An Introduction to Blockchain Technology and STEEM Blockchain platform

An Introduction to Blockchain Technology and STEEM Blockchain platform

Posted By : Hotam Singh | 26-Jun-2019

Introduction: 

Hello everyone, in my previous post I had described about what is STEEM blockchain? What are SMT? and where does the tokens originated from. I will continue my last topic with the following. In this post I will describe below points:

  • Distribute rewards to Content Creators and Curators
  • Speed and Scale on the Steem Blockchain 
  • Delegated Proof of Stake (DPoS) 

 

Distribute rewards to Content Creators and Curators 

 

The clients who deliver content are increasing the value of the system by making material that will drive new clients to the stage, and additionally keep the current clients drew in and engaged. This guides in dispersing the money to a more extensive arrangement of clients and builds the system impact. The clients that set aside opportunity to assess and vote on content are assuming a vital part in circulating the money to the clients who are including the most esteem. The blockchain rewards both of these exercises with respect to their esteem in view of the aggregate knowledge of the group gathered through the stake-weighted voting framework 

 

Speed and Scale on the Steem Blockchain 

 

The Steem blockchain is intended to be one of the speediest and most proficient blockchains in presence, which is important to have the capacity to help the measure of movement expected on a web-based social networking stage bigger than the extent of Reddit. Steem has just outperformed Bitcoin in number of exchanges, and can scale to help at least 10,000 exchanges for every second. 

 

Delegated Proof of Stake (DPoS) 

 

Regularly bottlenecked by Proof-of-Work (PoW) , numerous blockchains can't scale past three exchanges for every second, which is a small amount of the world's money related activity. Steem wants much more scalable and speed than that offered by Proof of Work, thus a lesser known calculation called Delegated Proof of Stake (DPoS) was utilized to establish the framework for a blockchain suited for billions of clients. On account of DPoS, the Steem blockchain can create another square like clockwork with negligible computational load. This implies the blockchain can process more exchanges and hold more data, including content. By characterizing the standards for when a Hardfork happens, the witnesses chose inside the DPoS structure can rapidly and proficiently choose regardless of whether to push ahead with a proposed hardfork, permitting the Steem blockchain convention to develop more quickly than generally others. The Steem blockchain has as of now effectively forked 18 times , and each time a Hardfork has happened, just a solitary chain has persevered after the fork. 

 

Note: I will discuss more about this technology in future posts. Keep reading. Thank you.

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