Everything is stored as markdown, on the blockchain. Markdown is a very used format in which things are written. Articles (comments and everything) are loaded up as a json and these transactions are stored in blocks. The rest is history of the blockchain that I won't talk about here. And Steemit, just as Busy and many others, are just views that are smart enough to know how to interpret these jsons and to present them in a readable way. There is a lot to learn if you really want to get to know deeper these things, I don't know them well even for myself, but if you have the will to learn and understand them, I am sure you will succeed!
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Do you think that steem will ever introduce a json.meta data for storing which image to use as the thumbnail?
I hope so, but this kind of changes can be hard to implement for backward compatibility like what thumbnail should old posts have and things like that. Also it is hard to make this change when it is not only Steemit to change its UI to match the new aspect.