This is aimed at educating the noobs about the blockchain technology and how smart media tokens function.
What is the blockchain?
Think of the blockchain as a sequence of agreements where by in order to effect change, all the parties involved have together and agree on the direction to go.
It's simply a series of codes which are interlinked and cannot be easily manipulated.
Why can't it be easily manipulated? Simply because each action is registered in such a way that everyone has a right to check up on what you're doing without necessarily having access to your confidential data.
Each address on the blockchain is unique meaning ONLY YOU has those sequence of digits and no one else. The blockchain technology can be employed in every sphere of life and it is safer than the pen and paper means of documentation and/or implementation.
Can changes or alterations be made to the blockchian? Yes and no. The reason for such an answer is this: the blockchain cannot be manipulated easily without a consensus, does not mean that theoretically it cannot happen. However, when improvements are to be made to a blockchain, it is done through a deviation from the original code in what is known as a fork.
This doesn't mean the original or previous codes ceases to exist, however, the "upgrade" or the fork makes it in such a way that everyone using the blockchain will smoothly migrate to the new protocol.
Who manages the blockchain? The developers who coded a blockchain together require people known as miners in some blockchains and witnesses in some other blockchains.
Scam ICOs vs Smart Media Tokens
When I tell people I'm bullish on steem, they think I'm a shill. Sadly, I'm not a paid shill, it is about the gut feeling I've always had that steem has so much potential and the advent of SMT has justified those feelings.
Between last year and this year, the amount of money carted away by failed ICO projects, scam projects have totalled over hundred of millions of dollars so far and that alone is frightening to investors.
Enter SMTs
I would like to say that SMT stands for smart media tokens. This gives the steem blockchain the ability to deploy their own smart contracts on their blockchain with the added advantage of being able to secure your funds at all time.
Steem is not an ICO, investing in steem is a bonus! When you want to participate in any smart project on the blockchain, you simply need to power up and delegate to the project (security of funds).
You earn by delagating and actively participating on such platforms.
That way, when a project doesn't live up to the hype, all you have to do is just simply undelegate and walk away from the project and focus on others. Your initial investment is safe. Not only that, you have earnings which can be of value.
This way, the projects won't just promise heaven and earth and pack up and leave, they have to actually deliver before they can make profits.
If you're tired, you can always powerdown and leave.
Isn't this great?
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