Hello everyone, Today I want to discuss new blockchain technology i.e STEEM blockchain. In this part, I will cover the basics of this blockchain. In future posts, I will discuss other aspects of STEEM blockchain in details. Let's get started. 

What is Steem Blockchain?

Steem is a blockchain database that backings network building and social collaboration with digital money rewards. Steem consolidates ideas from internet-based life with exercises gained from building cryptographic forms of money and their networks. An imperative key to moving support in any network, money or free market economy is a reasonable bookkeeping framework that reliably mirrors every individual's commitment. Steem is the principal cryptographic money that endeavours to precisely and straightforwardly compensates an unbounded number of people who make subjective commitments to its locale

Innovation

Steem is a proof of work cash with a planned block time of 3 seconds. Steem Proof of Work mining is done in rounds of 63 seconds by 21 miners (blockchain witnesses) 19 of witnesses from 21 are pre-voted and from rest two witnesses one who has most computational power, and last one is selected from a line of witnesses who did not get on the best 19 voted.

What are Smart Media Tokens?

A SMT is a digital token on the Steem blockchain. SMTs can be launched by anybody to help adapt online substance and make motivating forces to empower wanted client conduct.

SMTs same as Ethereum's ERC-20 tokens, yet with certain inherent 'Proof of-Brain' properties and a token appropriation remunerate framework composed particularly for computerized content organizations.

Proof of Brain: Smart and Social Tokens

Token frameworks that reward clients as they add to a token-based network framework require instruments for setting up and assessing substance's social esteem: we call this "Proof-of-Brain."

Where do the tokens originate from?

A standout amongst the most imaginative (and most misjudged) parts of the Steem blockchain is the "Reward Pool" from which tokens are distributed to a content creator. With a specific end goal to comprehend what the Rewards Pool is, one first needs to comprehend that tokens are created diversely in DPoS blockchains than they are in PoW blockchains. In customary PoW blockchains, tokens are created routinely however arbitrarily disseminated to the general population whose machines are performing work ("minners"). Not quite the same as PoW-just digital forms of money, tokens in Steem are created at a settled rate of one square at regular intervals. These tokens get circulated to different on-screen characters in the framework in view of the characterized principles of the blockchain. These performing artists, for example, content makers, witnesses, and guardians, contend in specific courses for the tokens. Dissimilar to the customary PoW methods for conveyance, where mineworkers are contending over crude processing power, the performers in the Steem arrange are boosted to contend in ways that increase the value of the system. The rate that new tokens are produced was set to 9.5% every year beginning in December 2016, and diminishes at a rate of 0.01% every 250,000 squares, or around 0.5% every year. The expansion will keep diminishing because of current circumstances until the point when it achieves 0.95%, after a time of roughly 20.5 years. 15% are dispersed to vested token holders, and 10% are disseminated to Witnesses, the square makers collaborating inside Steem's DPoS accord protocol.miners are contending over crude processing power, the performing artists in the Steem organize are boosted to contend in ways that increase the value of the system. The rate that new tokens are created was set to 9.5% every year beginning in December 2016, and diminishes at a rate of 0.01% every 250,000 squares, or around 0.5% every year. The expansion will keep diminishing along these same lines until the point that it achieves 0.95%, after a time of around 20.5 years. supply of new tokens made by the Steem blockchain consistently, 75% of those tokens form the "reward pool" which are distributed to content makers and curator.

Note: I will discuss more about this technology in future posts. Keep reading. Thank you.