What is Steemit ?

Steemit: Steemit is a social news service that runs a blog and social networking site on top of a blockchain database known as Steem. Users gain Steem tokens and Steem-dollars that can be produced and traded by the service by sharing, exploring and commenting on interesting content.

history

The project was founded in 2016 by Ned Scott and creator of BitShares, Dan Larimer. Steemit Inc., which runs both the Steemit website and the ongoing development of the platform, are the founders of the company. Larimer announced that he resigned from the company on March 15, 2017.

concept

This idea is described in detail in a white paper published in March 2016. Interested people can read from here.

The general concept is similar to other blog sites or social news sites like Reddit, Ekşi Sözlük; but the text content is saved as a block-by-block. Using block-chains allows you to reward comments and posts with secure tokens that are worth it. Photos can also be uploaded and stored on Steemit. Other multimedia content should be embedded on the site where the link is made. A WYSIWYG editor is used for formatting. Users can choose to use Markdown format with HTML elements.

Users can write texts and comments on a system called upvote, and well-rated writers can earn a monetary award with a cryptopaque token named STEEM and a token US dollar-denominated token called Steem-Dollar. People are also rewarded for discovering popular content. This is called curatorial. Curatorship includes comments and sentences. Voting power and reward elections are affected by the amount of STEEM Power regulated by the voters.

Steemit has a reputation / reputation system in which new accounts begin with 25 reputation points. Boards that an account receives can affect online reputation rules and reputation by encouraging interaction with the community.

Steem Block Chain

Steemit needs to learn the blockchain before learning what it is not. Steemit works on a decentralized network called Steem. Like Bitcoin, Steem is a chain of blocks with transferable tokens or coins. In addition to moving from one place to another, Steem is a textual content and metadata database to which applications or websites can connect. With these applications, Steem users can interact with the Steem database. Instead of using cryptographic Hashes as addresses, such as many block chains, user-selected alpha-numeric account names are used. With human readable account names, transactions can be made directly from identity to identity, which makes it easier to understand than with hexadecimal hashes.

Steem reaches the decentralized view (consensus) differently than Bitcoin. Where block-creating accounts called witnesses are selected by Steem users, they use a method called delegee proof of stake. The Steem network actively plans to process block-chaining operations in blocks of 3 seconds each, rather than prove business to find a block. The block makers are given a small portion of the prizes each block creates; back pay writers and curators.

Unlike Bitcoin, there is no fee for Steem to rate the speed or pay block makers. Instead, accounts use bandwidth that a typical user is unaffected or unrestricted.