding, layer 2 solutions, or protocol upgrades. It will encourage users they will be ensured the platform can handle increased traffic and transaction volumes as it grows.
Security Measurements
Developers must monitor onchain metrics that are related to network security, such as transaction validation and consensus mechanisms. They should detect and address potential vulnerabilities proactively. It will boost up the trust of users to believe on the integrity of the platform and they will be sure their assets are protected.
Further more the developers can uphold transparency and accountability with in the platform. This will help build trust among users and encourage wider adoption of the platform.
This is all about my blog for today, hope you guys have enjoyed reading it. See you soon with a new amazing and interesting topic, till take care.
| I would like to invite: @goodybest, @ripon0630 @emsonic, @miyexi, @kouba01, @mile16, @pelon53 @solaymann @waterjoe , @willmer1988, @msharif to participate in this Contest |
|---|
Your presence here means alot
Thanks for being here
Regard shahid2030
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
TEAM 5
Congratulations! Your post has been upvoted through steemcurator08.Thank you my dear friend for your precious support. Keep blessing friend.
Assalamualaikum brother,
Your explanation on the given topic is quite impressive and I must appreciate your research work. You have said well that the On-chain metrics can help the devs of the platform to develop more impressive and effective tools that can further help the users to overcome the issues that they were previously facing. The whales' control of the reward pool is one of the major challenge that can effect the content discovery and diversity.
Thanks for sharing your thoughts on the given topic and good luck ahead 🤞
well explained
@shahid2030, what a detailed and insightful post on Onchain Metrics for the Steem blockchain! Your explanations are spot on and make it easy to understand even for those new to the topic. I appreciate how you have covered everything from user engagement trends to scalability issues. Wishing you the best of luck in the contest
Thank you so much dear for your beautiful response. Keep blessing.
Your are right . When there are more new accounts being created, it shows that more people are becoming interested in using the platform. But there is one issue of multiple fake accounts being created by some missreants which shows inflated matrics.
The influence of large stakeholders, or "whales," on the platform can make it difficult for genuine community engagement to happen. We can simplify it by taking a real life example of a group of people, if only a few people have all the power in a group, it might not be fair for everyone else who wants to participate. isn't it?
Developers need to keep an eye on how fast transactions happen, how long it takes for confirmations, and how much data the network can handle at once. This helps them find and fix any problems that slow down the platform, making it smoother and more reliable for users.
All the best
Thank you dear friend for your so much brief response to my post. Keep blessing.
Greetings @shahid2030
Your explanation of the Onchain Metrics for the Steem blockchain is impressive. You've really nailed it with the way you explained everything. You've covered different indicators and what they mean, which is helpful for people who might not know much about this stuff. And your insights into how people use Steem and the challenges they face are right on point. I wish you the best of luck in the contest.
If a person have 100% voting power and he have to maintain it so definitely he have to vote at least 10 users each day for maintenance of his voting power but now for the health of the ecosystem of this blockchain is very important to keep in mind that before utilizing your voting power you should keep in mind quality content of other users and if the content is of high quality and also make sure that you are visiting diversity of content related to different topics and different categories than it means that you are promoting health of this eco system by proper utilization of voting power you have.
I also enjoyed your explanation with proper examplification in some of the parts I wish you much success in this challenge.
Thank you so much dear for your brief response to my post. Keep blessing dear.
Your welcome 🤗
It is always my pleasure to learn from all of you 💕