An Introduction to Blockchain Technology and STEEM Blockchain platform

Hello everyone! In my previous post, I described the STEEM blockchain, the concept of (SMTs), and the origin of tokens. Building on that foundation, this post will cover the following points:

Distributing Rewards to Content Creators and Curators
Speed and Scale on the STEEM Blockchain
Delegated Proof of Stake (DPoS)

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Exploring STEEM Blockchain Platform

Distributing Rewards to Content Creators and Curators

Users who create content enhance the STEEM platform's value by attracting new users and keeping current users engaged and entertained. This broader reward distribution strengthens the network effect. Additionally, users who evaluate and vote on content play a vital role in distributing rewards to those who add the most value. The blockchain rewards both content creation and curation based on collective intelligence gathered through a stake-weighted voting system.

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Speed and Scale on the STEEM Blockchain

The STEEM blockchain is designed to be one of the fastest and most efficient blockchains, capable of supporting the high traffic expected on a social media platform larger than Reddit. STEEM has already surpassed Bitcoin in the number of transactions and can scale to support at least 10,000 transactions per second.

Delegated Proof of Stake (DPoS)

Many blockchains are limited by Proof-of-Work (PoW), which restricts them to three transactions per second"”a small fraction of global financial activity. To achieve greater scalability and speed, STEEM uses Delegated Proof of Stake (DPoS). This algorithm allows the STEEM blockchain to create a new block every three seconds with minimal computational load, enabling it to process more transactions and store more information, including content. Within the DPoS framework, elected witnesses can efficiently decide on hard fork proposals, allowing the STEEM blockchain to evolve more rapidly. The STEEM blockchain has successfully undergone 18 hard forks, each time maintaining a single, persistent chain post-fork.

Conclusion

The STEEM blockchain's innovative approach to rewarding content creators and curators, combined with its impressive speed and scalability through the use of DPoS, positions it as a robust platform for decentralized social media. These features ensure that the STEEM blockchain can support a growing user base and continuously adapt to new challenges and opportunities. For more information about STEEM blockchain development, connect with our skilled blockchain developers.