sorry, I've watched so many vids since i joined I must have confused links.I have a lot of bookmarks and it will take me hours to find the right one. so from what I've read and watched so far my understanding is this.
Bitcoin is generatedthrough the blockchain program, which is a giant open accounts ledger, when a computer is on the blockchain it is helping the blockchain run by running some really complicated maths in the background. this process is called mining and people who are on the network get rewarded for helping mine the bitcoin. (although there are so many people with massive server farms now the guy on a pc has no chance of finding some bit coin)
Steem is built using the blockchain programming but it's the actions of users, miners (people who dedicate lots of computer power) and steem traders all help with the creation of steem so all get rewarded.
hopefully someone who understands it a little better than me will come along soon.
Man, that's a strange feeling browsing through a random thread and seeing a picture of my own mug staring back at me. Hehehe.
As for where the new Steem Power comes from, that's explained in the white paper as part of securing the blockchain via the process of mining. As miners are rewarded with STEEM for adding new blocks to the ledger, Steem Power is also created at a 9:1 ratio which is then distributed to the content creators and curators in the system. As to what gives STEEM or Steem Power any monetary value, that I'm exploring in the #bitcoinpizzachallenge if you want to join along.
That still doesn't explain where the money comes from. There must be money available before you can give it away.
sorry, I've watched so many vids since i joined I must have confused links.I have a lot of bookmarks and it will take me hours to find the right one. so from what I've read and watched so far my understanding is this.
Bitcoin is generatedthrough the blockchain program, which is a giant open accounts ledger, when a computer is on the blockchain it is helping the blockchain run by running some really complicated maths in the background. this process is called mining and people who are on the network get rewarded for helping mine the bitcoin. (although there are so many people with massive server farms now the guy on a pc has no chance of finding some bit coin)
Steem is built using the blockchain programming but it's the actions of users, miners (people who dedicate lots of computer power) and steem traders all help with the creation of steem so all get rewarded.
hopefully someone who understands it a little better than me will come along soon.
Hey look, it's me!
Man, that's a strange feeling browsing through a random thread and seeing a picture of my own mug staring back at me. Hehehe.
As for where the new Steem Power comes from, that's explained in the white paper as part of securing the blockchain via the process of mining. As miners are rewarded with STEEM for adding new blocks to the ledger, Steem Power is also created at a 9:1 ratio which is then distributed to the content creators and curators in the system. As to what gives STEEM or Steem Power any monetary value, that I'm exploring in the #bitcoinpizza challenge if you want to join along.