Introduction to Blockchain Technology | Topic 1: by professor @yohan2on:My Homework, Steem.

Good morning dear friends of crypto-academy. I'm Stephen from Nigeria and today I'm submitting my Homework for the course by Crypto Academy professor, @yohan2on, Introduction to Blockchain Technology. I will be doing my assignment around Steem and it's Blockchain.

STEEM
Steem is a cryptocurrency that like Bitcoin, the first true cryptocurrency that was created by Satoshi Nakamoto in 2009, Steem was created in July 4th 2016 by Dan Larimer. Steem is designed as the native cryptocurrency of the social media Steemit.

THE STEEM BLOCKCHAIN
The Steem blockchain has two cryptocurrencies, Steem, the native cryptocurrency and the SBD(Steem Dollars). There are different applications built into the Steem blockchain to make it user friendly. Some help with auto-curation activities and others for a broader social interaction between members of the social media, Steemit which is powered by the Steem blockchain. Example of two such applications are Steemyy.com and Steemworld.org. The Blockchain technology of Steem is an efficient one making transactions with Steem one of the fastest of all cryptocurrencies. Steem can be bought and traded on several international and local cryptocurrency exchanges but the Blockchain technology of Steem ensures that Steem can be earned by authorship or curation activity on it's social media, Steemit. Steem like other cryptocurrencies and the Bitcoin makes use of cryptography for security measures and anonimity. Transactions in steem are anonymous and the wallet where in the cryptocurrency is stored are secured with a lengthy and confusing string of letters called keys. Keys are actually passwords that allows you perform activities on your Steemit wallet and they are absolutely impossible to memorize. This is done to safeguard your cryptocurrencies against theft where it would be easy had your keys been shorter like the traditional email password.

STEEMIT
Steemit is the social media powered by the Steem Blockchain. Cryptocurrencies that can be earned here are Steem and the SBD. To earn more on Steemit it is encouraged that you convert your Steem to what is known as Steem Power in a process known as vesting/powering up. Steem Power gives you a stronger measure of control over earning in curation and authorship. The more Steem Power you have the more cryptocurrencies you will earn on Steemit.

With the above elucidation on Steem and it's Blockchain technology I hope I have been able to complete my Homework. Thanks for your time reading my task. I hope to be back soon with my next Homework to the courses on Crypto Academy. Bye for now and stay safe.

SPECIAL MENTION
@steemcurator01
@steemcurator02
@yohan2on

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