Starting your blog on the Steem blockchain
Steem is the blockchain and the engine on which everything runs. You can read the Bluepaper (shorter and more to the point) or Whitepaper (longer and into detail) to find out more.
Steemit is a frontend or DApp that allows access to the Steem blockchain and is owned by Steemit Inc which is a company with its own Vision, Mission and Values
A lot of people confuse both but it is really important to make this distinction.
I is also important to remember that everything you write will be stored on the Steem Blockchain.
Steem offers users the unique ability to publish and store content directly and permanently into the immutable ledger of the blockchain as plain text. Once stored in the blockchain, this data becomes available publicly for everyone that knows how to find it. So even if the comments or post are grayed out the data is still stored with every 3 second block.
The first question is always: Where does the money come from?
Steem works a bit differently since it is a Delegated Proof of Stake blockchain and not a Proof of Work blockchain like Bitcoin.
Of the 100% new tokens created by the Steem blockchain there is a basic distribution model.
- 75% of those tokens are the “rewards pool” which are distributed to content creators and content curators.
- 15% are distributed to vested token holders (Powered up steem or SP)
- 10% are distributed to Witnesses, the block producers, much like the miners in Proof of Work blockchains like Bitcoin
New tokens are generated at 9.5% per year (starting December 2016), and decrease at a rate of about 0.5% per year. The inflation will continue decreasing at this rate until it reaches 0.95%. Which is after a period of approximately 20.5 years.
Steem needed far more scale and speed than that offered by PoW (Proof of Work), and so a lesser known algorithm called Delegated Proof of Stake (DPoS) was leveraged to lay the foundation for a blockchain suited for billions of users. Because of DPoS, the Steem blockchain is able to generate a new block every 3 seconds with minimal computational load. This means that the blockchain can process more transactions and hold more information, including content.
With Steem, block production is done in rounds. Each round 21 witnesses are selected to create and sign blocks of transactions. The top 20 of these witnesses are selected by approval voting and one is timeshared by every witness that didn’t make it into the top 20 proportional to their total votes.
One of the better sites to keep track of these witnesses is https://steemian.info/witnesses
Account with an interest in the future value of Steem vote to select individuals responsible for including testimony in the public record. Voting is weighted proportional to each individual’s vested interest (basically more Steem Power is a bigger vote).
I am part of one of the Witnesses that aims to secure the blockchain and if you have a Steem account we would appreciate the vote for @swisswitness. If you are ambivalent to witnesses you can also proxy your vote to me and I will add your vote to mine (@felander) and vote for good witnesses that support Steem long term.
The best (and easiest to understand) description I have found so far was on the site of https://hello.busy.org/ who I guess are related to busy.org and which looks very promising.
Front ends into the Steem Blockchain
The Steem blockchain is what makes this all possible but there are lots of different ways to view that blockchain and the posts. This will be a listing of the most popular front ends to steem and what makes each of them special.
The first Steem DApp. Owned by Steemit Inc and still the biggest onramp onto the steem plaftorm for those who blog and those who like to read and comment
Dapps on the Steem Blockchain
This is one of the first and big successes and is a decentralised, digital collectible trading card game. The big difference with this is that in blockchain based card games you can provable own the cards and as such can trade them on a market place or sell them if you so choose.
Games on the Steem Blockchain
Originally known as Steem Monsters, this is a decentralised, digital collectible trading card game. You provably own your cards and can trade them online. This makes it fun and potentially valuable. Available on Steem and Tron