It’s been said that to change the system, first you must change the money. Now, whether or not that is true is above my pay grade. What I do know is that to those of us that believe in crypto-currency, it certainly feels like a revolution.
This is the first part of a three part series on crypto-currency and the blockchain. Parts two and three will be posted on June 5th and June 7th respectively.
Bots Streaming the Steem blockchain…
The blockchain itself is certainly a revolutionary idea and has moved well beyond Bitcoin and even beyond crypto-currencies altogether. Steem, for example, is a social media site as well as a crypto-currency. More specifically:
In essence steemit is attempting to reward the producers of the posted content on its network. This is in stark contrast to the model of selling ads and pocketing the profit ala some other social media sites.
Steemit has it’s own culture. It’s less snarky than Reddit and ( imho ) encourages higher quality posts that on your typical social media site. Recently the Steem blockchain just added it’s millionth unique account.
The STEEM crypto-currency has had its ups and downs. As of this writing it’s at about $2.50. This post is not meant as encouragement to buy any crypto much less any one kind. I like the model that Steem has, and since I gave up Facebook I am over there allot.
While Steem is the most popular blockchain based social media site, there are others. HackerNoon has a good post on the subject. One other site that I would like to point out in particular is Minds. Minds is blockchained based, open source and distributed social networking service with an ETH based token system. I dig it. I use it.
WTF is ETH?
One things that muddies the Crypto market to the uninitiated is the sheer number of crypto-currencies there are. For example Steem is ranked as the 32nd best crypto-currency in that widget up there. Of course Bitcoin is the original, number one, big dog cryptocurrency but there are a plethora of others.
The Top Crypto-Currencies Would Look Something Like This:
- Bitcoin BTC
- Ethereum ETH
- Ripple XRP
- Bitcoin Cash BCH
- LiteCoin LTC
- Dash (DASH)
- Zcash ZEC
Bitcoin Cash is a fork of Bitcoin. You can think of it like a stock split or a spin-off of bitcoin. But for our purposes today suffice to say they are completely different things.
So Whats a Blockchain Anyway?
Underlying all these technologies is the blockchain. You can think of the block chain as a ledger. It’s a continuously growing distributed ledger of records, called blocks, which are linked and secured using cryptography.
The distributed part is key. Decentralized consensus plays a huge part in the peer to peer operation of the blockchain. Every node in a decentralized system has a copy of the entire blockchain. This ensures that no one individual or organization controls the data.
Part Two on Tuesday
Come back on Tuesday and I’ll walk you through getting a wallet set up, tell you how you can get started filling up that wallet with crypto, and discuss some other crypto concepts. If you have any questions just comment below or contact me here.