Introduction

Greetings, fellow steemians!
I'm excited to be a part of this steemit engagement challenge and I'll discuss what I consider to be my favorite blockchain, and certain queries have arisen in relation to this topic, which I'll address below. So let's begin.

• My Favorite Blockchain

The emergence of incentivized social media networks on Blockchains is being fueled by recent advances in Blockchain technologies. Steemit, Indorse, Sapien and SocialX are examples of similar platforms. Decentralization of data collected in these blockchain-powered social media platforms and deep integration of social platforms with the underlying cryptocurrency transfer networks on the blockchain are one the features of these blockchain-powered social media platforms.

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Steemit is my favorite blockchain and the first blockchain-based social media platform that rewards both creators and curators of user-generated content. It has maintained its position as the market leader for the past two and a half years and its native cryptocurrency is STEEM,it has the greatest market capitalization of all cryptocurrencies produced by blockchain-based social networking initiatives.

The Steem-blockchain is used by Steemit to store the platform's fundamental data in a chain of blocks. A new block is created every three seconds, containing all confirmed operations performed by users in the previous three seconds. Users on Steemit can do over thirty different types of operations. While elements like post/vote and follower/following are prevalent on social media sites (such as Reddit and Quora), processes like witness election and bitcoin transfer are unique to blockchains.

Steem Creator:

Ned Scott and Dan Larimer introduced the Steem Blockchain in March of 2016. They cooperated on the steem project's white paper and built steemit, the first Dapp on the steem Blockchain. Ned Scott and Dan Larimer, the project's co-founders, served as CEO and CTO, respectively, until Dan Larimer's departure in 2017.

Ned Scot

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Dan Larimer

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The Steemit token has been listed on numerous exchanges like: Binance, MEXC, Huobi Global, Gate.io, and HitBTC.etc. The following is information about Steem was obtained from coinmarketcap.

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Price: $0.4368

Rank: #274

Marketcap: $171,968,761

Volume: $93,017,919

Volume/Marketcap: 0.5295

Circulating Supply: 394,951,699.00 STEEM

• Why Steem Blockchain is my Favorite Blockchain

The following are the reason why I choosed Steemit blockchain:

• Steemit not only makes its front-end, Condenser, and back-end Steem-blockchain open source, but it also makes all of its data on the blockchain public.

• The Steemit platform is run by a group of 21 witnesses elected by its users, rather than as a single corporation. Any Steemit user can run a server, install the Steem blockchain, and update the blockchain data to the most recent block. The user can then become a witness and have a chance to operate the earn producer rewards if he or she can gather enough support from the electors to join the 21-member witness group by sending a witness update operation to the network.

• Users on Steemit can produce and publish content in the form of blog entries, which can then be responded to, reposted, or voted on by other users. They are rewarded with a token incentive for the consumption of their created content, motivating creators to continue their work.

• The Steem blockchain has a rigorous anti-plagiarism and information misrepresentation policy. This is only reasonable because the blockchain is built on the creation of original data, and any user proven to be dishonest will undoubtedly be punished.

• Early Shortcoming of Steem Blockchain
  

• The Steemit reward system may be a beneficial way to recognize contributors to the platform, but it may also be abused by some users in ways that are unrelated to the network's initial intent, such as buying votes from bots to promote useless posts for profit.

• Steemit just has a web terminal and no mobile terminal, so users' viscosity will be reduced to some amount, there is no cost to upvote.

• Steemit users with higher stakes in the community have more power.

• Because some communities established their own power early, users in some forums now submit posts of low quality and profit more.

• Changes to Improve Steem Blockchain
  

• The steemit community's anti-cheating mechanism, which eliminates plagiarism, needs to be reinforced in order to foster more high-quality content.

• Steemit will have an ideal level of decentralization if members of the witness group are frequently updated . It will give more people the opportunity to join the member witness group so as to make the power of big shareholders not decisive, if the election is heavily correlated with value of transfer operations.

• Project Built on Steem Blockchain
  

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The project built on steemit blockchain is the steemit blog. Users on Steemit can publish and distribute information in the form of blog entries. A blog can be commented on, reposted, or voted on by other users after it has been published. Posts are sorted based on the number of votes they receive, with the highest ranking posts making it to the front page. The Steem-blockchain stores all of the data created by Steemit users. Data stored in the Steem-blockchain is like that of other blockchains such as Bitcoin and Ethereum, is publicly available and difficult to modify.

Steemit's decentralization and cryptocurrency-based reward system for content authors and curators are at the heart of the platform. Rather than operating as a single organization like Reddit and Quora, the Steemit blog platform is run by a group of 21 witnesses who are elected by the Steemit shareholders (those who own Steemit shares) using the Delegated Proof of Stake (DPoS) consensus process. In contrast to traditional social media networks, which rarely reward their users.

Steemit blog issues three(3) types of rewards to users:

• Producer reward
• Author reward
• Curation reward

The elected witnesses who generate blocks receive producer rewards. It encourages Steemit users to compete for the top 21 witnesses. Users who create posts (authors) and users who vote on posts (curators) receive author rewards and curation awards respectively. These encourage authors to write posts that receive more votes, and curators to vote for posts that have a larger chance of being voted on by other users.

With Tron token as an incentive, Steem-blockchain issues its native coins STEEM and Steem Dollars (SBD). A user must 'lock' STEEM/SBD in Steemit to get Steem Power (SP) at the rate of 1 STEEM = 1 SP with each SP corresponding to approximately 2000 vested shares (VESTS) of Steemit. A user may withdraw invested STEEM/SBD at any time, but the claimed fund will be split into thirteen equal portions and withdrawn over the course of the next thirteen weeks. For example, @sonia440 may invest 13 STEEM in Steemit on day 1, giving her vote a weight of 13 SP (about 26000 VESTS).She may decide to withdraw her 13 invested STEEM on day 8. Instead of seeing her 13 STEEM in her steam wallet immediately, her STEEM balance will climb by 1 STEEM every week starting on day 8, and her SP will drop by 1 SP every week during that time.

Conclusion

In this post I was able to analyze the fact that Steemit is a blockchain-based incentivized social media network where no single entity may control the content and individuals are compensated for their contributions. The decentralized management and reward system are key elements of Steemit.

Am Thankful professor Professor @stemmiblog for this wonderful topic.

Thanks for Reading