Incentivized Blockchain-based Social Media Platforms: A Case Study of Steemit
I![images (1).jpeg] Source arxiv.org
Incentivized Blockchain-based Social Media Platforms: A Case Study of Steemit
This is an empirical analysis of Steemit . It ,d help you to understand and evaluate the actual level of decentralization along the practical effects of cryptocurrency-driven reward system in these modern social media platforms. Like Bitcoin, Steemit is also operated through the Delegated Proof-of-Stake (DPoS) consensus protocol, by decentralized community having 21 members.
This study that is performed on 539 million operations performed by 1.12 million Steemit users during the period 2016/03 to 2018/08 reveals that the actual level of decentralization in Steemit is far lower than the ideal level, This shows that the DPoS consensus protocol may not be a desirable approach for establishing a highly decentralized social media platform. In Steemit, users create contents as posts which get curated based on votes from other users. Steemit periodically issues cryptocurrency as rewards to creators and curators of popular posts. These rewards are originally driven by the desire to incentivize users to contribute to high-quality contents, this analysis of the underlying cryptocurrency transfer network on the blockchain reveals that more than 16% transfers of cryptocurrency in Steemit are sent to curators suspected to be bots and also finds the existence of an underlying supply network for the bots, both suggesting a significant misuse of the current reward system in Steemit. This study is designed to provide insights on the current state of this platform containing the effectiveness of its design and the operation of the consensus protocols and the reward system. https://scholar.google.com/scholar?redir_esc&client=ms-android-Qmobile&hl=en-US&oe=utf-8&safe=images&tel=1&gcc=pk&ctzn=Asia/Karachi&ctf=0&v=4.6.10.19.arm&biw=360&bih=567&padt=150&padb=592&ntyp=12&wf=pp1&entrypoint=android-search-now-entry&devloc=0&um=1&ie=UTF-8&lr&q=related:Q6tSUQ8UKFU3uM:scholar.google.com/#d=gs_qabs&u=%23p%3DQ6tSUQ8UKFUJ https://arxiv.org/abs/1904.07310.
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Plagiarism: https://arxiv.org/abs/1904.07310
Hello @mustabshiira, thank you for contributing to RealityHubs.
Interesting topic, a lot of people on the steem blockchain have different opinions either for or against the use of bots.
That makes it a hot/controversial topic.
You could have added more details on the subject matter to your post.
In future contributions endeavor to strucutre your content better.
We are looking forward to your next contribution.
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