Every week comes an edutainment contest, and this week is not an exception. Always anticipating to the upcoming contest and I must say that this one is cool, because when I signed up to this platform as a fresh man, I found it difficult to understand some of the terminologies and slangs, so l believe with this contest a lot of newbies will familiarize themselves with the blockchain and acclimatize well. All thanks to
@oppongk,
@nattybongo,
@njaywan and
@steem-ghana, and a especial thanks to
@kookd for authoring this contest.
Jargons or let's say slangs are expressions or words use by a particular group of people and are very difficult to comprehend by others, every blockchain just like steemit has its own jargons that are used and understood by its members. For the sake of this contest, I will be touching on some important and common jargons on the steemit platform that every user should know to be a good steemian 😊.
Witness : Just like every government system havi carpet ministers who are responsible for reasoning about a decision with the government before is considered to be a law through parliament, steemit also has 20 witnesses plus an extra randomly selected witness making 21 witnesses who play the role of producing blocks and also runing the consensus mechanism of the blockchain. Because steemit operates using the delegated proof of stake (DPoS), witnesses runs a server that produces blocks and the first 20 witnesses are selected base on the amount of stake that has voted for a them as a block producer. To make it very simple, I will say that witnesses verify any changes made on the blockchain and are voted for by users who have stake or steem power on the steem blockchain to produce blocks, so it is good we power up our stake inorder to select who our leaders will be on the blockchain.
A Block: I made mention that witnesses produce blocks, blocks on the blockchain in simple terms are like ledger or pages that contain or record transactions or information that witnesses become consensus with, these transactions or information on the ledger are known as blocks produce by witnesses, in any point in time a block is completed, it becomes part of the previous one and also gives way for a new block to be produced. The witnesses produces a block every 3 seconds that is 21 witnesses produce 21 blocks each 63 seconds. Every blockchain is made up numerous blocks connected together and operate with each other to keep the blockchain running.
Vote, resteem, comment
Vote: On steemit, people can either up vote or down vote a post. Members up vote to show their interest or approval on a post and the content creators earn steem, steem dollar and trons tokens. When a post is down voted, the rewards on the post is reduced by the percentage of the voting power of the voter, down votes are voted to show disapproval on a post.
Resteem: when a post is resteem, it simply means reposting it on the blog of the one who resteem the post to be seen by their followers us just like twitter that we can re-twit.
Comment: Commenting on a post is simply writing something or your interest about the post, it could be a positive or negative comment.
Steem, Steem dollar (SBD), steem power (SP)
Steem: steem is the fundamental basic account and it is only tradable token on the steemit blockchain that can be use for transactions such as payment and transfers. All the class of assets on the steem blockchain depends on the steem for their value, when a post is upvoted, the content creator earn steem.
Steem Dollar: Also known as the steem blockchain dollars (SBD) is one of the class of assets on the steem network, it can be change to steem at anytime. It also ensures the stability of the platform, SBD is earn from creating content and it is not tradable on the steem platform
Steem power (SP): Steem power represent the amount of stake that one is having on the blockchain, the higher your SP the more influencial you are on curation rewards, voting for witness and members. On Steemit, you invest on the platform by increasing you SP using your Steem, that is, converting steem to steem power through power up. SP like SBD is not tradable on the steemit platform.
They are numerous jargons used on the steem ecosystem, but for the sake of this contest, I have explained the above slangs that I think are very important for newbies to know in order to understand and enjoy their steemit journey 😊.
Cc:
@oppongk
@nattybongo
@njaywan
Thank you
Great 👍 job
Thanks
Nice write-up ,well done
Thanks.
Please check and rectify who the author is. Thank you for the entry. Best of luck.
@juzkid