From 88dc0dbba4451a04c3711e2fd48cc285ef0bcc02 Mon Sep 17 00:00:00 2001 From: Jay Graber Date: Wed, 17 Jun 2020 20:57:37 -0700 Subject: [PATCH] Rm steemit, put under blockchain social --- .../{steemit.md => blockchain-social.md} | 38 +++---------------- 1 file changed, 6 insertions(+), 32 deletions(-) rename applications/{steemit.md => blockchain-social.md} (60%) diff --git a/applications/steemit.md b/applications/blockchain-social.md similarity index 60% rename from applications/steemit.md rename to applications/blockchain-social.md index 997dcfd..46347d5 100644 --- a/applications/steemit.md +++ b/applications/blockchain-social.md @@ -1,49 +1,23 @@ +# Blockchain Social Applications + +This section will cover a few aspects of applications that store data on a blockchain, and use an associated cryptocurrency for monetization. + # Steemit -The Steem cryptocurrency was created for content monetization in social sites. Steemit, a Reddit/Medium-style social network, was the first site built to use Steem. Later, several other platforms including Dtube, a decentralized Youtube, also used Steem for monetization. - -User identities and post data are stored on the Steem blockchain. +The Steem cryptocurrency was created for content monetization in social sites. Steemit, a Reddit/Medium-style social network, was the first site built to use Steem. User identities and post data is stored on the Steem blockchain. There are over a million accounts on Steemit. ### Identity -User identities are stored on the Steem blockchain. New account creation requires an email and phone number, and must go through a review process +User identities are stored on the Steem blockchain. There is a monetary incentive to create many accounts to upvote posts, so as a spam and sybil prevention mechanism, new account creation requires an email and phone number, and must go through a centralized review process. A Steemit account functions as a cryptocurrency wallet, and users are responsible for their own key management. There is no account recovery available, and funds can be lost or stolen if the key is compromised. Accounts cannot be deactivated or deleted, since they are permanently stored on the Steem blockchain. -### Networking/Message passing - -### Data Storage/Message Persistence - -Post data is stored on the Steem blockchain. - ### Moderation/Reputation Reputation determines the weight of votes in the network. Older accounts have more reputation. -### Spam - -Since there is a monetary incentive to create fake accounts to upvote posts, a centralized spam prevention method was necessary to combat abuse. The new account creation process which requires review of an email and phone number is the method used by Steemit. - -### Social/Discovery - -### Privacy and Access Control - ### Monetization Steemit mined 80% of Steem in the first week. Steemit benefited from the appreciation of Steem during the 2017 cryptocurrency run-up, but did not manage the bear market well and had to lay off much of its staff. When a company’s monetization strategy depends on a volatile asset, its leaders have to be prudent portfolio managers as well as good operators. Other than depending on Steem price appreciation, Steemit monetizes through users promoting their posts. When users perform certain actions on Steemit, they earn Steem. Creating posts that get upvoted qualifies users to earn from a rewards pool. Upvoting posts that later become popular can earn voters a curation reward. Votes are weighted by reputation, which accumulates with age, so older accounts of early adopters have more power in the network. This, as well as the fact that Steem tokens could be mined easily early on, means that Steemit’s incentives are geared towards early adopters. - -### User experience (if applies) - -### Interoperability - -what is the minimum requirement for a message to enter or leave the system? - -### Scalability - -### Metrics - -There are over a million users on Steemit. - -### Links