Introduction to STEEM Blockchain Part 3

Posted By : Hotam Singh | 29-Jul-2019

In this blog post, we will continue our topic "Introduction to STEEM Blockchain". This is part three in this series. In this blog post, we will discuss STEEM blockchain features and key terms of this blockchain technology. In previous posts, we discussed STEEM blockchain's basics. If you want to visit you can visit them from the below links.

Introduction to STEEM Blockchain: Part 1

Introduction to STEEM Blockchain: Part 2 

Let's discuss its features in detail:

 

Steem Blockchain Features 

The Steem blockchain fills a double need of being a computerized token handling framework, and in addition, a standard internet based life stage. The highlights offered by the blockchain need to help the two purposes and furnish clients with a world-class encounter when utilizing the two parts of the stage. Natives Designed for Content Applications Steem offers clients the one of a kind capacity to distribute and store diverse sorts of substance specifically and forever into the changeless record of the blockchain as plain content. Once put away in the blockchain, information ends up accessible publicly for engineers to work from. Engineers can communicate with the substance straightforwardly in the blockchain utilizing the accessible APIs. A few of the blockchain natives designers can work from incorporate Account Names, Posts, Comments, Votes and Account Balance. 

 

Blockchain account name System 

Wallet tends to utilized by numerous blockchain advancements, for example, Bitcoin and Ethereum, have verifiably comprised of long strings of irregular letters and numbers, in any case, these wallet locations can make it hard to execute with different clients in a run of the mill online-internet based life setting since clients can't review the long-string addresses from memory. The Steem blockchain utilizes every member's client name as their wallet address, which supports the client encounter for members who endeavor to send tokens since they can confirm the addresses from their own particular memory. 

 

Steem Blockchain Dollars (SBD) 

Numerous clients who are acquainted with digital currency battle to fathom how "enchantment web tokens" granted by the stage can really have certifiable esteem. With a specific end goal to help conquer any hindrance between more customary fiat cash frameworks which standard clients are utilized to, and the cryptographic money tokens which they are granted through the stage, another money called Steem Blockchain Dollars (SBD) was created.SBD tokens are intended to be pegged nearly to one USD, so clients who get them can know roughly the amount they are worth in "genuine dollar" terms. SBD tokens likewise offer generally stable money for clients to hold on the off chance that they are hoping to protect their record esteem with respect to USD. 

 

Decentralized Exchange 

The Steem blockchain offers a decentralized token trade, like the Bitshares trade. The trade enables clients to exchange their STEEM and SBD tokens through an open decentralized distributed market. Clients can put in the purchase and offer requests, and request coordinating is performed consequently by the blockchain. There is likewise an openly available request book and request history which clients can use to dissect the market. Clients can collaborate with the trade specifically utilizing the blockchain API. 

 

User Private Key Structure for transaction 

Steem utilizes a first of its kind progressive private key framework to encourage low-security and high-security exchanges. Low-security exchanges have a tendency to be social, for example, posting or commenting. High-security exchanges have a tendency to be exchanges and key changes. This enables clients to execute diverse levels of security for their keys, contingent upon the entrance that the keys permit. 

 

 Posting key:- Posting key permits accounts on post content, comment on any post, update post, vote to a user, resteem, and take follow/mute other users/posts. 

Active Key:- The Active key is intended for more delicate undertakings, for example, transfer steem coin to other user, power up power down transactions , changing over Steem Dollars, voting in favor of witnesses, submitting market orders, and resetting the posting key.

 Owner key:- The Owner key is used when required. It is the most powerful key through using this key we can change any other keys (e.g posting and active key). In a perfect world it should be stored in offline by user, and only used when other keys need to be changed and recover an account. 

Master Password:- Steem likewise encourages the utilization of a Master Password that encrypts every one of the three keys. Webservices can utilize a Master Password that encrypts and signs with the essential private key. Master Passwords may enable clients to confide in specific administrations to keep improper keys from being exchanged over any servers, along these lines expanding client encounter while keeping up a safe customer side marking condition. 

Note: In the next blog, we will setup the STEEM node.
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