Wednesday, September 6, 2017

Steemit - My First Real Life Blockchain Experience

Recently, I've been doing some reading and research on the Blockchain Technology as well as its key counterpart, cryptocurrency, along the way, I discovered Steemit. Hence, Steemit is my maiden real life blockchain experience. 

What is Steemit? 

Effectively, Steemit is a Blockchain-based Social Media platform (very similar to Reddit) which allows the users to publish content (blog), engage/interact with other users through comment and Upvote (equal to Facebook's Like button with a twist, more of this later). 

What is uniqueness of Steemit?

The unique selling point of Steemit is that it is integrated with their very own Cryptocurrency (STEEM) of which it form their very own Social Media ecosystem whereby users who are contributing to the site through their blog, comment, Upvote got to share the "revenue" of STEEM (mainly from mining as well as the Upvotes garnered, this is the twist that I am talking about earlier). STEEM can be converted to more popular cryptocurrencies like Bitcoin or Ethereum via the designated Exchanges.In fact STEEM is of of the trade-able alt-coins.    

In fact, this "revenue sharing" platform is nothing new, not too long ago, there are a couple of popular US sites like Hubpage, Squiroos etc.. provides such feature too (but their business model is through the advertisement revenue).  

What is my maiden Blockchain site experience like? 

In fact, I can't really tell the difference (in terms of User Interface) between a normal site and a Blockchain-powered site. However, I do noticed some key areas which are worth mentioning:

1. Since it's a Blockchain-based and the data/transaction is immutable (i.e. cannot be deleted/changed), the side effect is as follows:
a. The password (which is a long chain of characters/numbers) is auto-generated and you need to make sure that you keep it somewhere and not to lost it (there are triple reminders to warn you that once you lost it, there is no way you can get it back, not even Steemit). 
b. Once you've submitted your post/comment, you cannot un-do it. 

2. Not sure whether it is due to the Blockchain technology used, the system response time seems to be a bit lag (but still bearable) especially when committing transaction like "Post", "Upvote" etc..

That's all from me for now. I will continue to use it for a while and see anymore new discovery.

Do share your Blockchain/Cryptocurrency experience in the comment section, if any.

Cheers!

18 comments:

  1. Good to know about your experience. There are only a few people that know how to maintain the value of things and you are one of them.

    ReplyDelete
  2. Hi Richard,

    Wah! You managed to sign up an account? I tried the end of last year, didn't managed to get in.

    ReplyDelete
    Replies
    1. UN : yup! I think I waited for about 24 hours for the account to be approved. If you are still keen, can try to register again..

      Delete
  3. Richard Ng listen ,
    i have very strong information about bitcoin investors, just invest bitcoins and get 2% daily profit by bitcoins means double your bitcoins in just few weeks ,
    Step 1, Make Bitcoin wallet on Localbitcoins
    step 2 , Buy some bitcoins
    Step 3, invest bitcoins on Bitcoinsfly

    ReplyDelete
  4. steemit is not bad, but listen friends if you are trying to find website for bitcoin investment so please join bitcoinsolve the site is secure and athentic

    ReplyDelete
  5. I can see that you are an expert at your field! I am launching a website soon, and your information will be very useful for me.. Thanks for all your help and wishing you all the success in your business. Pre-construction Condos Toronto

    ReplyDelete
  6. Couple that development and soundness with the way that the US has a straightforward overall set of laws which makes a simple road for non-U.S. pintores Zaragoza

    ReplyDelete
  7. Subsequently, despite the fact that costs have fallen, the amount of accessible properties, purchasers, and dealers has raised which more than compensates at the lower costs as far as how much a given real estate specialist could make in the current real estate market. reformas pisos Zaragoza

    ReplyDelete
  8. an ever increasing number of individuals can manage the cost of a permanent place to stay for a similar sum they are at present paying in lease. So the legitimate decision for these individuals is to purchase a house rather than proceeding to lease. we buy house fast pittsburgh

    ReplyDelete
  9. This article will contact momentarily on a portion of the accompanying points: Taxation of unfamiliar substances and global financial backers. U.S. exchange or businessTaxation of U.S. elements and people. Successfully associated pay. Non-successfully associated pay. Branch Profits Tax. Charge on overabundance interest. U.S. keeping charge on installments made to the unfamiliar financial backer. Unfamiliar companies. Associations. Realtors in Farmville VA

    ReplyDelete
  10. I have read it completely and got really impressed. Love to read more about similar types of articles Like Dissertation Writing Services . Thanks a lot.

    ReplyDelete
  11. Things that will normally cause a contention with your Philadelphia neighbors regularly originate from stopping, commotion your kids make, where you leave your garbage bins, parties, and the presence of your home. Silk bed sheets

    ReplyDelete
  12. residents to contribute, and what we have is an ideal arrangement of both planning and monetary law... setting out prime freedom! The US additionally forces no money controls, making it simple to strip, which makes the possibility of Investment in US Real Estate considerably more alluring.We Buy Houses Milwaukee

    ReplyDelete
  13. The US additionally forces no cash controls, making it simple to strip, which makes the possibility of Investment in US Real Estate much more appealing.
    long silk robe

    ReplyDelete
  14. Accessible HOMES: Agents utilize the Real Estate Information Network (REIN) additionally still known as the MLS. It is an information base that contains each and every house recorded available to be purchased. It is as yet the hotspot for the latest and dependable data on recorded homes. Silk bed sheets

    ReplyDelete
  15. Is it true or not that you are prepared to expand month to month income and cover the PITI of your property? Practicing the realestate rent buy choice will expand month to month income through lease credits, which is shrouded underneath in rent choice to purchase clarifications.mens silk pajamas

    ReplyDelete
  16. Furthermore since there is no deficiency of properties to purchase, these individuals had no issue tracking down an appropriate home at a decent cost. we buy houses Milwaukee

    ReplyDelete

Like What You See? Subscribe To Us Here...

* indicates required