Steemit - the innovative and enduring cryptocurrency blockchain

in #crypto6 months ago (edited)

Good evening from Romania, fellow HIVE users worldwide as well as dear readers from both HIVE and outside of it from all the corners of the world! For today's first post here on my HIVE blog, I decided to write a little bit more in depth with respect to the Steemit blockchain on which I have originally started my blockchain adventure as a freelance cryptocurrency-based writer approximately 6 years ago, more specifically in October 2016, fresh out of high school back then and off to a technical college while still living in Bucharest, before migrating to its fork, HIVE, in the summer of 2020.

Therefore, without any further needless ado on my behalf, here is the article and I truly hope you'll like it!

Steemit is a cryptocurrency-based digital platform and blockchain which has been active since March 2016 onwards. Being still active as of late July 2022, the blockchain can be found online at the following web address: https://steemit.com. Registration as a user on Steemit is completely free of charge. In addition to being a digital platform and cryptocurrency-based blockchain, Steemit is also a social media website on which users can share (or, more specifically, curate) content from that users' blogs which act as their public profiles.

Steemit old logo.png
Old Steemit official logo. Image source: Commons Wikimedia

The Steemit blockchain is privately owned by Steemit Inc., an American company based in New York City but with a headquarters in Virginia. As of March 2019, after approximately three years since its launch on the world wide web, Steemit reported that as many as 1,238,717 users registered on the blockchain. The Steemit Inc. company was founded in early July 2016 by Ned Scott and blockchain developer Daniel Larimer and launched Steemit initially as a social media platform and as an application on the Steemit blockchain.

The cryptocurrency which fuels the Steemit blockchain system is called 'STEEM'. This native cryptocurrency is not that powerful when compared to the much more influent Bitcoin, for example, but it can, nevertheless, based on a higher amount, generate an extra income according to the rewards given to the original content created on a user's blog to a particular user. Content on Steemit can be upvoted if liked within the social circle of a user (i.e. by its followers). Upon such an upvote, a reward in STEEM is given to the specific content creator which is later stored in a digital wallet that can be seen on the user's page.

Users can receive STEEM rewards also for their comments. The payout for both original content under the form of posts on a blog as well as any comment by the same user will take place in a given amount of time, usually 7 days, after the content was published.

The magic of Steemit is that both the content creators and the content curators have a win-win relationship. If users like your content and they upvote your post, it means that you will get the most of the share, of course, but the content curators will also get a part of reward as well. Therefore, this blockchain system was designed in such a way that it would be a win-win situation for all digital actors involved, so to put it.

While we are at it, the operating principle of the Steemit blockchain revolves around decentralization. More specifically, Steemit was conceived as a decentralized application (or DApp for short) which was built upon the Steem blockchain. This decentralized application operates on the STEEM cryptocurrency in order to reward its active users. In the Steemit user ecosystem, there is a clear hierarchy based on their overall influence on the platform.

A profile/blog of a Steemit user would normally include his current geographic location, his main website, his joining date (namely month and year) as well as a series of technical details concerning his status on the platform, ranging from the total number of followers to the current rank. A new user visiting such a profile (such as, for example the following one: https://steemit.com/@vikthor) can choose to follow the blog by clicking the follow button located at the top right corner of the webpage.

Visiting users on an other user's profile on Steemit can take a look at a series of tabs ranging from posts to notifications. In addition, the public wallet page/section of the blog is clearly visible to anyone, both registered users on the blockchain and outside internet visitors. Such an example of a public wallet of a user on Steemit can be visited at: https://steemitwallet.com/@vikthor/transfers.

In the public wallet page, any user registered on Steemit can see another users' payouts publicly. This was designed so as to ensure transparency, trust, and to enhance the sense of decentralization to the maximum economic extent possible.

What can be seen and thoroughly analyzed on the public wallet page of a Steemit user are the following: the amount of STEEM tradable tokens (tokens which may be transferred anywhere at anytime), the total amount of STEEM power tokens (which represent influence tokens on the platform which enable the user to have control over post payouts and allow the user to earn on curation rewards as well), the total amount of STEEM dollars (liquid money which has been stockpiled stemming from curation rewards on both originally-published content and on comments), and the total amount of savings (in both STEEM tokens and STEEM dollars).

Concerning the blockchain economic system of Steemit which revolves around its native cryptocurrency, STEEM, it is equally important to mention the fact that there is a noteworthy conversion process called 'power up'. Essentially, this power up is related to a conversion between Steem and STEEM power (i.e. the influence tokens on the platform). Steem can therefore be converted to STEEM power through this process of powering up. Conversely and vice-versa, there is also a process of powering down. Both processes of conversion are up to the user based on the total amount of tokens earned through original content on both posts and comments as well as on curation rewards.

Last but not least, on the digital wallet page of a registered user on Steemit, any visitor or registered user on this blockchain can also notice the estimated account value, that is the total estimated value for the entire account of the user which is translated as total account asset valuation in USD, as per the original description by the Steemit developers.

In conclusion, even though Steemit had a period of going down as a blockchain in 2018, most notably, it is still an important blockchain to be taken in consideration for potential registration, having thus the needed auspices for recovery and further growth in the near future.

#crypto #blockchain #Steemit #STEEM #decentralization #DApp

I truly hope you liked this article! Thank you very much for your time, attention, and readership here on my HIVE blog! I am very grateful for them! All the best, much health, take care, stay safe, many blessings, and great peace your way! God bless you, have an excellent day, and a wonderful week along with all your dear ones! Best regards from Romania!

Many blessings your way, all the best once again, much health, take care, stay safe, and, just as in the words of Ringo Starr, peace and love your way! Great peace and a lot of love your way, I might add! Have an excellent and most peaceful day along with your close/dear ones! Namaste and great peace your way once again! 😊🙏✌️☮️

Also, please don't forget to keep praying for Ukraine and its people! Much love, blessings, and peace to Ukraine and the Ukrainians as well! May the war stop very soon! 💛💙🇺🇦

P.S.: Thank you very much for all your support, readership, attention, precious time, appreciation, re-blogging, and feedback here on HIVE. 😊

Stay blessed, loved, well, and safe along with your family and friends! Cheers and please stay tuned for more amazing content on my HIVE blog! 😊

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Salut, @vikthor! Thank you for article!
This is the part I wanted to know about Steemit. By the way, are you writing your articles on steemit?

I want to know about the relationship between Steemit and Hive. Can I use the coins I received from Steemit in Hive?

Good day,

I am not writing articles anymore on Steemit. The relationship between Steemit and HIVE is that HIVE is Steemit's fork are an off-shot of the original blockchain, as per my understanding (I hope I am correct and thereby not mistaken). As for the last question, I really don't know or can't remember, but I don't think it's possible on an indefinite basis. Better ask a blockchain economic expert on that one. All the best, have an excellent day, and a wonderful weekend! Cheers!

Dear Vikthor: HIVE used to be Steem but the community forked the steem chain because of a a greedy crypto billiionaire called Justin Sun bought the ninjamined stake and stole funds from users. Everybody left Steemit because it became a ghost centralized chain run by incompetent people. Now everybody is enjoing HIVE, avoid Steem like the plague.