By Mekazahn - 23.02.2020
Crypto blogging platform Steemit is undergoing a big change, migrating from its own Steem blockchain to the Tron network. The struggling. This post is my entry to the competition offered by @pennsif here. Perhaps I was a little early as I only wrote by slobberchops.
Posts, accompanied by illustrative images, are authored by steemit 2020 users, and you can click on them to read more, or vote them up or down. Underlying Steemit and similar social media steemit 2020 are cryptocurrencies, commonly called tokens, which are tracked on a shared ledger, usually a blockchain.
Contributors to a site can be rewarded with tokens, encouraging the creation of high quality content that gets upvoted by other users.Did the Steem Community Just Leave Steem?? What You Need to Know About the Hive Blockchain
Upvotes and downvotes are rewarded as well—the system creates new currency to reward people who participate in the life of the site. Upvotes from a user with a lot of Steem Power matter steemit 2020 than upvotes from steemit 2020 less powerful user. There steemit 2020 other platforms that work like Steemit.
Minds combines Facebook and Twitter features with rewards for participation and a Patreon-like subscription service that allows users to support their favorite creators … many of whom are right-wing extremists.
Steemit 2020 platforms have different technical affordances and norms, but are united by a particular set of design decisions. steemit 2020
Some of the key elements: A belief that users will create and curate high quality content if they are steemit 2020 for their efforts. A governance system that gives users power proportionate to their token holdings.
The use of decentralized systems to provide strong censorship resistance. Variable: crypto logic platforms often look like clones of existing social media such steemit 2020 Reddit or YouTube. These platforms typically use public blockchains to register users and to decide and log how content and tokens are routed.
Interplanetary File System—a sophisticated BitTorrent-like distributed storage system. However, many of these platforms fail to live up to this billing either by implementing decentralization weakly or by simply storing steemit 2020 centrally.
Crypto logic platforms serve three main steemit 2020 steemit 2020 tokenholders, empowering users, and providing censorship resistance. Underlying this model is a deep belief in the power of markets and market design.
Revenue model. In one steemit 2020, crypto logic steemit 2020 are supported like conventional social media: ads. The tokens are tradeable and can appreciate in value. Also, platforms can charge fees for transactions involving tokens like subscriptions or boosts.Steemit (STEEM) - Review - 2020
Should this occur, the tokens could increase in value, leading to financial gains for early users of the system. More info crypto logic platforms advertise a strong free speech stance, subscribing to the libertarian idea that markets will weed out steemit 2020 or unproductive conduct through price signals — i.
However, this steemit 2020 fail to materialize in practice because engagement centered around profit-seeking instead of social interaction can lead to spam and steemit 2020 moderation. For example, after Taringa!
Crypto Logic Platforms and the Cautionary Tale of Steemit
Steemit https://catalog-obzor.ru/2020/buy-bitcoin-without-id-verification-2020.html a very different site now than it was six months ago.
Cryptocurrency investor and tech entrepreneur Justin Sun purchased Steemit from one of its founders in December Along with purchasing the company, Sun acquired 20 percent of the Steem tokens in circulation, a stake that had been set aside by the founders.
This concerned the Steem community, who pushed for please click for source rules change to the system that would prevent Sun from becoming the most powerful steemit 2020 overnight, and ultimately, from moving Steemit to his own blockchain system, TRON.
In response, many long-time Steemit 2020 participants here for a different blockchain, Hive, bringing their tokens with them.
Users who supported Sun—many from South Korea—remain on Steemit, while others have moved steemit 2020 conversations to platforms like Peakd which run on the Hive blockchain.
This sort of drama might turn off steemit 2020 looking for a stable, consistent host for their online conversations.
But it also reflects some of the deep values of crypto logic: Justin Sun used market power to take steemit 2020 the Visit steemit 2020 page steemit 2020, and Steemit users steemit 2020 their money and went elsewhere, just as they would have if their favorite restaurant went downhill under new management.
However, the vulnerability of Steemit should give pause to those excited about crypto logic platforms because of their censorship resistance.
The logic is a mix of libertarian values, speculation, and here strong belief in the power of markets to solve complex social problems. Steemit 2020 platforms have steemit 2020 to attract large userbases, lacked quality content, and fallen short of their security guarantees.
Response to the Steemit Situation
Even so, there are millions single digit millions, not the hundreds of millions using steemit 2020 social media platforms of people experimenting with crypto logic platforms. Alexa steemit 2020 DLive, steemit 2020 crypto logic live-streaming platform, in global internet engagement, a long way from Twitch 31 globallysteemit 2020 massive in terms of social steemit 2020 experiments.
With the exodus of much of its community, Steemit now ranks behind far-right hangout Minds in traffic 12,though Minds has a smaller audience steemit 2020 the even more hateful Gab Clearly there is steemit 2020 appetite for social media with monetization built-in and more user autonomy.
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