Steemit Crypto Academy Contest / S14W3 -Sidechains
A brief Introduction to Blockchain:
As someone who's new to both blockchain and Steemit, I've been exploring how everything works. It's kind of like figuring out a big digital highway, and Steemit is like this cool spot on that highway. I have been reading extensively online and digging through old posts of multiple users on this platform, some as old as 6 years ago. I think I have gone through countless posts, I have really lost count. In doing so, I have come across some very interesting revelations. But first of all, a layman's perspective on blockchain and Steemit in the form of a handwritten draft.
An overview of Steemit before digging into questionnaire:
Below is the overview of some of the pertinent terminologies for contextual understanding and for the engagement of this post.
Steemit is a decentralized social media platform that operates on the Steem blockchain. It is a cryptocurrency network designed to support social media and online content creation in the form of rewards through curation.
1. Multi-Token cryptocurrency Economy:
Steemit utilizes a multi-token system consisting of STEEM, VEST (SP - Steem Power), and SBD.
STEEM is freely transferable, VEST/SP measures wealth and influence on the platform, and SBD serves as a stable coin.
SP and VEST have a technical distinction, with SP representing actual power and influence, while VEST is a unit of measurement. This differentiation encourages long-term commitment.
2. Technological Foundation:
Steem is built on Graphene technology, shared with BitShares. It generates new tokens with each block produced, enhancing the platform's functionality.
3. Consensus Mechanism:
Steemit is unique in that it aims to reward users for their contributions to the platform, providing a financial incentive for content creators and curators. The platform uses a consensus mechanism called Delegated Proof-of-Stake (DPoS) to achieve faster transaction speeds and scalability.
Unlike Bitcoin, a limited number of users known as witnesses, not everyone, can produce blocks.
4. Witness System in Steem:
Witnesses in Steem play a crucial role. Any Steem user can become a witness by setting up a witness node. Witnesses approve forks, publish price feeds for STEEM, and users can vote to elect them.
5. Witness Election and Block Production:
Users can vote for up to 30 witnesses. The top 20 witnesses, plus one random witness, are responsible for producing blocks on the Steem blockchain, ensuring the platform's stability and functionality.
ANWERING THE QUESTIONS IN CHALLENGE:
SIDECHAIN IN CONTEXT OF BLOCKCHAIN:
- Sidechain: Auxillary blockchain connected to the main blockchain.
- Independence: Operates separately with its own rules.
- Two-Way Peg: Allows secure asset transfer between mainchain and sidechain.
- Specialization: Designed for specific functions, enhancing efficiency.
- Scalability: Offloads tasks from main blockchain, improving overall scalability.
- Innovation: Provides a sandbox for experimentation without impacting the main blockchain.
Importance of Sidechain in terms of
Scalability:
Scalability refers to the ability of a system to handle an increasing amount of work, such as a growing number of nodes and transactions, without compromising performance or efficiency.
In blockchain, a transaction is a record of asset or data transfer between participants, cryptographically secured and added to the immutable and decentralized ledger. The term is not confined only to the transfer of assets across the platform or from the platform to other exchanges. It has a broader implication.
Hence, transactions are fundamental to blockchain technology and are crucial for maintaining an accurate and transparent ledger of all activities on the blockchain.
The scalability challenges in transactions, therefore, stem from the increasing number of nodes and transactions in blockchain, particularly in major public blockchain applications like Steemit. These challenges manifest in several key aspects. Some of these are:
- Computational Load: Increasing Workload
- Resource Intensity: High Resource Requirements
- Performance Issues: Transaction Speed Lags
- Consensus Delays: Agreement Time Lag
- Storage Challenges: Growing Data Size
Advantages of sidechain in the light of criteria defined above:
- Scalability: One of the main advantages of integrating sidechains into the system! Implementing sidechains in Steemit could alleviate congestion on the main platform, enhancing transaction processing and overall performance by distributing some of the workload to separate chains. This means that not all transactions need to be processed directly on the main blockchain, reducing congestion and freeing up capacity for more critical operations.
Flexibility: The autonomy of sidechains on Steemit would allow for experimentation with different consensus mechanisms and parameters, fostering innovation and customization in how content is rewarded and shared on the platform.
Cryptocurrency Compatibility: If Steemit were to integrate multitoken cryptocurrency-compatible sidechains, it would enable a seamless transition for developers. They could deploy existing Steem-based applications or smart contracts on these sidechains, expanding the functionality and possibilities within the Steemit ecosystem.
Therefore, Sidechain logic is an efficient method to lower transaction fees on the main blockchain. It achieves this by grouping transaction details into larger chunks and processing them separately outside the main blockchain. This approach results in cost savings, making transactions more affordable by avoiding the need to record every single transaction detail directly on the main blockchain.
This heading provides answers to two main queries asked by in the questionnaire; differences in blockchain vs sidechain regarding scalability issues and how could sidechains be used to diversify functionality on the Steemit platform.
The Burning Question!
How could sidechains help attract new users and developers to the Steemit platform by offering improved functionality and reduced transaction costs?
I dug into the internet for this question, and after googling through many pages, I came to the conclusion that Steemit can draw in developers, investors, and businesses by using sidechains. Unlike mainnet blockchains that may lack certain processes and need big investments, sidechains offer a different and attractive option. With sidechains, Steemit can provide a solution for better workflow, more transparency, and secure partnerships in business groups. This makes Steemit a great choice for those wanting efficient, clear, and confidential collaborations.
Security Implications:
The only question that kept nagging me throughout the writing and compiling of this post is/was; the security implications of the sidechains. I'm torn between the two opinions provided by different articles.
On one hand, sidechains shoulder the responsibility for their own security, which means that any security breaches within a sidechain don't have a direct impact on the main chain. However, this autonomy introduces a potential drawback, as it may lead to additional security risks that need to be carefully managed.
It's crucial to recognize that the robustness of a sidechain is contingent upon its design and implementation. While sidechains can offer faster transaction times, it's imperative for them to implement and maintain proper security measures, consensus mechanisms, and governance structures. This dual perspective emphasizes the need for a balanced approach to ensure the security of both sidechains and the overall blockchain ecosystem.
Successful Implementation of sidechains:
Popular sidechains include:
- Polygon for Ethereum
- Rootstock for Bitcoin
- Binance Smart Chain (BSC)
- Hive engine, DLUX, SPKCC for Hive
Regarding Steemit, I have extensively researched the internet and past posts of Steemit users. However, I didn't find any concrete proof of a sidechain. A good friend informed me that there used to be a side chain called Steem Keychain in the past, but it is no longer available due to some unavoidable circumstances.
I remain optimistic about the possibilities and innovations that may unfold in the future, contributing to the continued growth and resilience of this platform.
My References:
- MDPI article
- MDPI article
- web page
- veteran Steemit user
Disclaimer: I have compiled this post based on my understanding after going through different materials and articles, according to my abilities. I have sited my sources of information. Please correct me if any information is incorrect or not up to date. This post is open to critical questioning and engagement.
Wow, that's a scientific term paper. When do you have the date for the exam?... ;-)
Joking aside, hats off to you for how much you've familiarized yourself with the subject matter!
And thanks for my new bookmark in the browser... :-))
Phew...
Your comment, for me, a sigh of relief.
I think, I have not done that kind of extensive reading since my last viva voce some 13 years ago.
I had been studying the terms related to this platform and cryptocurrency, Blockchain in general. And then this challenge compelled me to write all this information in a compiled form.
🤞
Impressive work. I can neither correct you nor assure you that you wrote everything correctly. In more than two years on this platform, I have never looked into blockchain in such detail.
I think your work deserves to be acknowledged :)
Thank you so much for your kind remarks.
I tried to write this article from a layman's perspective. I explored on my own and actually went through scholarly research articles to gain in-depth understanding. But you are right; I'm no expert in the area. However, I specifically chose this topic because it's good to have at least some basic knowledge of the interface of this platform. I can never be sure to provide technical answers. But I have gained some understanding of these very fancy terms in doing so.
I'm quite happy actually:)
You know, I once wrote articles for the Ukrainian section of Wikipedia. I deliberately chose not the topics of the articles where I am a specialist, but those where I know nothing, but I was interested to learn.
Thus, large and thorough articles about the ancient state of Pergamum, the Hun Empire, epoxypropane and several dozen other articles appeared in Wikipedia. So I think your approach is very correct.
Very impressive and very patriotic!
Respect 🙏
Very well documented about blockchain
Steem Keychain is running and it is maintained by @happyberrysboy
https://chromewebstore.google.com/detail/steemkeychain/jhgnbkkipaallpehbohjmkbjofjdmeid
Steem Keychain was previously developed by witnesses who went to Hive after the split
Thank you so much for your remarks and for the update regarding the sidechain of Steem, Steem Keychain.
I'm sure, not many people knew about it!
... and it's also called "taking the bull by the horns")))
I have the feeling that I am reading a scientific article, bravo! ;-)
But I have to be honest... I don't understand this issue ... : (If I can still talk about photography, then the mechanics of blockchains are a dense forest for me. True, I have a pair of flashlights so as not to get lost, but I do not know exactly what is behind the nearest pine tree)))
Thank you so much for your encouraging words!
Made my day.... They are payoff for my efforts really!
I think I understood you:)
But I would say, if I could write and explore the idea, then you are 10x better at it!
Why would you overthink about whatever is hidden behind any pine tree! You have the brightest flash light that anyone could ever possess:)))
A side question! I'm curious about the types of pine trees in your area. I only get to see them during our biennial or triennial trips. I absolutely adore these majestic tall beauties!
I don't think I could have made a post about the mechanics of the blockchain.
I belong to the category of users. It's like a car driver who goes to a car dealership in case of a breakdown)) I have an idea how the machine works and what exactly I shouldn't do so that it doesn't break down. Everything else is a matter for specialists))
To expand the metaphor with a flashlight and a flash...I'd rather use a flashlight)) The flash gives a lot of light, but does not do it all the time))
If you go from metaphors to a real forest and go into a pine forest... we have the most ordinary pines growing here
As usual yours is the final verdict 🏆 :)))
The metaphorical play extends far beyond what words can capture or express.
Thank you for stopping by on my post and the lovely pictures!
Unfortunately, when a metaphor is translated into another language (and this is usually another culture) ... there may be distortions of meanings. But what to do, we will try to understand each other intuitively))
Hey,
I understood you perfectly:)
And I'm really obliged for your comments!
🖐 😊👌
Hello friend greetings to you. Hope are having good time there.
Sidechain is an auxiliary chan. It helps the main Blockchain to increase it stability. Ofcourse in case of Steemit it will be the same help as in other Blockchain system.
You have beautifully explained all the things with a complete details and thorough explanation. I think no one have to go anywhere else after reading your brief post. All the matters are covered very brief.
It's really really nice to read out your post here. Thanks for such a precious post dear. I wish you very best of luck here in the contest.
Thank you for stopping by!
And your remarks!
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Welcome to the world of blockchain and Steemit! Your analogy of exploring this digital highway and finding Steemit as a cool spot resonates well with the journey many newcomers embark on.
It's impressive to hear about your extensive research and exploration, delving into posts from users dating back several years. Your dedication to understanding the platform is commendable.
You can also check out my point of view to the challenge here.
hello @soulfuldreamer Your in-depth exploration of blockchain, Steemit and the integration of sidechains demonstrates a thorough understanding of the intricacies involved. Your written draft provides a clear and concise introduction to blockchain technology, and your overview of Steemit, complete with essential terminologies, sets the stage for the detailed exploration of sidechains.
Your response to the questionnaire is comprehensive and well-organized, addressing key concepts such as multi-token cryptocurrency economy, technological foundation, consensus mechanisms, witness system in Steem, and witness election and block production. The inclusion of visuals, like the handwritten draft and images, adds a personal touch to your explanation.
You've effectively delved into the importance of sidechains, particularly in improving scalability, flexibility, and reducing transaction costs. The breakdown of the advantages of sidechains, especially in the context of Steemit, showcases a nuanced understanding of the potential benefits for both users and developers.
Your exploration of scalability challenges in blockchain and the advantages of sidechains in addressing these challenges is insightful. The way you connect these concepts and emphasize the significance of flexibility and innovation through sidechains contributes to a well-rounded discussion.
The inclusion of the burning question about attracting new users and developers to the Steemit platform through sidechains adds a forward-looking perspective. Your research and conclusion on this matter reflect a thoughtful consideration of the potential benefits sidechains can bring to Steemit.
The acknowledgment of security implications and the dual perspective on sidechain security showcases a balanced and nuanced viewpoint. Additionally, the identification of popular sidechains and the mention of past sidechains related to Steemit contribute to a well-rounded and informative response.
In summary, your entry showcases a commendable effort to not only understand but also articulate complex concepts in the blockchain space demonstrating a genuine curiosity and commitment to learning. Well done....