Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @chimechetam
Greetings great steemians, I am happy to be here and write my thoughts as regards to this challenge. God bless the brains behind this challenge as it will help people like us build a great reputation and aim higher for greater exploits.
One's favorite blockchain should be chosen after considering the benefits that one has experienced and I feel the Steem blockchain benefited me more than any other.
One of the problems that the Steem blockchain is trying to solve is the issue with social media sites. Generally, these sites have many benefits for their users, like an up-to-date news feed and photos. When you post content on a popular site, you are unable to earn tokens. The Steem blockchain was built to fix this problem by providing the opportunity for users to earn when they post content .
Let's go down to the history of STEEM
The Steem blockchain was founded by Ned Scott and Dan Larimer in July 2014. The purpose of the Steem blockchain is to allow people to get rewards for posting interesting content while allowing the community to stay active. The founder, Dan Larimer left Steem blockchain in 2017 and joined EOS project.
The Steem blockchain is both a database, and also a reward system to incentivize writers depending on their level of quality. The consensus algorithm used by the blockchain is Delegated-Proof-of-Sake (DPoS) to process transactions and secure the network from attacks.
This means that Steem functions under a delegated-proof-of-stake consensus algorithm, and its security is validated by the witnesses. A total of 21 standard blocks are created within 63 seconds, 3 seconds for each majority block.
Steem currency, the native cryptocurrency of the Steem blockchain, is mined and distributed everyday. Seventy-five percent is kept with authors and curators, 15% goes to holders of Steem Power and 10% to witnesses on the Steem blockchain.
below is the screenshot of the current coin analysis at the moment gotten from coin market cap
The Steem blockchain gives people who provide good content on social media platforms shares of the site's rewards in order to incentivize them
Scalability is good because Steem's processing of transactions takes less time than some other blockchain networks.
Transactions on the Steem blockchain are processed for free, with no charge. Some centralized exchanges will charge a fee equivalent to 0.01 Steem during transfer.
The Steem blockchain network is decentralized, which means that each user has total control over all of their currency.
The Steem blockchain has not had any serious shortcomings since it's inception in 2016. Though there were reports of the protocol being attacked, decentralisation with private keys has taken care of such matter with users now owning full control of their Steemit accounts.
Steem price plunged after a heavy market crash in the crypto space in 2018. The team was not able to keep operations going and had to lay off 70% of staff. However, the Steem blockchain has no serious problems.
The Steem network is one of the best when it comes to transaction speed, scalability, and much more. The network doesn't need many changes but that does not mean I don't have an idea for a project that enhances the network and would allow other cryptocurrencies to be hosted on the Steem blockchain.
Developers should begin creating more cryptocurrency projects on Steem, and it is only possible if there are wallets created for all of the cryptocurrencies built off of the Steem blockchain. If that happens, more users will join to the Steem network, resulting in a larger population.
Steemit is the first Dapp ever created on the Steem Blockchain. This is a content-based social blogging website that rewards its users with incentives for creating original content.
Steemit is a platform that provides an open and transparent space to its users. Content is created by Steemit’s community of writers who use the site to analyse and share content on various topics.
To verify authenticity, a post is read and then voted. Up-voting is weighted by the number of Steemit coins you have and can only be given to the author once the article has been on the site for 24 hours.
The voting weight of the user on Steemit is dependent on the voting power of that user. You can use steem tokens to increase your voting power and make better contributions to the platform. This is a wonderful DApp!
Steemit is my favorite blockchain network because it rewards users, has free transactions and is scalable. Steemit uses a different consensus mechanism and system of cryptography than Bitcoin or Ethereum. Thank you everyone for reading my post. I would love to hear your thoughts.
The benefits of steem blockchain can never be emphasized. you can image how beautifully it gathers great minds together
Wao.. every one love steemit
This is a one-time notice from SCHOOL OF MINNOWS, a free value added service on steem.
Getting started on steem can be super hard on these social platforms 😪 but luckily there is some communities that help support the little guy 😊, you might like school of minnows, we join forces with lots of other small accounts to help each other grow!
Finally a good curation trail that helps its users achieve rapid growth, its fun on a bun! check it out. https://hive.blog/schoolofminnows/@schoolofminnows/someeznz9em3ap