With all the FUD it's sometimes difficult to keep an eye on what Steem is trying to achieve.
Here's a difficult exercise for you.
Describe Steem (the blockchain, not Steemit) in 10 sentences or less as if it was completed.
That means MIRA is here, SMT's are here, communities are here and RC's pooling is here.
This will maybe help you see the bigger picture easier.
Here's my try and it was a lot harder then I thought. I will need to work on it :)
Steem is an app-specific blockchain that is and can be run by anyone on commodity hardware and uses a readable account name system + password for users and produces a block every 3 seconds in which you can put any data you want.
Every developer or individual that needs a blockchain or a token but doesn't know how to build a blockchain can use Steem instead.
The base token for the Steem blockchain is STEEM but on Steem (the blockchain) it's possible for anyone to create and distribute their own token with different parameters and to build their own community around this token.
One of the Steem blockchain unique attributes is that it's extremely cheap to use compared to competitors and that's because Steem has solved the scaling problem and can scale extremely well by using commodity hardware.
Extracting data from the blockchain is free but if you want to put data into the blocks on the blockchain, or in other words, if you want to interact with the blockchain, you need resource credits and so does your userbase.
You get resource credits by staking the base STEEM token into STEEMPOWER and the more STEEM you stake the more access to Resources Credits you get.
If you can't afford STEEM, it's also possible to lease Resource Credits from several parties for a fraction of the cost of a STEEM token.
It's also possible to distribute unused Resource credits to your users so they don't need to own STEEM to interact with your app or token.
But most importantly because of the resource credit system, all the transactions on Steem have NO transaction fees!!
Steem is therefor the cheapest, fastest and easiest to implement blockchain for anyone that wants to use a blockchain in their application or to use a token to empower their community.
Off that was tough with only 10 sentences, If you want to give it a go, please try!
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so basically an advertisement without the terms abusive self-upvote and most people not getting any income but spending hours for content creation so that the top accounts are benefiting? Ok here what steem could be:
Steem is an ultra low fee, multi-utility dPOS transaction-system with integrated decentralized exchange. Low hurdles for running nodes and becomming a witness (which potentially not actually but potentially can decentralize the social layer compared to the competition). The ecosystem gives any user or business the opportunity to launch its own crypto-token for smart-incentive models leveraging their existing businesses. We have great examples like gaming dAPPs with trade-able in-game items. Join the decentralized revolution. Steem - Power to the users ..... .....
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Nice and compact! Well done!
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I was primed for an @exyle contest post!
Great description and good thing that I know a lot about blockchains and Steem otherwise I wouldn't have understood a word!
Am I actually becoming a Nerd? My son would be so proud of me!
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Haha! I guess lot’s of work is needed to make this easier to understand! Nothing wrong with being a nerd! Been one my whole life.
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STEEM .... Steem is social media tool it is like Godzilla , it is awakening at any moment.
And when it is awakened, you don't want to see that bluish light.
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OMG i am less techy guy not like you to describe STEEM in this better way. But i just know it's fast to transfer of fund .
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steem could be base of everything you want to do online, or it could be nothing.
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I think yours is a great summary but would suggest adding something around the community and engagement that the Dapp system encourages given the Proof of Brain algorithm concept.
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Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
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Nice job. There is a lot of FUD out there right now and it is really depressing. I think it is just going to get worse if we don't see some kind of turn around in the future here. It is very easy sometimes to feel like you are just walking into a wall repeatedly.
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steem is a life saver. 10 times @exyle 😁
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You did really good. Curious to see how others will describe it if they are up to the challenge!
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Amazing description, with the addition recommended by @newageinv I believe it would be complete.
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That means MIRA is here, SMT's are here, communities are here and RC's pooling is here.
And the $10 per Steem price is here!
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