Why Steem Blockchain is Growing So Fast in the World of Cryptocurrency
When I first joined Steemit about 2 weeks ago, I never thought about its growth because I came here just to share my knowledge with the supportive and engaging audience of Steemit, but later on as I read much about this platform, then I realized that it's not a single platform but a whole Steem blockchain and the Steem blockchain is growing extremely fast then the other Altcoins & Bitcoin in the world of Cryptocurrency.
Before I share the success and growth of Steem blockchain, let me illustrate some basic concepts that what is Cryptocurrency and Altcoin? so here we go.
Cryptocurrency
A Cryptocurrency is a type of digital money and It's used for a medium of exchange that is encrypted with Cryptography for security purposes, Cryptography is a way of encryption for securing and verifying the transactions by converting readable data in a code and also control the creation of new units of a digital currency. By the help of Cryptocurrency, you can do a couple of tasks like buying goods from merchants, investing and mining etc.
It uses a decentralized network, which means for any kind of transaction between peers and merchants we don't need any type of third-party servers like any private company, bank or government etc.
Altcoin
In simple words, Altcoins are the type of Cryptocurrency that is alternative to Bitcoin. e.g: Ethereum, BitShares and Steem etc.
So basically at the time of writing this article according to Coinmarketcap, There are 1510 coins are out there with the total Market cap of 399+ billion dollars. So you can say 1509 coins are Altcoins other than Bitcoin.
Altcoins are created for a different purpose and need to solve different problems with the Bitcoin. It's mostly created in the hope to either replace and improve Bitcoin.
Steem blockcain is growing so fast
There are a few reasons that why Steem blockchain is growing so fast than the other Altcoins and Bitcoin in the world of Cryptocurrency.
The Steem blockchain has the ability to handle the most transactions per day and can easily handle more than 1 million transactions in 24 hours without giving any issue. According to the blocktivity.info website, below you can see the comparison of different cryptocurrency on the basis of transactions in the 24 hours.
The other reason that users and investors more believe on the Steem blockchain is due to instant money transfer and confirmed transactions within few seconds without wasting time while Bitcoin might take a few days to give respond to the unconfirmed Bitcoin transactions. In the picture below you can see the number of unconfirmed transactions for the Bitcoin. This might be one reason that people do fewer transactions through Bitcoin.
One of the crucial factor is fee that Bitcoin charge a certain amount of Dollars over Bitcoin Transactions while the Steem has no fee on transactions via the Steem blockchain.
Below the Pie Chart clearly shows that approximately on average 42% transactions are made by the Steem Blockchain in a week.
Smart Media Tokens (SMTs)
I'm eagerly waiting for the upcoming project Smart Media Tokens which is launching in 2018, which is a new way for publishers to monetize their content with the Steem blockchain.
Developers of the Steem blockchain working so hard to improve the user interface (UI) and User experience (UX) of Steemit and other platforms. With the help of SMTs every website on the internet can get the same monetizing experience with Steem blockchain as we get on the Steemit.
The purpose of this project is to spread the demand of Steem. So we can expect that the future of Steem blockchain is bright. So for reading more, visit SMTs.
Conclusion
This purpose of this article is to let every Steemian know the success of Steem blockchain and Steemit. So just support and engage with this platform by creating and curating Quality content.
Now I'd like to hear from you about the Steem blockchain success and growth by sharing your useful thoughts below. Maybe I missed something.
If you like this post, So please Upvote, Follow and Resteem.
From the SMT white paper, this is where I was sold:
This is exactly what gets me excited and attracted to blockchain technology and why I will continue to invest my time and energy in building the new from the old; Facebook and the like are already going the way of the dinosaur because they've failed to innovate ways of doing what they do best better for their users. I wrote about this in my earlier post series, This Brave New World, I talked about this digital transition I am going through, sharing a bit about me, and how I find more people every day making the switch from these legacy social media networks. If you're a content creator, producing your art or developing media, this is your time to shine through the shadows of tomorrow a light for today.
I feel that most people are growing increasingly tired of being exploited for their personal and original content for these networks to make HUGE profits for simply linking other people (some of which are our own family and actual friends). Facebook's integration has even made it a valid authentication online for places of business and certifying our presence in the workplace. Everyone deserves rights to their own content, producing, sharing, cultivating it is the art of our history. It is our modern culture.
Another thought brings me back before all of this, to this video called "The Future of Communication" I've favorited since I first watched it back in 2009 (maybe earlier, I remember watching this continually into college and I STILL refer to this video. HIGHLY RECOMMEND THIS), much of its content still relevant, over time has come to be a bellwether on this phenomenon that we're all experiencing.
Thank you for sharing this stirring post on Steemit. I, too, am very glad to be a part of this movement.
Yeah, exactly you're right. Thanks for an amazing feedback and video recommendation @craigahamilton, I appreciate you.
Bless! We see you've joined our discord over at @earthnation and we enjoy divesting your intellectual acumen, I thank YOU for lending your wisdom. This sparks inspirational thinking right here, so share this with as many people online (meaning those legacy networks) as possible.
Keep on steemin' on Steemit! #Steeminonsteemit
Yeah sure.
Volume of sbd is especially impressive
Thanks for reading!
Nice helpful article!
Thanks for reading @pablop, I feel good that it's helpful to you.
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