Why I Love Steemit & Why You Should Too

Decentralization is one of those Utopian concepts that have come into life in a spectacular fashion. The massive success that have received is a testament for the potentiality of the technology and the plethora of ways it could manifest itself. But, one of the long standing domains which truly needed to be decentralized is Social Media - Thats where STEEMIT comes in. Now users can manage their own data and get a share in the success of the network. Decentralized Social media is something which people need, and not just want.

Steem is the first attempt at cracking this issue and boy have they nailed it. Its very rare for a new technology to succeed at the first attempt and the developers of Steem have managed to build a viable and sustainable ecosystem that rewards users for their efforts. Despite the ecosystem having its own share of flaws which need to be rectified, I would be focussing on the aspects which I love about Steemit. If I had to name the three most important aspects of the platform, they would be:

1) Steem provides an easy entrance into the Crypto World acting as a gateway platform for new users.
2) Its a tremendous execution of the Delegated Proof of Stake concept at a large scale with hundreds of thousands of users (and growing!)
3) The Democratic Nature of electing Witnesses

Cryptocurrencies maintain their security using different types of protocols such as the Proof of Work which most major blockchains make use of like Bitcoin and Ethereum. But these protocols have severe disadvantages and lead to inefficiencies in the system like the wastage of power and the Centralization of power in the hands of large mining pools. This has prompted developers to go in search of new schemes like the Proof of Stake where users have a vested interest in the platform with their investments. But this leads to a large portion of the supply being held away from circulation and presents the same problem of Centralization of power within large shareholders. Steem's delegated Proof Of Stake solves many of these issues by removing this aspect of centralization to a certain extent. The users of the platform elect witnesses who take turns in producing blocks and also set the economic implementations of the network into place. The witnesses are required to perform their roles and any act as the interests of the network can lead to their removal. The process of removal without any major constraints prevents exploitation and corruption in the system, which the existing governmental system suffers from. But we still have to realize that Steem is still in its initial stages and its ability to sustain attacks on the network have to be evaluated. Is Delegated Proof of Stake truly better than other existing protocols, Only time will tell!

Please comment below and share your impressions on this platform about the things that you like or dislike.
Thank You for reading! :)