Blockchain Based Social Network Guide
Steemit Decentralized Blog & Social Media
Steemit is a decentralized content-focused social media and blogging platform, the first application to be developed on the Steem blockchain and uses STEEM cryptocurrency as its native token to reward participants and contributors for posting and curating contents. Users have the power to decide the payout of any posts and comments by placing their upvotes, and get “Curation rewards” in return for going through and upvoting posts and comments that acquire upvotes by other users later.
Steemit was founded and developed by Daniel Larimer and Ned Scott on July 2016. Daniel became the Chief Technology Officer (CTO) but he eventually left the company in March 2017 to work on the EOS blockchain project. Ned Scott took over the overall management of the company and became Executive Chairman with Elizabeth Powell as the Managing Director to assist him.
Understanding Steemit Voting Power
The power and influence of user’s upvotes are not the same all the time, hence understanding Steemit voting power is important because the more power a user can upvote, the more curation rewards he/she gets.
Think of a user or yourself as a weight-lifter, every beginner starts off as a weak weight-lifter and need to train to become stronger, to get more STEEM power and be able to lift heavier weights. Users with more STEEM power will have more influence and will acquire bigger curation rewards for their upvotes.
Similar to every other weight-lifters, you are unable to keep lifting heavy weights forever and can only lift the heaviest weights that the body can handle for the first few times, after that you get tired and cannot lift as heavy as you could. A user’s vote is strongest at 100% power and every upvote will decrease user’s voting power.
After a heavy weight-lifting session, if a weight-lifter does not give himself time to recover sufficiently, he will not be able to lift weight as heavy or as efficiently as he could previously. If Steem Power drops below 80%, the user’s votes will have less influence as low as the voting power becomes. It is recommended for every user to keep voting power above 80% at all times to be able to acquire optimal curation rewards.
If the energy of a weight-lifter gets drained completely, he will not be able to carry any more weights due to exhaustion. Voting power recharges at around a rate of 20% daily. If it is depleted completely, it will take a much longer time to completely recharge again. You should take a rest much earlier than before it hits 0%..
Consensus Protocol and Inflation Rate
Steemit uses Delegated Proof-of-Stake (DPoS) consensus protocol and is designed to be censorship-resistant. Its native token, STEEM has a decreasing inflation rate, set at 9.5% pre year in December 2016. The inflation rate is coded to decrease at a rate of around 0.5% yearly until overall inflation rate reaches 0.95%. Steem has no transaction fees, it pays out rewards and block producing “Witnesses” with the above inflation rate.