Need For Speed Blockchain Comparison – How Fast Is Steem?

Need For Speed Blockchain Comparison – How Fast Is Steem?

As demand rises and blockchains grow, they must be able to scale. When doing a blockchain comparison there are several aspects that should be looked at. The speed of blockchain transactions is one of the most important aspects when considering scalability and usability.

The first ever blockchain, Bitcoin is now over 8 years old. It still functions well as a store of value, but the rise of transactional and speculative demand of Bitcoin has severely slowed down the database.

A few weeks ago, community members of Steemit launched a Thunderclap comparing The blockchains STEEM, Ethereum, Bitcoin, and Litecoin.

The results are staggering. STEEM transaction speed is lighting fast compared to the other blockchains. The Thunderclap included the following GIF made by Steem user @kyriacos. Check it out:

If you think STEEM if fast, wait till EOS launches in June 2018! Many of the developers that built BitShares and STEEM are now working on EOS. We believe that everything they learned and perfected on the first two iterations will help EOS be the best blockchain yet.

Learn More About STEEM & EOS:

STEEM Launches Smart Media Tokens

STEEM Launches Smart Media Tokens

Steemit just released some very exciting news! Anyone can now launch a blockchain token on the STEEM blockchain using what is called SMTs or Smart Media Tokens.

Blockchain tokenization is becoming extremely popular with the rise of ICOs or Initial Coin offerings on Ethereum like the ERC-20 tokens and on BitShares with User Issued Assets.

Now Steem joins the world market for user created blockchain tokens, but with some unique features. Smart Media Tokens utilize a Proof of Brain algorithm by which the cryptocurrency is distributed. This simply describes the upvoting and payout structure for a system like Steemit. Now anyone can create a token for their content based project, just like Steemit.

 

From the Whitepaper:

Steem’s Smart Media Tokens (SMTs) give anyone the power to launch and sell Proof-ofBrain[1] tokens, which are tokens distributed by “upvote” and “like”-based algorithms
and can be integrated with websites to align incentives and spur growth, while websites are
empowered to adopt sustainable, currency-centric revenue models. This model has been
tested and continues to be proven by steemit.com, busy.org, chainbb.com, dsound.audio,
dtube.video and other Steem interfaces, which are monetizing content, tokens and media
in a way never before seen. Source: smt.steem.io

The possibilities are vast with this development. ANY PERSON can now launch their own crypto on STEEM wich has NO FEES! That is huge. Established brands, new brands, even a competitor like Reddit could utilize SMTs for their content.

*It is important to remember that growth of SMTs will lead to more transactions on the STEEM blockchain and demand for the STEEM Crypto assets. This is great news for holders of STEEM and STEEM Power.

 

The News via Ned Scott – CEO, Steemit Inc:

How Smart Media Tokens Work: An Animated Explanation

Shoutout to @dougkarr for creating the video! Way to go! 👍

Steem STMs are similar to “User-Issued Assets” which can be created on the BitShares DEX. Both BitShares and Steem blockchains utilize Graphene 2.0 technology for cryptographically secure decentralized ledgers.

Graphene Technical Documentation

User-Issued Assets on BitShares Decentralized Exchange:

bitshares accepted here

The BitShares platform provides a feature known as “user-issued assets” to help facilitate profitable business models for certain types of services. The term refers to a type of custom token registered on the platform, which users can hold and trade within certain restrictions. The creator of such an asset publically names, describes, and distributes its tokens, and can specify customized requirements, such as an approved whitelist of accounts permitted to hold the tokens, or the associated trading and transfer fees.

*Regulation-compatible cryptoasset issuance

Source: bitshares.org

 

Earning And Rewarding On Steemit – An Explanation Of Voting Power [STEEM POWER]

Earning And Rewarding On Steemit – An Explanation Of Voting Power [STEEM POWER]

We love the Steemit platform here at BitcoinShirtz. We think the Steemit is truly revolutionary and we produce tons of content under @bitcoinshirtz.

So What is Steemit? And what is STEEM POWER?

Steemit.com is the world’s fastest growing decentralized social media platform. Steemit connects to a robust blockchain database called Steem. This blockchain database distributes rewards in cryptocurrency to the users who bring the best content (blogs, comments, videos etc.) to the Steemit site.

STEEM can be traded for Bitcoin or other crypto assets on almost all crypto exchanges.

STEEM can be bought, but also earned. Earn STEEM POWER or STEEM DOLLARS for producing blog type content on the platform. Earnings depend on the amount of upvotes or downvotes a post receives. The voting system of Reddit works in a similar way just without cryptocurrency.

The role of voting power or STEEM POWER sounds complicated, but it is quite simple. Users with STEEM POWER are invested in the platform and have vested their stake. In return users get voting power. Everyday the Steemit blockchain pays content creators. Those that are invested get to decide with their upvotes, who should get paid. Think of a board of directors voting on a proposition, each person votes with their unique percentage. Steemit rewards work in a similar way.

An Explainer Video On STEEM POWER Produced By @sethlinson

For a more full detailed explanation on STEEM POWER and the Steemit blockchain platform please explore the Steemit white paper. You can check out the PDF in the link below.

We Accept STEEM For Our Products!

Steem is one of the many cryptocurrencies that we accept for our shirts and hoodies.

Crank out some awesome content on Steemit and use some funds to buy crypto clothing! How cool is that?

Let’s build the crypto economy. It starts with you. And it starts with us.