INTRODUCTION
Hello to all the members of this community.It is yet another week for the crypto academy contest of this season.which just started a week ago. The focus or the topic this week is for us to discuss about the steemit dapp. Which we have all being engaging on it for some time now. The steemit platform is one of the best dapps one can find on the internet today. Steemit is a dapp built on the steem blockchain., which is a decentralized social media protocol. The steem blockchain has other apps running on it too. The main asserts that are being utilized on the steem are the steem, the steem dollar and steem power(SP).
Discuss the consensus protocol used in Steem, Proof of Delegated Participation. What are the differences between DPoS and PoW?
The consensus protocol that steem uses is the DPoS. This consensus mechanism requires the activities of voting by it validators. Which is to the decision making on steem is based on voting. Which some how looks like a centralized protocol. All voting has to be fairly done. Any malicious activity during voting can be noticed and will be rejected.
We need to firstly know what DPoS and PoW is. POW was the first consensus network used on the blockchain technology. Consensus mechanism is the computational power or ability needed to solve cryptographic puzzles in order achieve the necessary agreement or a goal across a decentralized computer data system.
PoW
Let’s talk about PoW first. Which is the first consensus mechanism to be invented or introduced on the blockchain technology.
In order to complete PoW consensus mechanism protocol, a participant node is expected to run data from the block header and prove the work they have done in order for them to add new transactions into the blockchain. PoW requires the use of more energy and cost a lot.
It was first introduced by a woman in the 19900s but was reinvented and made known to the world by the inventor of Bitcoin.
DPoS
This is another consensus mechanism protocol which is being used on the blockchain technology that requires a voting system in order to support in the consensus state of new blocks. The witness creates a new block within some specific amount of time.
The individuals or validators with more coins has more voting power.
How often does a block occur in Steem and how many tokens does it use? Discuss this topic.
Blocks are what is referred to as the asserts or money. One might be wondering how do the blocks come by or how do they work. The creation of the blocks occurs as a result of computational logarithm choosing witnesses randomly. The witnesses is programmed to be creating new blocks based on the computational logarithm and within some specific amount of time. The witnesses creating of new blocks or asserts of steem happens within 3seconds. Steem has 20 witnesses which all does not participate in the creation of new blocks. What then is this witnesses? The witnesses is simply the steem miners. The miners of the steem blockchain are chosen by other validators, as I earlier said.
The amount of steem block created as at now per the 3 seconds is 1.668 steem. The steem block is then distributed to the ;
- various communitie’s reward pool,
- the token holders(which is the SP) and the rest to the
- witnesses.
The percentages at which the steem is being distributed is just how i have listed the entities that utilizes the steem blocks.
Do you know what was the first application that ran on the Steem Blockchain? Discuss this app.
The first application to run on the steem blockchain is the steemit. Steemit is a social media website which runs on the steem blockchain. The steemit uses the native coins Steem,SBD and and SP to reward it users.
Steemit is a web based blogging dapp. That is to say it free from any central body or organization. Which makes it interesting and fun to blog on that platform.
Every user who signs up for steemit is expected to join any community of their interest in order to get going.
Users on the steemit platform creates contents by either participating in contest or by creating contests of their own which is accepted in a particular community.
The native coins on steemit
The steem is the main coin which is being traded on the steem blockchain. The steem is being rewarded to users on the steemit platform in the form of an upvote.
Below is the current price of steem on the CoinMarketCap.
The SP is the steem that has being powered up by a user. Powering up as a user is very important as a user because it shows your influence on the platform. Also the value of a SP is equivalent to that same value of a steem. Holding SP shows how your influence in the platform is. There by granting you some privileges like receiving some of the steem blocks which is being distributed to SP holders.
The SBD is an abbreviation for Solomon island dollar is the steem blockchain stable currency that can be used for trading activities.
Below is the current price of the SBD on the CoinMarketCap.
Proof of brain is simply the users using their brain to decide on which content they should upvote. The upvote here comes with rewards, which could be any of the native tokens of steemit. The upvote is being divided into two equal parts which is then shared between the content creator and the author. Looking at how the proof of brain there is no doubt that it is what the steemit platform uses. So the more upvotes a content gets, the more rewards it receives in return.
With the proof of brain there is no need for mining on the steemit platform, but rather the distribution of rewards works here. All it participants, that is the content creators and the curators are all involved in this intelligent distribution of rewards on the steemit platform. Which is the proof of brain test.
In conclusion, the steemit is a decentralized social media platform which was introduced in the year 2016. It is a broad platform with interesting features on it. As an application that runs on the steem blockchain, it has it very own consensus mechanisms that has being built and put down by the developers. Which makes steemit special in it own way.
Also PoW and DPoS are some of the various consensus mechanisms which are being used by other blockchain networks. The PoW is just like mining on a particular blockchain whiles the DPoS involves with the system of voting to create new blocks.
Yes, this allow users with stakes on the blockchain that use DPoS to participate in the governance of the blockchain as they can vote for the delegate or witness they think should be in the position of data validation and network security.
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Exactly
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Yes, Delegated Proof of Stake mechanism is a modern mechanism as compared to the Proof of Work. In DPoS, the block validators that are actually known as witnesses are selected on the basis of their trust among the stakeholders of the platform.
The vested Steem tokens (SP) decides the worth of a witness vote. More will be the SP of a user, the more will be the influence of that vote on the ranking of the respective witness node.
Thank you for sharing your post. Great luck 🤞
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Well said and thanks for your additional knowledge
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Hey dear,
You wrote awesomely sir and I really love that but you need to write deeply and give the post much more quantity and quality, so you could be graded with a higher score. Trust me you can do it better.
Steemit happens to also be the first decentralized social media platform that rewards good content and their committed Content curators with it's native coin which is steem, it's reward system happens to be nice and lovely, instead of giving the witness and steem dev the whole reward.
Thank you very much for sharing, please you can check my own entry here
wishing you success
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Thank you for your add up sir.. I will do my best next time i promise
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