Steemit's First 'Fest' Reveals the Power of Blockchain Community
When it comes to evaluating the strength of a blockchain (after you put aside technical discussions), what matters more, eventually, is the ecosystem that forms around a blockchain, the community that develops to support it. In the public blockchain segment, bitcoin is known to have the strongest, if not the most expansive blockchain ecosystem. Ethereum is easily second in line, with over 300 distributed applications and an increasing number of startup companies opting to use its infrastructure. If you continue this ranking using community and ecosystem as units of measure, Steem (via its....
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Steemit, a social news website designed on a blockchain, will hard fork on Tuesday, December 6, thus changing the Steemit blockchain’s economic model. The platform is looking to bring on more short-to-mid term investors. “With this hardfork the greatest portion of the community feels the ecosystem will be changing for the better and will now be more accessible to more people,” says CEO of Steemit, Ned Scott. “The hard fork request was initiated by the community, and once we reiterated the recommendations, we received an overwhelmingly positive response. The reason we built Steemit was to....
Social media site Steemit has announced sweeping “economic changes” following a 90%+ drop in value of its currency token, STEEM. Steemit: Changes ‘Reflect Wishes of Wider Community’. The alterations, published in a blog post on Friday, have already drawn criticism from the cryptocurrency community, which has been suspicious of Steemit since its rocky....
Steemit, the blockchain-based social media platform that was targeted in a cyberattack saw malicious hackers hack user accounts and their balances. Since then, a recovery process has seen compromised accounts with balances over $100 USD, restored and refunded to the affected users. Blockchain-powered Steemit saw some 250 user accounts compromised along with $85,000 in Steem dollars and the token cryptocurrency Steem, stolen, in a cyberattack yesterday. A recent update from Steemit CEO Ned Scott reveals that the Steemit team has since been able to secure compromised accounts containing....
The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces. Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second. In the wake of....
Oliver Beddows, CTO of Lisk, has responded in the affirmative to a question on whether the Lisk blockchain is currently able to host a project of Steemit size considering the stability of its network. Beddows gave the answer on August 13th during the first technical meeting - the second community meeting focusing on the technical aspect of Lisk - where developers provided detailed answers to questions compiled before the meeting from the community of Lisk users. Beddows says: “Yes, we believe Lisk can host a project of this size, if not greater. The reason for this are twofold, our choice....