I am glad to have been directed to this document, it was very informative. The cool thing I learned was, "The Steem blockchain uses each participant’s user name as their wallet address". I think that is great because there are so many pass codes and security that they are had to keep track of , and I think its easy to get locked out of your own account. Of course everyone should make backups too, but its very thoughtful and convenient (human?) to be able to just use your name sometimes instead of some other complicated alphanumeric system.
The aspect of all of this that I think will have a lot of impact, aside from all the forward thinking and expansive technology to allow this currency to continue to grow and evolve, (without the huge consumption of energy and resources used by Bitcoin mining); is the concept of using inflation to determine the number of blocks being created. And having a set end point when creation will end: "... after a period of approximately 20.5 years." So if the countdown started in December 2016, then in 2036 there will be no more STEEM created? Then what will happen? Has this ever happened before with any currency in any country? It seems like historically when things get tight, the countries just start printing more money (or start a war) which devalues that currency. But since this currency is not tied to just one country's economy, this will be an interesting development if it actually happens. And I will probably still be alive to see it.
"The inflation will continue decreasing at this rate until it reaches 0.95 %, after a period of approximately 20.5 years". After 20.5 years the rate of inflation will remain at 0.95 %. Steem is an inflationary currency and the inflation is predictable. So as long as the new demand for Steem is greater than inflation rate the prices should go up. Since there will be many writers who will flock to Steem blockchain I think that should be taken care. The only challenge is the rewards pool will decrease by that time. But if the steem price has increased by that time it should still be worth a lot in USD.
Thanks for participating. https://steemd.com/tx/0534196c214a341e145f263d135283e9f3ee4a56
Would be great if you could make a post about Steem Blue Paper and spread the word around.