RE: Understanding the Basic Concept of Steemit Platform

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Understanding the Basic Concept of Steemit Platform

in utopian-io •  7 years ago 

Great summary @bangfadhil. From the perspective of a reader new to Blockchain, your summary is missing the fact why blockchain tech was created. It is important for new users to understand how Bitcoin's tech solved the Byzantine fault tolerance problem which was unsolved for hundreds of years. The combination of blockchain tech & PoW enabled a solution to this problem through Bitcoin.

Further, PoW is not a blockchain element. PoW and blockchain are different technologies, but together they create Bitcoin's protocol. Therefore it is a common mistake to assume that Bitcoin is based on blockchain. Its main technology is PoW. Additionally, if you're going to mention PoW, you also have to mention Proof of Stake (PoS).

Lastly, in your conclusion, you mentioned that blockchain is "developed for accounting virtual currency." This is not entirely true. Blockchain can certainly be used for accounting virtual currencies, but it can also be used for so much more other than currencies. Look at VeChain [VEN] as an example or even Ethereum [ETH]. Both projects have cryptocurrencies but they could exist without them.

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