The rocket is set, let's zoom off to the moon everybody - Invest in Steem Social Media Blast Day, a campaign to attract potential investors to the growth of Steem cryptocurrency.
Here, you will find some handful details to how you can help boost STEEM on your several SM platforms.
As far back as March 24, 2016, when its first launching was recorded and till date, over 400 dApps, decentralized applications are built on the Steem blockchain; a lot of progress has been achieved as regards the much anticipated launch of Smart Media Token (SMTs) in Q1 of 2019 and the workings in relation to Steem blockchain.
And it won't be fair enough not to mention the few challenges it has encountered from then till now.
Briefly, this article will emphasize on the aspects of the STEEM blockchain and STEEM as a cryptocurrency. Elucidating on the positive aspects and as well as the negatives. Meanwhile, the objectives of this article is to serve as a medium (piece of information) for people (investors, contributors and financial sectors) to learn more about STEEM.
This article does not constitute investment advice. Everything in this article is just my own personal opinion and observations. Anything that could be considered a prediction of the future has no guarantee of coming true. It is possible that information in this article is (unintentionally) inaccurate or incomplete. Do your own research before making any investment decisions. The author of this article holds STEEM tokens as well as several other cryptocurrencies.
The unique qualities of a blockchain that is over two years ago is locked in its both “smart” and “social” properties which is incomparable to others such as bitcoin and ether.
In comparison to other blockchains, Steem stands out as the first publicly accessible database for immutably stored content in the form of plain text, along with an in-built incentivization mechanism. This makes Steem a public publishing platform from which any Internet application may pull and share data while rewarding those who contribute the most valuable content.
Steemit Inc. Incommunicado
According to the early adopters of the steem blockchain, they posited that there was a thin line of communication between Steemit (which housed the Steem blockchain) and its users. That is, they failed in responding to issues as regards the community and the unfolding events. I think if they had started what they are doing now (regular updates on HF20 testnet and SMTs buildup via @steemitblog right from the scratch, it would have aid a lot of things from going bad. But not yet too bad...
Token Distribution and Abuse of Stake
Other than this category of people - Steemit Inc. team, the very early birds (adopters) who mined Steem tokens and adopters (who acquired it), there are no other category again.
This set of individuals holds a very large percentage of stake on the platform, and collectively they can significantly influence decisions making as to what content get rewarded, and which are voted out.
Their stake made them exert total control over every other users which drives away so many users from the platform because they can use their stake in ways they deem it fit compare to the communal opinion.
Even though each user's stake is theirs to use however they choose, the feeling of unfairness that has arisen due to the inequality of stake among the users has harmed the user experience and perception of the platform.
Over time as new investors buy into the platform the control of this “small group” is being diluted, although it will likely take a significant amount of new investors coming in before the influence over the platform becomes more widely decentralized.
Now we shall consider the aspects of positivity of the blockchain as opposed to the negativity.
Before we get on the way, here is a warm welcome speech from Andrew Levine, Content Director of Steemit, Inc. (@andrarchy).
Proof of Brain: The essence of the community
The primary aim of establishing a smart and a social token is base on the activities of the content creators and curators.
It is a token systems which reward users base on their contribution to a token based community system which requires a mechanisms for establishing and evaluating content's social value.
The Rewards Pool (“Where do the tokens come from?”)
One of the most innovative (and most misunderstood) aspects of the Steem blockchain is the “Rewards Pool” from which tokens are distributed to valuable content creators. In order to understand what the Rewards Pool is, one first needs to understand that tokens are produced differently in DPoS blockchains than they are in PoW blockchains. In traditional PoW blockchains, tokens are produced regularly but randomly distributed to the people whose machines are performing work (“miners”).
Different from PoW-only cryptocurrencies, tokens in Steem are generated at a fixed rate of one block every three seconds. These tokens get distributed to various actors in the system based on the defined rules of the blockchain. These actors, such as content creators, witnesses, and curators, compete in specialized ways for the tokens. Unlike the traditional PoW means of distribution, where miners are competing over raw computing power, the actors in the Steem network are incentivized to compete in ways that add value to the network.
The Fastest growing transaction speed
The Steem blockchain is designed to be one of the fastest and most efficient blockchains in existence, which is necessary to be able to support the amount of traffic expected on a social media platform larger than the size of Reddit. Steem has already surpassed Bitcoin in number of transactions, and is able to scale to support 10,000 or more transactions per second.
Delegated Proof of Stake (DPoS)
Often bottlenecked by Proof-of-Work (PoW), many blockchains can’t scale beyond three transactions per second, which is a fraction of the world’s financial traffic. Steem needed far more scale and speed than that offered by PoW, and so a lesser known algorithm called Delegated Proof of Stake (DPoS) was leveraged to lay the foundation for a blockchain suited for billions of users.
Because of DPoS, the Steem blockchain is able to generate a new block every 3 seconds with minimal computational load. This means that the blockchain can process more transactions and hold more information, including content.
By defining the rules for when a Hardfork occurs, the witnesses elected within the DPoS framework can quickly and efficiently decide on whether or not to move forward with a proposed hardfork, allowing the Steem blockchain protocol to evolve more rapidly than most others. The Steem blockchain has already successfully forked 18 times, and each time a Hardfork has occurred, only a single chain has persisted after the fork.
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