Yesterday, for the first time in history, two blockchain protocols each surpassed 1 million transactions in a 24 hour period. One of those was the Steem blockchain which processed 1,022,251 transactions. The other was Ethereum which also broke the 1 million barrier, but struggled to handle the load, using over 60% of its network capacity. Meanwhile, Steem didn’t even come close to cracking a sweat, using only 1% of its overall capacity.
More reasons why Steem is awesome
- Steem is an open source blockchain protocol that any developer can leverage to build social applications that reward users in cryptocurrency
- Reward splitting enables developers to immediately generate revenue by redirecting a percentage of the STEEM distributed through their application to themselves
- Real-time Zero-fee token transfers enable microtransactions, frictionless interaction, as well as lower cost products and services
- Steem is a distributed database capable of storing large quantities of content
- Steem leverages the wisdom-of-the-crowd to distribute cryptocurrency rewards in a fair and transparent manner
- High levels of usability and security through a hierarchical private key structure
- The ability for multiple people to control individual accounts (multi-sig authorities)
- A rewards pool filled by algorithmically generated tokens that incentivizes content creators without introducing friction or cognitive load
- User-chosen account names replace the difficult to remember (and hard to type) wallet addresses used in other blockchain protocols
- Built-in escrow payment support enables the exchange of goods and services with a trusted third party intermediary
More information about the Steem blockchain and all of its features can be found in the Steem bluepaper.
Taking Steem to the Next Level: Smart Media Tokens (SMTs)
In early 2018, the Steem blockchain will be launching “Smart Media Tokens” (SMTs) which will allow the developers of content platforms and communities to launch their own customized Proof-of-Brain tokens, with real-time zero-fee transfers, on the Steem blockchain. Along with built-in smart contracts that enable fundraising opportunities like ICOs and Founders Tokens, SMTs will allow anyone to instantly tokenize their platform and bootstrap the value of their coin by leveraging all the lessons learned from Steem and steemit.com. More details can be found in the SMT Whitepaper.
Where we are heading
The revolutionary and totally unique proof-of-brain rewards system offered by the Steem blockchain and token are designed to make Steem the ultimate on-ramp into cryptocurrency for mainstream users. The performance and scalability of the blockchain is designed with widespread mass adoption of the currency and platform in mind. When combined with lightning fast processing times and fee-less transactions, Steem is positioned to become one of the leading blockchain technologies used by people around the world.
Achieving this milestone never would have been possible without the amazing Steem community, including but not limited to; the witnesses, 3rd party developers, our amazing content creators, and users. Thank you for making this the most heavily utilized blockchain protocol in the world!