Do you have info with regards to Security of Steem's blockchain and resistance to an external attack?. Those supporting bitcoinblockchain and proof of work generally state that although it may be slower than other networks, the reward and mining process provides enough network power to resist most of the possible external attacks. How would that compare with steem?
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The way Steem and Bitshares work is with a different system all together to make the blockchain go fast, scale smoothly and secure it at the same time. For this it uses the so called witnesses. And a so called dPOS system. The way it works deserves one or more posts to explain. But basicly at Steem (and Bitshares) we, the users, have a strong decentralized network of powerfull computers that we can control by witness voting.
They can earn for their services, but we, the shareholders, can get them out off the network by retracting our vote, if we think they do a bad job.
This gives a different way, balanced itself out over time due to mutual interests and benefits. Also this makes it the fastest way to secure blocks into the chain. The witnesses that do so every 3-2-1 we voted to be allowed to do so.
Recently I witnessed how a POW coin, I'm involved with, got attacked. This was done by trying to split the blockchain, through creation of a longer chain, with higher added difficulty. Luckily there is a great community that helped counter the attack. For me this was the first time I became aware that this even could be done for real. Yet, the dispute in the Bitcoin realm caries the risk of a split if they don't come to an agreement soon.
With Steem and Bitshares the security is very strong because it is out off mutual interest and benefits. Stakeholders, that is us, and witnesses need each, in a sense, other to create a fast and smooth scaling secure network.
Maybe it can be looked at like a kind of glue. There are many kinds. One component that takes 24 hours to dry. Two components that need 10 minutes. And one 3 second glue. They all secure a connection, but in a different way.
The way Steem and Bitshares go about it is the fastest, scales the smoothest and it secured by a smart mutual interest and benefit system of shareholders and witnesses.
Hope I was able to clearify it without over simplefying it.