To many this question can be something obvious, silly and even insulting because we are immersed in this digital platform that works mainly based on this concept. But the reality is that there is always that minimum percentage of people who are not very clear about its definition or function. This small and informative blog goes for all those people :)
The Blockchain itself, works as a database and, in turn, as a backup that makes cryptocurrencies impossible to create from scratch, since all the blocks in the block chain have information of all the coins in circulation.
When does Blockchain technology begin to be known?
The Blockchain began to be used in 2008 - 2009, when Satoshi Nakamoto implements it in the Bitcoin system where it is used mainly to convert this currency into a decentralized good, which no government or entity can manage it at convenience, but that it can obtain value directly through supply and demand.
Bitcoin takes off with its first real transaction on May 22, 2010, when programmer Lazlo Hanyecz buys 2 pizzas in exchange for 10,000 Bitcoins. What luck this dealer for having so much money in his hands, no? Of course, by then the value of Bitcoin was nothing compared to what it is today or what it was a few years ago, but it is also an interesting fact.
What is the concept of Steemit?
Many people do not know the real functioning of some social networks like Facebook, Instagram, Twitter. These companies do not offer their services in a "totally" free way, since they use your data and interests to show you ads where they sell you something related to them.
Steemit offers you the possibility of earning money for the interactions of the community towards your content, which personally I find fascinating. But how is this possible?
Almost all known cryptocurrencies are worked with mining or "mining" of it, but Steemit has its own cryptocurrency based on its own Blockchain that instead of getting it mined, you can get them by interacting with the platform
What does a Blockchain look like?
Imagine a straight line where at each certain point there is a small block. This line is the connection that exists between the blocks, making each block connect with the others. With this in mind, imagine a large network where there are millions of blocks that connect to each other. This is how you can understand a Blockchain, in this way you can know how the correlation between all the blocks in the chain makes it impossible to introduce unrecognized objects (Bitcoins) for all the other blocks.
In addition to that, having the cryptocurrency of Steemit (Steem) you can make trading and generate even more money. What other platform does this offer?
Now you can stop wasting time on other social networks and use Steemit!