Beyond the STEEM Hysteria - The Underlying Blockchain Technology ChronoCrypto Chronicles (4)

The distributed network is at the heart of blockchain technology, and the shareable nature of its database is what makes it so secure. Every participant in the distributed network agrees to abide by a single set of rules. There is no third-party mediator, no clearinghouse and no financial institution in charge. Instead, there are thousands, tens of thousands or more participants, all governing by consensus and doing their part to keep the network secure.

Unless you as many others have been hiding under a rock for the past 2 years, you have probably heard about Steem. The world's most popular cryptocurrency has been on a tear, rising to extraordinary heights and crashing back to earth just as fast. CoinBase is to blame! Joking

Every record on the distributed ledger contains authenticating information, including a timestamp and a cryptographic signature. All of these records, taken together, are what makes up the blockchain. What makes Steem different is you can actully write,post,upload Words,actions,media and it all stays on its blockchain.

Some Steem fans claim that the cryptocurrency will one day reach a $200 dollars, I think it will hit a little over $50 while Steem doubters claim its actual value is close to what it is now. From these two disparate opinions, it is clear that no one truly knows what a Steem is truly worth, but assessing cryptocurrency on trading prices alone is missing the point.

Every single second a new transaction takes place, it is recorded on the distributed ledger, i.e., the blockchain. That creates a permanent record of every transaction, and every participant in the network can view the entire ledger, which creates a transparent and auditable history of every transaction that has ever happened on the ledger.