Why the Steem blockchain is the best out there and why you should think steem.
The Steem blockchain in my opinion and of course with proven facts is one of the best out there, if not even the best.
I know a lot of people might disagree with me based on the price of steem and some other reasons I cannot even fathom, but believe me when I say that the technology behind the steem blockchain is so solid, even a rock becomes green with envy when compared with it
Why is it the best?
Let us start from the scratch, what makes a blockchain good? We have so many criteria such as transaction speed, efficiency, transaction fee etc
According to a post by @steemitblog and I quote:
According to http://blocktivity.info/, the Ethereum blockchain is currently maxed out at 100% capacity. There are more than 21,000 unconfirmed transactions sitting there, just waiting to be processed. Many users are unable to purchase their kitties, because the network doesn’t have enough capacity to let the transactions through.
We are all familiar with the craze of the cryptokitties, a virtual collectible on the Ethereum network which allows you to become a pet owner (for a fee), while skipping out on the disadvantages of having real pets. Of recent, the Ethereum blockchain is having serious issues as it is estimated that cryptokitties account for a whooping 11% of the total activity on the Ethereum blockchain.
Imagine a whole blockchain slowing down because of just 11% being allocated to an innovation which was supposed to make it better. Guess what, that can never happen on the steem blockchain as the steem blockchain, even with it's numerous uses and activities and transactions is believed to be far from reaching it's fullest capacity.
Now what that means is that if the cryptokittens concept had been launched on the steem blockchain, it would not even slow the cteem blockchain down. That goes to show how solid the steem blockchain is.
Transactions
Again, it has been proven that the Steem blockchain has the fastest and one of the safest means of transactions. You could send steem and sbd at the fastest speeds and it would get to the person absolutely free of charge.
How does this happen? It is quite simple. Steemit makes it possible to access the blockchain from an easy to use site. Steemit is built on the blockchain and as we all know, transactions within the platform are free and of course, there has never been an incidence recorded where the steem/sbd sent within the blockchain did not get to the receiver, save for a mistake in the name of the recipient.
Let us take this slightly deeper, some people do not know this, but the apart from the price of bitcoin, the steem block chain gives the bitcoin blockchain IMO.
With a transaction time of roughly 3-6 seconds, with network factored, tell me what other blockchain can beat that. Even with tens and possibly hundreds of transactions being done 24 hours daily, 7 days weekly, the blockchain is so effective, it is hungry for more work.
How transactions are free brings me to me next point...
Delegated Proof Of Stake vs Proof Of Work
In simpler terms both are algorithms or a step by step protocol or sequence which a system must comply to. In the case, the algorithms are used for the blockchain.
DPOS
A method which was pioneered by Dan Larimer, a select few delagates/witnesses or miners are chosen to basically represent the interest of an entire network which essentially curbs fraud, reduces hardware and electricity consumption, is much safer, more cost effective and more reliable.
This way those chosen can easily be monitored and their performances reviewed at any point in time and those found wanting can be removed and replaced with better delegates. This increases a healthy sense of competition for efficiency. Unlike "Proof of stake" where your finances allow you access, the Delegated proof of stake requires competence and when these people do their jobs, the network does not have to pay a lot of miners. That way they do the work and one or two things involved, we are able to get free transactions within the blockchain.
An example of a blockchain which uses this wonderful algorithm is the steem blockchain which enables me to post all this information.
POW
In the proof of work, anyone with the hardware can join in and believe me when I say this is not cost effective and consumes lots of power which in turn slows the transaction time.
Because of the amount of "unchecked" miners, a transaction fee is required and as such we lose a bit of our cryptos within those networks anytime we transact on blockchains using the proof of work algorithm.
An example of a blockchain using the bitcoin blockchain.
Use of smart tokens and supported apps
Just this year @ned made the announcement for Smart Media Tokens which gives room for new and innovative tokens on the steem blockchain to reward more and this will run effectively on the steem blockchain.
To show you how much potentials the SMT have, a company invested 20 million dollars in the Smart Media Token technology.
Anyone can have his own smart token for a dollar and guess what, communities and individuals are already adopting the Smart Media Tokens technology billed to launch as from January next year, with vice.org and decentralized applications like the appics.
Now tell me your reason why the steem blockchain is not the best? Feelfree to correct me if you feel I have erred.
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Reference 1-2-3
Do you know how many transactions are done on the steem blockchain smoothly? and the best part is that they are done smoothly. A good blockchain should stand the test of time/stress.
Free of transaction fees and the fastness does it for me. I have bitcoin in various wallets I'm afraid to transfer due to transfer fees.
I did a transaction and it was so slow, I think I actually completed a post before it processed.
I transferred bitcoin and went for a walk. Did like 1km of slow walk, branched and said hi to a friend, returned and it is yet to be credited to the exchange wallet!
Thanks @ehiboss. As a newbie, i didnt know steem is as mighty as this. Its indeed a great revelation #thinksteem
Steem has unlimited potentials, if you can think it, you can steem it.
Price is not reflective of the blockchain and what is can do. Price has other factors in it that the market uses to price which may or may not be applicable. One of the biggest ones is that publicity is a huge part of market action. People buy what they know. ETH and BTC are known..STEEM is not.
One aspect you failed to mention in light of yesterday's hack is security. Every token created on steem has the same security as we find on here. This is not true on ETH. You do an ICO on there, security of tokens is your problem.
Steem is also a specialized blockchain which comes native with the curation reward system. There is no additional coding required.
Steem is also a de-centralized exchange with each token created being paired with steem. This provides instant liquidity to all tokens created. This is huge.
Just a few thoughts off the top of my head.
One thing you need to know is that steem met ETH and BTC in the game and steem is doing quite well for the "underdog". I don't know about other areas, but steem is getting more recognition in Nigeria especially due to efforts from SIN, Stach, Africa unchained and a host of others. It is only a matter of time. The last part where you said "steem is not" is actually wrong. Steem is more than you actually give it credit for.
In a nut shell, steem is better than most.
Steemit is the future,believe it or not!
Zero fees,3 sec transaction speed,free entry........
I just wrote a post that could blend with this as i talked about 5 Resaons why Steemit will be the biggest crypto currency in the world in a few years from now,you can check out the article on my blog.
The power of the steem blockchain
Interesting, I didn't know how powerful Steem is in comparison to some of the other cryptocurrencies out there until after reading your post. This has given me something to consider when deciding what coins I would like to invest in and what to tell other people when they ask me about cryptocurrencies. I have a few friends who are not familiar with the idea of BTC, much less Steem so when I see posts such as this one, I feel a little more knowledgeable. Thanks!
Steem is the best, #teamsteem
Steem is the best... good post. . Thanks
Steem is the best
Well done report!! Steem to the moon!!
so good your post, thank i voted and follow u