Introduction to Steem – Blockchain-Based Social Media Model

A blockchain is essentially a digital ledger. It’s a record of transactions that is duplicated and distributed across the entire network of computer systems. Blockchain development in the USA has widely transformed the world. Most people who want to add some transactions into the blockchain do not have either power or time. In that case, they will add their transaction into a pool of transactions which is waiting for a professional block generator to find a block for them.

There are tons of applications of blockchain and one of the most famous we look at today is cryptocurrencies. It depends on how much research has been done on a specific application. As research is being done in a great manner, it won’t take long to see applications of blockchain in daily life. Blockchain has the capabilities of replacing almost everything that has databases and these databases also carry some crucial information that is totally secure, something which people can rely upon.

Information cannot be edited or erased once updated on blockchains. New information can be any change in the preceding blocks will lead to a change in the succeeding blocks. Therefore, making alterations in the blocks is not at all possible as everything is connected to each other. A large number of nodes are connected to the network to make the technology safe, reliable, and secure. As the technology has multiple nodes, it provides decentralized control over the technology. The entire database of records is distributed to all the nodes in the network and therefore forms multiple copies of the database.

Why are blockchains so important?

1) Economical: 

The transaction processing time is faster as there is no involvement of third parties. This means lower fees when using economical products like Bitcoin which are stored on blockchain technology platforms. With blockchain infrastructure, information about ownership can also be secured easily making people rely on the platform.

2) Greater transparency: 

There is no possibility of corruption while using blockchains; great transparency is provided by the platform. Any suspicious transaction can be tracked by both the public and private sectors. Also to summarize, blockchains have eliminated corruption in many ways: 

•  All activities are visible
•  Making unilateral changes are impossible
• Record-keeping is more consistent.

3) New job opportunities: 

Blockchain technology gives entrepreneurs the freedom to create new businesses without needing permission from other parties and other investors. Entrepreneurs can be independent and they don’t have to be dependent on other people.

4) Great ease: 

Large amounts of money can be easily, safely, and securely transferred and in a decentralized manner which is very important for a business. Besides these advantages, blockchain provides ownership control by keeping track of digital assets which are being transferred.

Some of the sectors where blockchain is used are:

• Healthcare

• Financial

• Logistics

• Real-estate

• Banking

What is STEEM?

Steem is a platform of blockchain that manages multiple platforms like social networks (like blogs, videos, games, and applications which allow us to monetize the Steem cryptocurrency and be rewarded for using each of those platforms, also as you create content it provides value to the community which will raise your reputation on these platforms. In addition, users can also receive some tokens in addition to the steem cryptocurrency. This increases our power of influence with the tokens which we generate, you can also buy and sell these tokens to exchange them for steem. And the best thing about this blockchain is that people are learning more and more about the meaning of everything we can do with this technology.

How to get started with Steem?

The most interesting thing is that Steemit is not at all time-consuming. You can start using it up for your own convenience at any time. Users can register and create a free user account at Steemit, and get started by publishing their content directly in minutes to Steemit using the blogging tool and publish their content easily within minutes. So, Steemit provides one of the best social news platforms which pays users with digital currency (to post amazing content. 

Steem is used for content delivery. Its users can post and comment. Steem has experienced token inflation. 65% of all new tokens are distributed to the users who can make posts and comments or upvote and downvote them. 10% are given to witnesses who run the servers that are the nodes of the network, 10% are given to accepted proposals to do useful work for the ecosystem. 15% are given to those who hold Steem Power, which is STEEM converted into an untransferable token that gives a user voting power over rewards, witness elections, and DAO proposals. Upvoters and content creators split the content rewards into 50/50. Voting over content rewards is based on ownership of Steem Power which is known as stake.

Steem is useful for maintaining freedom of speech as it is very hard to delete anything from a blockchain and steem makes it quite easy. It requires creating a new chain without the unwanted transaction by replaying the transactions. It can take days to replay every transaction.

We at Monkhub help you in developing blockchains from our superior and well-trained experts. For more details feel free to reach us at https://www.monkhub.com or contact us at +91 9090080015.