Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @jasminemsry

Hello Steemians

Today is indeed a great day to me as I begin my Steem crypto academy contest season 1 week 1 first with the assignment that is given by crypto acedemy itself. I most say that I love this crypto academy season which is all about engagement. Well today, I am here to share with you my favorite blockchain network.

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Tell us about your favorite Blockchain network, its history, and why it's your favorite.

My favorite blockchain network is Steem Blockchain that we all are using today. Steem is not just a blockchain network to me but it is a platform that is more of important than any other platforms. Well let me tell you more about this my favorite Steem Blockchain.

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Steem as we all know is a social blockchain network that allow content creators to publish they articles and get rewards from it. Steem Blockchain is a public accessible database blockchain that stores immutable contents in form of plain text for readers to read. The blockchain network, is powered by an in built incentization mechanism that rewards content creators with its own cryptocurrency called STEEM.

Step protocol is available publicly to everyone and is an incentivized blockchain database that allows Steemians (users) to interest among themselves and earn rewards such as STEEM, SDB and TRX in return. The good thing about Steem Blockchain is that its technologies are leverages as a social media platform and a cryptocurrency platform to give users more value. Steem blockchain network ensure that there is a fair treatment among steemians (users) who contribute to the network by rewarding them according to they contribution.

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History of Steem Blockchain Network

Steem blockchain was launched in 4th July, 2016 as the first social media network. The first app that was built on the Steem blockchain is Steemit which was created to provides value for its users to earn cryptocurrency reward in form of liquid STEEM.

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Ned Scott and Dan Larimer who is a blockchain developer, was the two people that first launched Steemit app on the Steem blockchain. Steemit is similar to other social media network like Facebook, Reddit, Twitter and many other but built on a blockchain technology which make it a decentralized and Non-Custodial platform which is totally different from the affomentioned social media platforms.

Before the launched of steemit platform, Ned Scott, was previously working as a financial analyst and business operatior at Global Group which is an American food importing company. He worked from 2012 to 2015 before he then met his partner Dan Larimer, the very year he resigned worked at Global Group.

Dan Larimer is very well-known blockchain developer and also a seasonal entrepreneur who has been in the blockchain industry for long before meting Ned Scott. However, after Dan Larmer and Ned Scott both co-founded steemit in the same year, Dan Larimer still left the company in the year 2017 after working as the CTO of the company.

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Why Steem Blockchain is My Favorite

Thousands of people all round the world are earning they daily bread from Steem blockchain network through the content they produced. This is one of the main reason why Steem Blockchain will forever be my favorite.

Another reason why it's my favorite blockchain is that the purpose of Steem blockchain is to serve community members by rendering them with various opportunities and providing them with financial services as a form of rewards. Steem blockchain network provide its community users the following opportunities;

• opportunities to earn from they content which I have been earning
• It stands as a source that provides answers to users inquiries and other things
• It teach and educate user on cryptocurrency
• it offer users the ability to they liquid STEEM and it offer a stable cryptocurrency that is pegged with USD.
• Steem blockchain address the challenge of user acquisition, which is the most difficult part when creating a DApps on its blockchain.
• It has provides thousands of jobs for people
• Steemit is a users friendly platforms that even a novice can easily understand.
• Finally, to this it is my favorite blockchain network because is a life changing blockchain network.

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Does the network has some earliest shortcomings and how has the network's team taken care of the problem?

Steemit has once experienced a shortcomings in 2016 that was first noticed by a Steemians with the username @dragonslayer109. The Steem user posted and said;

"This happened to my account while I was typing a post I don't understand what has gone on because I don't even know how to use my wallet. PLEASE HELP!!All I know is I loss more than $300."Source

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Immediately after dragonslayer109 made his report above, concerning his stolen funds that the hacker hacked into this wallet and transferred more than $300 from his account to another Bittrex Account that is separate from his own account.

However, some Steem users also noticed about the mysterious transactions and immediately the steemit company was aware of the ugly incidents, the company take a step further and started investigating the incident where it first began by shutting down the further transfer process to Bittrex exchange before going ahead to notified other authorities and FBI.

The investigation that was carriedout showed that not less than 260 Steemians was affected and over $85,000 worth of SDB and SP was stolen.

However, within that same day a post was published out by the Steemitblog titled: "Important Security Announcement: Steemit CEO Ned Scott" that promised to refund all stolen funds back to affected Steem user. Below is what was stated in the update.

Steemit was today subjected to a cyber attack. In the attack, fewer than 260 accounts were compromised, and less than $85,000 worth of Steem Dollars and Steem may have been stolen."

The hack has now been contained. User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.

Though only a relatively small amount of Steem was stolen, we take any form of criminal activity against our community extremely seriously. We have reported the hack to police and other cyber crime authorities, including the FBI. A full, internal investigation is currently being conducted and we are working on an immediate solution. Source

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What changes do you think would make the network better?

Steemit as a social media platforms that is built on the Steem blockchain has been experiencing a lot of positive changes. Steemit changes started, the very the Tron (TRX) was integrated into the steemit platform. Ever since then users was very happy and find it more interesting as they can now be earning two different cryptocurrencies.

Aside that Steemit platform then Introduced a community known as "Steemit Cryptoacademy" community to teach and educate users more about cryptocurrency. The community has help many traders and Investors to be able to trade on crypto without the help of anyone and even up till now the community is still running.

Currently now with the Introduction of #club5050, #club75 and #club100 a lot of users now hold some reasonable amount of Steem Power (SP) in they wallets and the initiative has help maintain the value of Steem price from devaluating as compared to when club statuses was not introduce.

A lot of changes has being happening in Steem blockchain which is making the platform to be more suitable for users however some users aren't finding it difficult. Just recently, another changes was made in the platform where and engagements contest was Introduced. To me I find this very interesting, since social media is all about engaging with one another and they are more of relationship that can be attain when we engage with other users.

Steem blockchain network would continue to be better if the all the witnesses are actually working as a team. First I would say that more DApps should be built on Steem blockchain to so that Steem token can be well known. I love what happened last week when I logged into my Binance app and saw STEEM/USDT pair. This shows that Steem blockchain is making a wave in the crypto industry.

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Write about a Project that is built on your favorite Blockchain

On the Steem blockchain, several DApps can be built freely. In the history of Steem blockchain, Steemit is the first projects that was built on Steem blockchain and today it is the most largest and most important application that was launched on the Steem blockchain.

This is the reason why I take Steem blockchain to be my number favorite blockchain and am.often using the both words interchangeable. Whichever, ways we know that Steem is the blockchain network on which Steemit applications is built on Steem blockchain network.

The aim of the steemit application is to allows more community to be built on top of incentives that will Forster the growth of the platform as I have earlier said. Steemit as a project that is built on Steem blockchain has previously has three currencies with different functions.

STEEM is the native currency that is used in the in steemit to rewards users and it's value changes just like other cryptocurrencies such as Bitcoin, Ethereum etc.

Steem Power (SP) Is what give users influence in the platform.The more SP you have is the more power that you will have on other users post.

Steem Dollars (SDB) is the currency that is pegged to USD that can be used to buy liquid Steem. It is a convertible currency of the Steem blockchain network.

However, aside these three aforementioned currencies that is earn on the steemit platform,there is also another called TRX. Tron (TRX), was integrated into the steemit platform after the purchased of Steem by Justin Sun the founder of Tron Network.

Thank you so much my Dear friend for your time here.