STEEM CONSENSUS ALGORITHMS

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I am here today to talk about consensus algorithms of STEEM blockchain.I would like to delve into my topic according to knowledge I have about Steem blockchain.

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Introduction to Steem consensus

Steem is a blockchain which is based on social media platform because it use one of the unique consensus algorithm for securing its network.Algorithm gives surety of transactions validation and of tamper-proof blockchain.Now after this brief discussion I want to tell that this is delegated proof of stake consensus algorithm at which steem blockchain operates and if I talk about Delegated proof of stake then this is another variant of consensus algorithm proof of stake.Steem blockchain is working on delegated proof of stake mechanism so in this way it is permitting users to give their votes to witnesses that are responsible for transactions validation and for new blocks creation.

About witnesses,block production and validation

First of all I want to highlight that what are witnesses and how they are selected so witnesses are higher authorities at this blockchain that validate,add and proceed any transaction including any power up,power down, transfer,posting, commenting etc and witnesses section is based upon a voting process in which users store or stake their STEEM tokens for electing of witnesses. There are top 21 witnesses existing at Steemit with most votes and these have become block producers responsible for creation of blocks.

If I talk about block production then there are block producers which are creating blocks continuously after each 3 second and there is not a single transaction contains! because a single transaction contains long list of transactions and for doing whole process witnesses utilities their private password for signing blocks and hence give guarreente of authenticity of produced blocks in this way.Regarding validation witnesses validate transactions but before doing this they properly pas through verification process of transactions details so they always check who is sender, receiver who have made this transaction and then they verify it.

About mechanism, voting system and rewards circulation

Steem blockchain consensus mechanism gives surety that all witnesses should be agreed at state of the blockchain. Witnesses should utilize a voting system for resolving conflicts and for achieving consensus.If I talk about voting power then it is directly proportional to amount STEEM tokens which are staked so if there are more STEEM tokens staked then there will be more voting power and if there are less STEEM tokens staked then there will be less voting power and you all already know that it is significant for electing witnesses. If I talk about witnesses that are block producers also then they receive rewards in form of native cryptocurrency which is STEEM. Witness which have more voting power would be eligible to receive more reward and vice versa.

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About security and scalability

Steem blockchain operates on delegated proof of stake consensus algorithm which is used for providing security by decentralization because you all know that witnesses are distributed at worldwide level so it really makes very tough for a single entity to take over the hold of whole network. Delegated proof of stakes consensus mechanism permits for fastest processing of transactions with block time of 3 seconds so it is enabling this blockchain to control high volume of transactions so for large scale applications it is suitable but still there could be some steps that can be taken for making the blockchain more scalable.

Conclusion

If I conclude my discussion then I have briefly talk about consensus algorithm used by this blockchain after that I have talked about its operation, about production of blocks, about witnesses, about voting system and distribution of rewards among witnesses and at last I have talked about security and scalability and throughout my discussion I remain very polite with my vocabulary so that everyone may understand my topic and I am satisfied that hopefully I have conveyed all of my information related to this topic successfully!