For most of the common users and investors, Blue paper is the most important piece of content that they must read before investing their Money, Time or Resources in Steem blockchain. More the number of people who have read the blue paper, more will be number of HODLers for steem. When more people are invested in the long term betterment of Steem better will be the prospects of Steem. Its a WIN-WIN for all. Hence we are starting this initiative "Steem Blue Paper Awareness Initiative" or SBPAI in short.
Original blue paper can found at https://steem.io/steem-bluepaper.pdf. This post is just a reformatted version of the blue paper for easy access and readability.
Rules of "Steem Blue Paper Awareness Initiative" or SBPAI
Once you are done with reading the Blue Paper below do the following.
- Upvote this post.
- Resteem this post.
- In the comments section mention the part of the "Blue Paper" that you didn't know before and one feature that you think will have the maximum impact.
- Amongst the Steemians who have followed the above three, a lucky winner will be selected each day and 1 Steem will be transferred to his account as SteemPower.
- If the post gets more traction more lucky winners will be selected each day and each of them will receive 1 Steem Power.
Introduction
Steem provides a scalable blockchain protocol 1 for publicly accessible and immutable content, along with a fast and fee-less digital token (called STEEM)2 which enables people to earn the currency by using their brain (what can be called “Proof-of-Brain”). The two building blocks of this protocol, both blockchain and token, depend on each other for security, immutability and longevity, and are therefore integral to each others’ existence. Steem has been successfully operating for over a year, and has now exceeded both Bitcoin and Ethereum in number of transactions processed.3
Compared to other blockchains, Steem stands out as the first publicly accessible database for immutably stored content in the form of plain text, along with an in-built incentivization mechanism. This makes Steem a public publishing platform from which any Internet application may pull and share data while rewarding those who contribute the most valuable content.
In the field of crypto-currencies, the unique properties of STEEM make it both “smart” and “social”compared to others, such as bitcoin and ether. This stems from two new token features. The first is a pool of tokens dedicated to incentivizing content creation and curation (called the“rewards pool”). The second is a voting system that leverages the wisdom of the crowd to assess the value of content and distribute tokens to it. These two unique properties when combined are referred to as Proof-of-Brain, which is an entendre based on Proof-of-Work4, meant to emphasize the human work required to distribute tokens to community participants. Proof-ofBrain positions STEEM as a tool for building perpetually growing communities, which encourage their members to add value to the community through the built in rewards structure.
In addition to these advancements in blockchain and token technology, Steem as a system provides additional advanced features to enhance the user experience, such as Stolen Account Recovery5, escrow services, user promoted content, a reputation system, and savings accounts. This is all done while providing users with three second confirmation times and zero fees on all transactions. All of this allows it to support the mission of bringing smart and social currency to
publishers and community builders across the Internet.
Proof of Brain: Smart and Social Tokens
Token systems that reward users as they contribute to a token-based community system require mechanisms for establishing and evaluating content’s social value: we call this “Proof-of-Brain.”
The Rewards Pool (“Where do the tokens come from?”)
One of the most innovative (and most misunderstood) aspects of the Steem blockchain is the “Rewards Pool” from which tokens are distributed to valuable content creators. In order to understand what the Rewards Pool is, one first needs to understand that tokens are produced differently in DPoS blockchains than they are in PoW blockchains. In traditional PoW blockchains, tokens are produced regularly but randomly distributed to the people whose machines are performing work (“miners”).
Different from PoW-only cryptocurrencies, tokens in Steem are generated at a fixed rate of one block every three seconds. These tokens get distributed to various actors in the system based on the defined rules of the blockchain. These actors, such as content creators, witnesses, and curators, compete in specialized ways for the tokens. Unlike the traditional PoW means of distribution, where miners are competing over raw computing power, the actors in the Steem network are incentivized to compete in ways that add value to the network.
The rate that new tokens are generated was set to 9.5% per year starting in December 2016, and decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this rate until it reaches 0.95%, after a period of approximately 20.5 years.
Of the supply of new tokens created by the Steem blockchain every year, 75% of those tokens compose the “rewards pool” which are distributed to content creators and content curators. 15% are distributed to vested token holders, and 10% are distributed to Witnesses, the block producers cooperating inside Steem’s DPoS consensus protocol.
Rewards for Content Creators and Curators
The users who produce content are adding value to the network by creating material that will drive new users to the platform, as well as keep the existing users engaged and entertained. This aids in distributing the currency to a wider set of users and increases the network effect. The users that take time to evaluate and vote on content are playing an important role in distributing the currency to the users who are adding the most value. The blockchain rewards both of these activities relative to their value based on the collective wisdom of the crowd collected through the stake-weighted voting system.
Voting with Staked-Tokens to Determine Allocation of Rewards
Steem operates on the basis of one-STEEM, one-vote. Under this model, individuals who have ibuted the most to the platform, as measured by their account balance, have the most influence over how contributions are scored. Stake can be bought or earned. Users can not gain additional influence by owning multiple accounts, since one single account with an amount of stake will have the same influence as two different accounts sharing the same amount of stake. The only way for users to increase their influence in the platform is to increase their stake.
Furthermore, Steem only allows members to vote with STEEM when it is committed to a 13 week vesting schedule called Steem Power. Under this model, members have a financial incentive to vote in a way that maximises the long term value of their STEEM.
Speed and Scale on the Steem Blockchain
The Steem blockchain is designed to be one of the fastest and most efficient blockchains in istence, which is necessary to be able to support the amount of traffic expected on a social media platform larger than the size of Reddit. Steem has already surpassed Bitcoin in number of transactions, and is able to scale to support 10,000 or more transactions per second.
Delegated Proof of Stake (DPoS)
Often bottlenecked by Proof-of-Work (PoW)6, many blockchains can’t scale beyond three transactions
per second, which is a fraction of the world’s financial traffic. Steem needed far more scale and speed than that offered by PoW, and so a lesser known algorithm called Delegated Proof of Stake (DPoS)7 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.
By defining the rules for when a Hardfork occurs, the witnesses elected within the DPoS framework can quickly and efficiently decide on whether or not to move forward with a proposed hardfork, allowing the Steem blockchain protocol to evolve more rapidly than most others. The Steem blockchain has already successfully forked 18 times8
, and each time a Hardfork has occurred, only a single chain has persisted after the fork.
ChainBase
ChainBase9 is the database portion of the blockchain stack and replaced Graphene10 in 2016. ChainBase has faster load and exit times, supports parallel access to the database and is more robust against crashes than its predecessor. It also has less frequent database corruption, allows instant “snapshotting” of entire database state, and can serve more RPC requests from the same memory.
AppBase
AppBase is the first step in creating a multi-chain FABRIC. AppBase enables many components of the Steem blockchain to become modular by creating additional non-consensus blockchains as dedicated plugins. These plugins can be updated much more rapidly because they do not require replaying the entire blockchain. This makes steemd11 far more efficient and easier to maintain and scale.
Practically speaking, AppBase enables different cores, or even different computers, to maintain different parts of the Steem blockchain. This is significantly more efficient than requiring every core, and every computer in the network maintain the entire blockchain. Modularizing the blockchain enables it to take full advantage of the modular nature of computers. This is one necessary step in the long process of creating a fully parallel, fully optimized blockchain.
Steem’s Platform Features
The Steem blockchain serves a dual purpose of being a digital token processing system, as well as a mainstream social media platform. The features offered by the blockchain need to support both purposes, and provide users with a world class experience when using both aspects of the platform.
Primitives Designed for Content Applications
Steem offers users the unique ability to publish and store different types of content directly and permanently into the immutable ledger of the blockchain as plain text. Once stored in the blockchain, data becomes available publically for developers to build from. Developers are able to interact with the content directly in the blockchain using the available APIs. Several of the blockchain primitives developers can build from include Account Names, Posts, Comments, Votes and
Account Balance.
Native Name System
Wallet addresses used by many blockchain technologies, such as Bitcoin and Ethereum, have historically consisted of long strings of random letters and numbers, however, these wallet addresses can make it difficult to transact with other users in a typical online-social-media context because users are unable to recall the long-string addresses from memory. The Steem blockchain uses each participant’s user name as their wallet address, which bolsters the user experience for participants who attempt to send tokens because they can verify the addresses from their own memory.
Steem Blockchain Dollars (SBD)
Many users who are introduced to cryptocurrency struggle to comprehend how “magic internet tokens” awarded by the platform can actually have real world value. In order to help bridge the gap between more traditional fiat money systems which mainstream users are used to, and the cryptocurrency tokens which they are awarded through the platform, a new currency called Steem Blockchain Dollars (SBD) was created.
SBD tokens are designed to be pegged closely to one USD, so that users who receive them can know approximately how much they are worth in “real dollar” terms. SBD tokens also offer a relatively stable currency for users to hold if they are looking to preserve their account value relative to USD. A more detailed technical explanation can be found in the Steem technical whitepaper.12
Decentralized Exchange
The Steem blockchain offers a decentralized token exchange, similar to the Bitshares exchange.13 The exchange allows users to trade their STEEM and SBD tokens through a public decentralized peer-to-peer market. Users are able to place buy and sell orders, and order matching is performed automatically by the blockchain. There is also a publicly accessible order book and order history which users can use to analyze the market. Users can interact with the exchange directly using the blockchain API, or use a GUI such as the one on Steemit.com.14 Payments Through Escrow The irreversible nature of blockchain transactions is an important security feature, although there are many cases where users may not be comfortable sending their tokens to another individual without a way to get them back if the other user does not hold up their end of the agreement.
The Steem blockchain provides a way for users to send coins to each other with a third party designated as an escrow service. The user acting as the escrow service is able to determine if the terms of the agreement have been met, and either allow the funds to be released to the receiver or returned to the sender.
Hierarchical Private Key Structure
Steem employs a first of its kind hierarchical private key system to facilitate low-security and highsecurity transactions. Low-security transactions tend to be social, such as posting or commenting. High-security transactions tend to be transfers and key changes. This allows users to implement different levels of security for their keys, depending on the access that the keys allow.
These private keys are the Posting, Active and Owner. The posting key allows accounts to post, comment, edit, vote, resteem15, and follow/mute other accounts. The active key is meant for more sensitive tasks such as transferring funds, power up/down transactions, converting Steem Dollars, voting for witnesses, placing market orders, and resetting the posting key. The owner key is only meant for use when necessary. It is the most powerful key because it can change any key of an account, including the owner key, and to prove ownership during an Account Recovery. Ideally it is meant to be stored offline, and only used when the account’s keys need to be changedor to recover a compromised account.
Steem also facilitates the use of a Master Password that encrypts all three keys. Webservices can use a Master Password that decrypts and signs with the necessary private key. Master Passwords may allow users to trust certain services to keep improper keys from being transferred across any servers, thus increasing user experience while maintaining a secure client-side signing environment.
Multi Sig Authorities
The Steem blockchain allows an authority to be split across multiple entities, so that multiple users may share the same authority, or multiple entities are required to authorize a transaction in order for it to be valid. This is done in the same way as Bitshares16 where each public/private key pair is assigned a weight, and a threshold is defined for the authority. In order for a transaction to be valid, enough entities must sign so that the sum of their weights meets or exceeds the threshold.
Multiple Reward Beneficiaries
For any given post there may be a number of different people who have a financial interest in the reward. This includes the author, possible co-authors, referrers, hosting providers, blogs that embedded blockchain comments, and tool developers. Whatever website or tool that is used to construct a post or comment will have the ability to set how rewards from that comment are divided among various parties. This allows for various forms of collaboration, as well as a way for platforms that are built on top of the Steem blockchain to collect a portion of the rewards from their users.
Smart Media Tokens (SMT)
This protocol layer is under development. Its whitepaper will be posted here.
Stolen Account Recovery
If a user’s account is compromised, they may change their keys using their private owner key. In the event that the attacker is able to compromise the private owner key and change the password on the account, the user has 30 days to submit a previously functional private key through Steem’s industry-first stolen account recovery process, and regain control over their account. This may be offered by a person or company who provides registration services to Steem. It is not mandatory for the registrar to provide this service to its users, but it is available to increase the value of a registrar’s users’ experience.
Security Through Time-Locks
If a user’s active or owner key is compromised, the attacker would have full access to all of the funds in their account. Because blockchain transactions are irreversible, users have no way to get their funds back after they have been stolen.
The Steem blockchain allows users to store their STEEM and SBD tokens in a savings account, so that the funds may not be withdrawn until after a three day waiting period. In addition, STEEM that is held in the 13 week vesting schedule may only be withdrawn at a rate of 1/13 per week, after an initial waiting period of seven days. These time-locks prevent an attacker from being able to access the full portion of the user’s funds immediately, so that the rightful owner has time to regain control over their account before all of their funds can be withdrawn.
Bandwidth Rate Limiting for Fee-less Operations
Because the witnesses are paid entirely through the generation of new tokens, there is no need to charge users a fee for powering the blockchain. The only reason to charge a fee would be as a deterrent to prevent users from completing an unreasonable amount of transactions, which could potentially impact the performance of the blockchain. In order to place reasonable limits on the system use, each user is given a limited bandwidth. Whenever users perform blockchain operations such as token transfers, posting content, and voting, it uses up a portion of their bandwidth. If a user exceeds their bandwidth allowance, they must wait to perform additional actions until their bandwidth recharges.
Bandwidth limits adjust based on network use, so users have a higher bandwidth allowance when the network usage is low. The amount of bandwidth that an account is allowed is directly proportional to the amount of Steem Power a user has, so users can always increase their bandwidth allowance by getting additional Steem Power.
Conclusion
The unique rewards and incentive program offered by the Steem blockchain and token are designed to make Steem the ultimate on-ramp into cryptocurrency for mainstream users. The performance of the blockchain is designed with widespread mass adoption of the currency and platform in mind. When combined with the lightning fast processing times and fee-less transactions, Steem is positioned to become one of the leading blockchain technologies used by people around the world.
Glossary
- Delegated Proof of Stake Position Paper. Grigg, 2017.
https://steemit.com/eos/@iang/seeking-consensus-on-consensus-dpos-or-delegated-proof-of-stake-and-thetwo-generals-problem - To differentiate it from the term for its blockchain, the correct spelling of Steem’s native digital token is
STEEM. - Transaction Volumes: Transactions Per Second Report. Steem Witness and user “@roadscape”.
https://steemit.com/blockchain/@roadscape/tps-report-2-the-flippening - Proof-of-Work. Wikipedia.
https://en.wikipedia.org/wiki/Proof-of-work_system - Stolen Account Recovery initiation for Steemit.com users: 07-13-2017
https://steemit.com/recover_account_step_1 - Bitcoin Scalability Problem
https://en.wikipedia.org/wiki/Bitcoin_scalability_problem - DPoS Whitepaper
https://steemit.com/dpos/@dantheman/dpos-consensus-algorithm-this-missing-white-paper - https://steemit.com/steemit/@steemitblog/proposing-hardfork-0-20-0-velocity
- ChainBase Release
https://steemit.com/steem/@steemitblog/announcing-steem-0-14-4-shared-db-preview-release - Graphene Documentation
http://docs.bitshares.org/ - The component of the Steem blockchain framework responsible for processing transactions and the distribution of rewards.
- Steem Whitepaper
https://steem.io/SteemWhitePaper.pdf - Bitshares Decentralized Exchange
http://docs.bitshares.org/_downloads/bitshares-general.pdf - Steemit.com Currency Market
https://steemit.com/market - “Resteem” is the term used in the Steem blockchain for when a user shares the content with their followers.
- Bitshares Flexible Identity Management
http://docs.bitshares.org/_downloads/bitshares-general.pdf
@steemladder I honestly appreciate this information and your willingness to comment on my post to even get me to read all of this. Like many on here, most of this is foreign to me and some of the only things I can understand a very simple. Heck, I don't even know how to resteem something (or else I would have done it for this post like you asked). Upvoting made sense but is there not a button for resteeming? I swear I read the whole blue paper/post.
However, I did learn a lot. One thing that does stand out is the multi sig authorities. A clever idea, to my simple understanding, of how large transactions would take place if you can't trust the other party entirely. I feel like this fail-safe third party authority was a smart way to lessen the risk for those, especially new to blockchain technology (like myself).
The one thing that I understand to be the most significant is the saving account aspect to holding the steem or sbd. The idea itself combine with time-locks is a refreshing way of keeping people accountable but still safe from predators. For me that was a big convincing factor in my participation on steemit. Amongst my friends the biggest concern I have heard about block chain technology / cryptocurrency is the security of your acquired assets and wealth. I find this to be one huge factor that help continue to propel steemit into the mainstream of social medias (in a reliable, functional way).
just figured out how to resteem sorry for the misunderstanding!
how?(
)
thanks for the information , one better thing i came to know before investing is studying the whitepaper.
@steemladder wow....i did not no that steem blockchain database uses chainbase i have always been wondering that if its graphene that steem blockchain uses then it will certainly crash sooner or later....i love the security through time lock system its just a way of telling the members of steemit community that should in case that your steemit account was hacked provided you always visit steemit in at least 3 days your money is secure in the savings account
좋은 정보 감사해요. 이렇게 너무 좋은 정보를 주셔서 감사해요.
그런데 당신은 누구죠 너무 친절해서요.
Bandwidth Rate Limiting for Fee-less Operations
I have to admit that quite allot of this sounds greek to me, but I like the fact that a person can only do as many transactions in a certain amount of time, because it does take time to read and respond properly to a post (Just my thoughts)
For non-English speakers, here is the multilingual version page of the Steem Bluepaper.
Enjoy the reading!
The part of the "Blue Paper" that I didn't know before is Delegated Proof of Stake (DPoS)
The feature that I think will have the maximum impact is scalability, obtained by the algorithm called Delegated Proof of Stake (DPoS), leveraged to lay the foundation for a blockchain suited for billions of users.
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Thank you very much, @steemladder, I’ll do in Italian language, maybe. 👍🏼
Very well written & informative. What I found very interesting and unknown to me and probably lot's of others so promote that fact that "Steem has been successfully operating for over a year and has exceeded both Bitcoin and Ethereum in number of transactions processed & "The Steem blockchain has already successfully forked 18 times and each time a Hardfork has occurred, only a single chain has persisted after the fork. Furthermore the feature I believe will have the maximum impact is "Delegated Proof of Stake (DPoS)"
Great job and exciting future!
Good luck👍👍👍👍
✋🏻✋🏻✋🏻 thanks @steemladder
thanks for the good information. #bluepaper
Hi steemladder!
One of the most innovative (and most misunderstood) aspects of the Steem blockchain is the “Rewards Pool” from which tokens are distributed to valuable content creators. In order to understand what the Rewards Pool is, one first needs to understand that tokens are produced differently in DPoS blockchains than they are in PoW blockchains. In traditional PoW blockchains, tokens are produced regularly but randomly distributed to the people whose machines are performing work (“miners”).
Different from PoW-only cryptocurrencies, tokens in Steem are generated at a fixed rate of one block every three seconds. These tokens get distributed to various actors in the system based on the defined rules of the blockchain. These actors, such as content creators, witnesses, and curators, compete in specialized ways for the tokens. Unlike the traditional PoW means of distribution, where miners are competing over raw computing power, the actors in the Steem network are incentivized to compete in ways that add value to the network.
The rate that new tokens are generated was set to 9.5% per year starting in December 2016, and decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this rate until it reaches 0.95%, after a period of approximately 20.5 years.
Of the supply of new tokens created by the Steem blockchain every year, 75% of those tokens compose the “rewards pool” which are distributed to content creators and content curators. 15% are distributed to vested token holders, and 10% are distributed to Witnesses, the block producers cooperating inside Steem’s DPoS consensus protocol.
To update: As of August, 2019
65% goes to the rewards pool, 10% goes to the proposal system, 15% to vested holders and 10% to witnesses.
"Voting with Staked-Tokens to Determine Allocation of Rewards"
Please let everybody know why you think it will have a bigger impact.
Thanks buddy lots of helpful SBD info.
There is still a lot of stuff I don't know about steemit!
Didn't even know how the reward pool is working... this will be a long and enlightening read :)
And about the feature with the biggest impact:
In my opinion it's the "Multiple Reward Beneficiaries", as it is a very vital aspect to split the revenue to the developers who build new stuff on top of the steem-blockchain to make it even better and bigger! :)
Thanks for participating. Have transferred 1 SP to your account
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Would be great if you could make a post about Steem Blue Paper and spread the word around.
Thank you! :)
very good
Thanks for informasi
Thanks for this information
I hope i can be a pro steemians
Thank you for this info...
Thank you for this
Thanks very much for this post we steemians really appreciate like seriously we do we all should please help our self to grow in steemit we are all one let us not feel too big to help another brother or sister struggling thanks ones more everybody i love you all please check me out @starray1
HEy
My english is not so strong and this blog is like novel (not understand)
And also don't know much more about steemit.
Whenever i get some I will
I'm starting to know more about steemit and what's in blue paper. Thank you for the information
The part of the blue paper I didn't know before now was the fact that they started just over a year. Hkweyis interesting to know that they have overtaken bitcoin which is the first cryptocurrency to use the blockchain feature in 2009. So I see this as an immense feat looking at the antecedent of their competitors. It makes me proud to be a part of steemit. Thanks that is my contribution.
A few things in the technology layers stood out. The move to ChainBase away from Graphene and the concomitant increase in transaction throughput rates. The AppBase development opens up the potential for a layered application architcture that brings in related app developments. The mind boggles at hiw creatively this could be used as side chains that add enormous value to the overall platform without detracting from the mian idea. For example, the whole Steemsports initiative can live comfortably in the Steemit world without turning off people not interested in Sports and/or Betting.
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Thanks for this information..
While much of what was written is beyond my limited geek knowledge, it seems to me there are all the right mechanisms in place to allow for a slow steady growth thereby avoiding bubbles, which is what to be expected with any investment opportunity such as crypto provides.
That is a very simplified version :)
I learned that the witnesses get paid through new token generation, that makes me way less weary about what’s happening when using my votes for them! Steemit and the steem platform is basically a super secure multi layer social media platform. The protocols like SMT are going to rock this world in how we look at intellectual property!
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Blue Paper
Wallpaper yang bagus
The part of the steem "Bluepaper" I did not know before was the rate at which tokens are generated yearly.
The part I feel would have maximum impact is Proof of Brain. Average people earn tokens just by being creative, educative and entertaining. I believe it will add value to community and people's lives and their pockets on the long run.
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One part I did not know was the internal workings of Steemit, how Steem and value were assigned. I must admit I knew very little of anything mentioned in the blue paper and will likely revisit as I learn more. It will likely make more sense as I learn the basics of Steemit.
The most valuable, to me personally, is knowing about bandwidth and steem, how to use it frugally instead of wasting. Thanks for the info!
please folback, thanks
This makes Steem a public publishing platform from which any Internet application may pull and share data while rewarding those who contribute the most valuable content.
So basically, that means, whatever I put on steem, people can still view/get access to it even if they're not registered in the community. Wow, didn't see that coming, that's nice.... So I get to reach out father to the World, amazing.
That is the beauty of Steem. It is like a distributed database for the content platforms. Any platform/UI can make use of this database. For example you can create a public app that fetches images from all the posts tagged "nature" and creating album kind of interface with nature photos. If you want to display only popular photos, you can add a condition to your query saying that pick images from only posts that have got more than 100 votes or 200 USD payout and so on.
How cool will that be?
The part of the "Blue Paper" that I didn't know before is Delegated Proof of Stake (DPoS)
The feature that I think will have the maximum impact is Steem Blockchain Dollars (SBD) which I think gives users/creators incentive to stay on be active on the platform. I know I will be!
Good article for read n learn
Nice information, thank for your follow back n your vote
Instead of asking people to follow back add more meaningful and insightful comments. That will earn you more followers.
Wow very good information I really love it
As you would have realised from the down-votes, always try to add value to the posts with more insightful comments.
Thanks for your information of "Blue Papper @steemladder 👍
thank you for the info. this is all new to me. it's going to take me sometime to understand all that is need to know how Steemit works. i'll have to read both the blue and white paper a few times to be able to formulate the proper questions i need answers to. well anyways, my journey continues , i have a lot of research to do. once again thank you for introducing us newbies to Steemit.
I would suggest getting comfortable with Blue paper and then read white paper. All the best.
I particularly appreciate the information about stolen account recovery and savings account information. It would be useful to know how to create a savings account. The blockchain is like the elephant in the old parable that blind men are feeling. One feels the proboscis and declares it to be like a snake, another the side says it is like a wall. To me it's like an elephant in the way it suggest longevity of the ownership of ideas, which is like a new copyright in a way. I am feeling the elephant blind folded myself, trying to understand. thank you for this post.
also a plus to one new to the platform - due to your requirements i have learned how to resteem :)
Glad you found it helpful. Give it some time and keep reading more posts about Steem. Blue paper and white paper can give you detailed information.
Long read but so worth it! Thanks, I now have a great picture in my head. More reasons to thing long term in this platform. Thank you.
Glad you are thinking long term about Steem. If we can have more people to think long term I think we will have a great feature and platform would shape up great.
It seemed to make sense, but I know it gave me a headache, and there was much I had no idea what was being said.
I noted one difficulty I will have to sort soon. I have five 52 Ch keys. Where from¿ who knows now. I wrote them down hard-copy when I joined. I am not in any way a computer user, other than here on my new android ph. So I have not tried any of the keys for any purpose, although I noted when asked at Steem-chat for my posting key, they returned that they were not asking for my steemit 52ch but an eight character key. From where I get or generate that, they didn't say, so I've not had any steemit-chat help. Discord, I think I did sign in back in the beginning, but after going there several times to be told no-one was there, I stopped. Thank-you for this post. Now I can return and reread. The explanation of the finances made sense, but also went right over my head. Money is not a motive, and I reckon I can leave it alone for a few weeks yet. I'd like to know better how to navigate around. @spiritualmatters told me how to access a search, but I don't understand, and I think the face page is totally different from CPU to mob ph. I've been saying ever since I first signed up that steemit is so clean compared to other social platforms that 2018 will see an exponential expansion in members. If money were my main worry, I'd not tell members, which I have done, secrets of forex. Amazon will open trading to crypto's this week. That will change the relationship between all stores and the customer base. Leading nano-tech is robotics. Leading robotics is a sentient chip. Budweiser Beer before last Xmas, sent a truck 130 miles on delivery from Chicago WITHOUT a driver. So robotics are here now! An ASX Co is leading the world in sentient chips, and at Xmas time it's stock was only 0.17.5c ea. So, don't believe me, but do buy $100 at 17c (580ish) of BRN, because there, is 2018 millionaires. Also blockchain security in an ASX at 0.3.5c ea, so research it, put $100 in 4DS. If I'm wrong, I'll owe you half a day's work, if I'm right, you'll be on steemit 24/7, from anywhere in the world you wish to be. 😉
Some well practiced whale could make a $1 using an 'idiot' such as I am, and writing the easy to read, from no-knowledge to fast-track, e-book, of, steemit for new jacks. If you do know who might do this with me, I suggest we do it via email addresses until ready to publish. By publish I mean, if sold then e-book might go out via email in one go, if done as posts, then INDEXing might be a necessary inclusion for the new jacks. I do recommend an e-book, because an email is so much easier for new persons to print, and a paper notebook can be taken everywhere and read anytime. Many places near where I live have nil network access, and there is still very much dead ground that I spend time working in. So access to a paper means I can learn before trying. Trying is the practical, I agree, but not always accessible. A book with an index to the 'how to' of steemit.com would be a tremendous advance in the speed of newbies practice, I believe. And also a possible $ raiser for author and 'tester idiot'. 😂
That is an interesting thought. Once you have the content ready it should not be very difficult to make it as a single email or pdf which can be printed out. You can also use Google docs if you want to keep it all in one place and in a draft state if you want to get it reviewed.
Very true, but I'm still the 'idiot', I am neither computer oriented or trained and have no more idea of steemit than what I have managed to glean from helpful posts of such as @abh12345, @vaansteam, @spiritualmatters, & @davemccoy who's blog I still have to read. I've been thinking that an app of a version of @cheetah would make a very good addition, as a steemit archival retrieval robot. Not just to sort tags, but to find word usage and narrow searches to particular info fields. But again that's for you IT geniuses. We will need some sort of indexed and retrieval I reckon. The membership will expand exponentially, and already steemit has a universal archival library. Having some better means of retrieval will increase usage, and I reckon a means of increasing $ might be found. Cost of use by non-members, 0.00001 unitary Votes on archived material. Pooling material by further means than tags, into divisions, sub-divisions and classes -fiction/nonfiction, photos/text/photos and text(info text as opposed to greeting text) and so on. But again, this seems to be a robot's forte.
Anyway if you know someone who has written many many posts on 'how to' steemit, then I would be very glad to read as a 'nil knowledge' newbie to help simplify the passing of instruction. 😇
Blue paper
Great post! We had some awareness about the various keys, but the blue paper helped fill in some holes in our knowledge. Thanks for putting this up.
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.
Loving the initiative. I didn't know about security time locks but I think it's going to make attract more dedicated long term STEEM users/believer. Savings accounts will keep us engage in the platform and vesting is where I'll be placing most of my STEEM anyways. Still learning but looking forward to the future of this platform. I couldn't RESTEEM though....
@steemladder
All with great respect. This post had 514 visits, 73 votes, 1,50 reacted .- all the information was taken from other sources and has an antiquity of 8 days?
papelazul the maximum impact is the one that did not have.
Again, no offense, just doubts.
thankyou for information :)