Do you know that Steemit uses one of the fastest Blockchains?

Steemit runs over the Graphene blockchain, which is among the world's fastest blockchains. Rather than using the Proof of work system, it uses the Delegated proof of stake consensus.

The graphene blockchain is not only used in Steemit, but also in Bitshares and EOS, and was created by one of Steemit's cofounders, Daniel Larimer.

The difference between Proof of work and Proof of stake can be understood from the following diagram.

image source

Now in Delegated Proof of Stake, the creators of new blocks are basically selected by the community. For example, those creators are called Witnesses here on steemit, whom you can vote by going here. According to [1], such deterministic selection of block creators allows the transactions to be confirmed in just one second on average. Compare this with bitcoin transactions, where block creation time could be as much as 10 minutes!

Another benefit of Delegated Proof of Stake is that unlike Proof of work systems where big mining rig owners rule the roost, the stakeholders are elected by the community through voting. And a stakeholder who is behaving badly, can simply be removed by them. Not only that, but things like fee schedules can also be voted for by the community.

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I hope you enjoyed reading this article and that it helped improve your knowledge about blockchain systems.

References
[1].https://bitshares.org/technology/delegated-proof-of-stake-consensus/