Uniqueness of Steam Blockchain technology
Steemit, built on the Steem blockchain, stands out from other blockchains due to its unique focus on incentivizing social interaction and content creation. Here's a breakdown of what makes it distinct:
- Content-Based Rewards System:
Unlike most blockchains that primarily reward miners or stakers for transaction validation, Steemit directly rewards users with cryptocurrency (STEEM, Steem Power, and Steem Dollars) for creating, curating (upvoting), and commenting on content.
This direct incentivization model aims to give value back to the users who generate content, contrasting with traditional social media platforms where the platform owners primarily profit from user-generated data.
- Delegated Proof of Stake (DPoS) Consensus Mechanism:
Steem uses DPoS, where users "vote" for "witnesses" who are responsible for producing blocks and maintaining the network. This differs from Proof of Work (like Bitcoin) which relies on computational power, or traditional Proof of Stake where staking power directly dictates validation rights.
DPoS is designed to offer faster transaction times (Steem claims 3-second block times and high throughput) and higher scalability compared to many other blockchains, making it more suitable for social media applications that require frequent interactions.
3, Free Transactions (with Bandwidth Limiting):
Steem aims for a seamless user experience by eliminating transaction fees for most common actions like posting, commenting, and voting.
Instead, it uses a bandwidth-limiting mechanism to prevent spam and abuse. Users have a limited amount of bandwidth, which replenishes over time, and those with more Steem Power (SP) generally have more bandwidth. This makes the platform more accessible and encourages engagement without micro-payment barriers.
- Three-Token Economy:
STEEM: The primary liquid cryptocurrency.
Steem Power (SP): Represents influence and long-term commitment to the platform. Users "power up" STEEM to SP, which gives them more voting power (and thus more influence over content rewards) and bandwidth. SP is also rewarded to witnesses.
Steem Dollars (SBD): A stablecoin pegged to the USñh dollar, designed to provide a more stable reward for content creators and facilitate easier trading.
5. Focus on Decentralized Social Media (DApps):
The Steem blockchain was specifically built to power decentralized applications (dApps) in the social media space. Steemit itself is the most prominent example, but other dApps like DTube (decentralized video) have also been built on Steem.
This focus allows for features like immutable content storage (posts are on the blockchain), transparency, and community-driven content curation.
In essence, Steemit's uniqueness lies in its innovative attempt to marry blockchain technology with social media, creating a self-sustaining ecosystem where user engagement is directly and transparently rewarded, all built on a fast and fee-less (for the user) blockchain infrastructure.