Asslam-o-Alikum
Hope all are fine and enjoying the engagements contest. here we are in season 5 week 2, and I shall be joining the discussion on "Get to know the Steem Blockchain" It's much more interesting for a user who wants to be a witness to how blockchain works.
Discuss the consensus protocol used in Steem, Proof of Delegated Participation. What are the differences between DPoS and PoW?
The first cryptocurrency was created in 2009 by a hidden person. and it uses the PoW consensus algorithm. after his innovation in crypto, many blockchains adopted that mechanism. Steemit blockchain was created in the year 2016 by Ned Scott and Daniel Larimer. Steem blockchain host decentralized social media platforms to reward people for original and useful content. in the steem blockchain, every transition is recorded with each block.
Proof Of Delegated Participation is an agreement used on the Seem blockchain, some quantity of vest is delegated to a stoner, and the proof of delegation procedure is as well used to secure the blockchain, Users have to stake their cryptocurrency by sharing in the Proof of Stake and delegated PoS agreement mechanisms. Delegated PoS features a voting and delegation process that also includes. It helps in securing the network with the collateral staked by users.
What are the differences between DPoS and PoW?
The Pow consensus is known as proof Of work, and DPos is the Delegated Proof of Stake consensus. let me write about it:-
Sr | Pow | DPoS |
---|---|---|
1 | Its works by providing a way for miners to solve complex mathematical algorithms. | PoS rewards a miner for their commitment to the currency. |
2 | It works on high-end computers and it is not easy to manage as well. | Highest amount of coin wins the next block validation. |
3 | It allows miners to provide consensus for a transaction in blockchain without third-party involvement | A small group of people controls it to the management of the network. |
How often does a block occur in Steem and how many tokens does it use? Discuss this topic.
Witnesses on the Steem blockchain validate transactions, Transaction is recorded in a block and on the Steem blockchain, New blocks occur on the steem Blockchain every 3 seconds, and new blocks are added by the witness selected to add the next block. there is currently 20 active delegated account in charge of validating new blocks on the blockchain. and 21-30 witnesses have different time periods to produce blocks.
how many tokens does it use?
The steem blockchain was launched in 2016 to create a decentralized platform that rewards on blogging, the steem token was built respectively to its blockchain to reward users, The blockchain uses Steem as its native token, which is used to vote and stake to increase voting power, while the SBD and Trx were integrated to reward users that create content on the platform.
Steem Power is also a very important part of steemit, user stakes his liquid steem and gets Voting value, its unstake time is 1 month.
Steem Backed Dollar also uses in the steemit blockchain. this coin is backed by the approach of USD, which is done as well to reward users on the platform, after 2018 there was the integration of the Tron token. It was set on posts as a reward with 1 Steempower = 1 TRX, but now it is going to change into 1 steempower = 0.5 TRX. in the new development phase.
Do you know what was the first application to run on the Steem Blockchain? Discuss this application.
Steem blockchain introduced its own application named "Steemit" This is a web-based application launched in 2016, with the official website steemit.com, the application was built as a decentralized social media page, like Web2 famous websites
Here a user can get Steemit native tokens on his posts/replies/comments. these users are being rewarded in return by creating unique content for the steemit platform. Users could do anything without any third-party interference. It's also free to use, users could make posts what they like, and steemit offers full decentralization.
This platform is known as the First social dAPP, since the successful development of steemit, we can see lots of steem-Fork blockchain platforms but most are scams. This dAPP gives rewards in native tokens that is Steem, and also SBD, and TRX. after seven-day users could get rewards in Steempower and steem
What is Proof of Brain (PoB)?
"Proof Of Brain" is used to reward users for contributing to the development, steemit platform also worked on a proof of brain mechanism.
Proof of brain consensus shows the capacity of a user to deliver unique content to a blockchain, an equal 50% of the rewards go to the reward pool as same as the curators for verifying the validity of the content. they get paid a vote percentage of SP to reward them for contributing to the network. content creators use their brains in creating quality and original content. When users like this are spotted on their personal content voting through the stake-weighty mechanism (Steem Power), they are rewarded for the effort put into creating the content. Proof of Brain is a model used by Steemit where you must be an original owner of the quality posts you share before they can be rewarded.
Conculosion
Steemit is the first web3 steem-based blockchain. This decentralized platform makes use of Proof of distributed stake to empower witnesses to run the blockchain. The ''STEEM'' is the native governance token of the steem blockchain.
i Invite @emsonic @alexmove , @steemdoctor1
You have a great understanding of the Blockchain technology and especially the consensus protocols that actually the set of rules and regulations to maintain the security and scalability of a chain. Off course, DPoS is much more scalable and secure than the PoW due to less consumption of energy.
Proof of Brain mechanism is very much essential for the maintenance of the uniqueness and quality of content that is shared on the blockchain. The curators and creators both have to use their grey matter for following the PoB.
Thanks a lot for sharing with us. Have a great contest ahead. 😊
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Like every other consensus, the idea of delivering unique content is welcomed but PoB takes that to another level as it supports both content creators and curators of this content with incentives.
Thanks for sharing your thoughts with us and I wish you luck.
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Thnks for your time
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That's true, the block time on the Steem blockchain is just 3 seconds and can process up to 10,000 transactions per seconds. The speed of this blockchain is one of the best in the crypto space. This is achievable through DPoS that does not require solving complex equations.
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@tipu curate
;) Holisss...
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This is a manual curation from the @tipU Curation Project.
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Upvoted 👌 (Mana: 6/8) Get profit votes with @tipU :)
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Thanks for Invite :)
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welcome
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Hey dear,
It's really amazing seeing your entry this week, just as normal you have done remarkably and amazing.
The proof of brain has really helped in supporting creative and unique contents on the steem Blockchain. Unlike other platform where all rewards or 80% rewards are taken by dev and witness, steem gives it users equal half of all rewards generated though upvoting of quality post.
Thank you very much for sharing, please you can check my own entry here
wishing you success
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