Steem
Symbol
STEEM

Descrption:Steem is a blockchain-based rewards platform for publishers to monetize content and grow community.

78
evaluation
Information
WebSite https://steem.io/
GitHub steemit/steem
Update Date 2018 Aug 31 08:08:16
Market
Circulating Supply 277,401,408
Total Supply 294,375,520
Max Supply 0
Price $0.9122171
Volume 24h $7,419,139
Market Cap $253,050,320
Change 24h -13.01%
Update Date September 26th 2018, 1:27:37 am

Steem-An incentivized, blockchain-based, public content platform.

v1

Principle and design goals

Steem aims to support social media and online communities by returning much of its value to the people who provide valuable contributions by rewarding them with cryptocurrency, and through this process create a currency that is able to reach a broad market, including people who have yet to participate in any cryptocurrency economy. 

Of the key principles used to guide the design of Steem,the most important is that everyone who contributes to aventure should receive pro-rata ownership,payment,or debt from the venture. This is the same principle that is applied to all startups as they allocate shares at founding and during subsequent funding rounds. 

The second principle is that all forms of capital are equally valuable. This means that those who contribute their scarce time and attention toward producing and curating content for others are just as valuable as those who contribute their scarce cash. This is the sweat equity principle and is a concept that prior cryptocurrencies have often had trouble providing to more than a few dozen individuals. The third principle is that the community creates value to serve its members. This principle is exemplified by credit unions, foodco-ops,and health sharing plans,which serve the members of their community rather than selling products or services to people outside the community. 

Technology implementation

Consensus mechanism

Consensus is the process by which a community comes to a universally recognized,unambiguous agreement on a piece of information. Society has developed many algorithms for reaching consensus about who owns what. Every government on Earth is a primitive consensus algorithm whereby the population agrees to abide by a certain set of rules enshrined in a constitution. Governments establish courts, judges, and juries to interpret the subjective facts and render a final decision. Most of the time people abide by the decision, even if it was wrong. The algorithms used by cryptocurrencies provide a better way to reach consensus. Cryptographically signed testimony from individuals is recorded in  a public ledger that establishes the absolute global order of events. A deterministic computer algorithm can then process this ledger to derive a universally accepted conclusion. So long as the members of a community agree on the processing algorithm, the result of the algorithm is authoritative. The primary consideration is determining what testimony is allowed to enter the public record. Systems should be designed to minimize the potential for censorship. Censorship on the public ledger is similar to preventing someone from voting in an election. In both cases an individual is prevented from affecting the global consensus.

Consensus in Steem

Conceptually, the consensus algorithm adopted by Steem is similar to the consensus algorithm adopted by companies throughout the world. People with a vested interest in the future value of Steem vote to select individuals responsible for including testimony in the public record. Voting is weighted proportional to each individual’s vested interest. In the world of cryptocurrencies, the public record is commonly referred to as a blockchain. A block is a group of signed transactions. With Steem, block production is done in rounds. For each round, 21 witnesses are selected to create and sign blocks of transactions. Twenty (20) of these witnesses are selected by approval voting and one is timeshared by every witness that didn’t make it into the top 20 proportional to their total votes. The 21 active witnesses are shuffled every round to prevent any one witness from constantly ignoring blocks produced by the same witness placed before. Any witness who misses a block and hasn’t produced in the last 24 hours will be disabled until they update their block signing key. This process is designed to provide the best reliability while ensuring that everyone has the potential to participate in block production regardless of whether they are popular enough to get voted to the top. People have three options to overcome censorship by the top 20 elected witnesses: patiently wait in line with everyone else not in the top 20, or purchase more SP to improve voting power. Generally speaking, applying censorship is a good way for elected witnesses to lose their job and therefore, it is unlikely to be a real problem on the Steem network. Because the active witnesses are known in advance, Steem is able to schedule witnesses to produce blocks every 3 seconds. Witnesses synchronize their block production via the NTP protocol. A variation of this algorithm has been in use for over a year by the BitShares network, where it has been proven to be reliable.


Accounts and transactions

Steem’s account-based system with publicly known balances simplifies the implementation of the band width based rate limiting algorithm. Any account with a balance below the minimum required to make one transaction per week would be unable to make transactions. This implies that all new accounts should be funded with at least this minimum balance. It also implies that users wishing to make transactions in smaller amounts can, so long as they hold a larger balance and reuse the account. It is possible for a low-balance account created during a time of low usage to become inaccessible if the network usage picks up. The funds could be recovered at any time by temporarily delegating a larger balance to the account. In order to maintain a reasonable user experience with a minimum number of hung accounts, all new accounts should start out with a balance 10 times the minimum required to make weekly transactions. This way even if demand increases by a factor of 10 the account will remain viable. Any initial account balance would have to come from the user creating the account and not from token creation, due to the potential for Sybil attacks.

Smart contract system

Cryptography

Distributed storage protocol

Cross-chain and exchange technology

Special technology

Economic model and incentive

ThefundamentalunitofaccountontheSteemplatformisSTEEM,acryptocurrencytoken. Steemoperates onthebasisofone-STEEM,one-vote. Underthismodel, individualswhohavecontributedthemosttothe platform, as measured by their account balance, have the most influence over how contributions are scored. Furthermore, Steem only allows members to vote with STEEM when it is committed to a vesting schedule. Under this model, members have a financial incentive to vote in a way that maximizes the long-term value of their STEEM. 

Governance mechanism

Applications

Contributors

No contributors information for the version. to see perfessional version!

Comment

comment/score
Whitepaper similarity
Rank Blochchain Similarity
1st

ChainLink
LINK

26.9977233333333%
2st

BOScoin
BOS

23.81573%
3st

MediShares
MDS

22.4223333333333%
4st

Bytecoin
BCN

22.212670000000003%
5st

Siacoin
SC

22.0670027692308%
Related blockchains

No analysis results for the version. to see perfessional version!

Code similarity
Rank Blochchain Similarity
1st

Zipper
ZIP

31.7347%
2st

Everitoken
Everitoken

16.5905%
3st

SophiaTX
SPHTX

13.6007%
4st

GXChain
GXS

11.3862%
5st

BitShares
BTS

11.0624%