Exploring Cryptocurrency Facts and Resources
With the dramatic rise in Steem price over the last few weeks - many within the cryptocurrency community are taking notice of the major benefits built into the Steem blockchain. It’s an exciting time to explore and dig into facts and statistics. What makes one cryptocurrency more impactful than the next? How are they different and what are the potential use-cases for each one?
Steem is an incredibly unique and powerful cryptocurrency. On the “book cover” (so to speak) we have the website Steemit.com, which is just one example of how Steem can be utilized as a currency for online content. Steemit.com is an incredible and empowering example, but it’s also just 1 beta application built on the Steem blockchain. Just 1! Right now there are actually dozens, hundreds in development (check out @noisy's Steem Projects and Steem Tools by @roelandp + @transisto to explore). It’s important to remember that Steem is only utilizing 0.1% of it’s blockchain capacity right now. It can handle a lot more applications than it does currently and it’s infrastructure was designed with that long-term outlook in mind.
Steem, the Tx Volume Machine
Volume handling is a majorly important statistic in the blockchain world. When it comes to adoptibility, cryptocurrencies need to be super fast and not easily overwhelmed by a flood of transactions. Perhaps it’s not well known, but Steem actually leads the pack when it comes to handling volume. Today (Jan. 4th) Steem has handled an all-time record of 1,388,172 transactions. That’s the most of any blockchain, ever. And remember, that’s still just 0.1% of Steem’s capacity.
Steem from A to B with Zero Fees
Steem has zero fees. You can sent 0.001 or 1 million Steem from one wallet to another without any cost. This might not be super exciting to some, but the costs of moving cryptocurrency from one wallet to another can actually get pretty pricey. All cryptocurrencies can move from one geography to next (USA to Korea, etc.) without costs linked to that physical place. (This represents one of the major benefits over fiat currencies, because those carry hugely biased fees that depend on precisely where you are in the world.) But some blockchains require micro-fees to incentivize the processing of transactions ahead of others. Steem does it for free.
3 Second transactions, flat.
Speed is critical when it comes to blockchain utility. Steem has a flat 3 second transaction time. You can move any amount of Steem from one wallet to another under the reliable umbrella of that 3 second rule. This speed isn’t just helpful, it’s flat out rare in the blockchain world. Bitcoin used to take minutes, now it takes hours or even days to process from one wallet to the next. Ethereum? Well, as much as we like Ethereum, they do have a bit of a cat problem. This statistic isn’t meant to bash other coins, it’s just to keep in perspective when you’re looking at the utility from one cryptocurrency to the next.
Let’s Visualize it!
With all these amazing facts in mind, we @sndbox want to incentivize some creative and iconic infographics that celebrate our favorite cryptocurrency; STEEM. So we’re calling on our creative followers, incubator fellows and the broader Steemit community to put their illustration and animation skills to the test!
Infographic Contest Rules
To be eligible for upvote prizes, please follow these instructions -
- Create a visual (JPEG, PNG, GIF or @dtube animation video)
- Publish a personal post using the graphic, tell us a bit about the inspiration behind it!
- Use #sndbox in the tags so that we can find and upvote you.
- Share your image (with a link to your post) in the comments below.
- Submission deadline is Thursday, January 11, 2018 5pm EST. Earlier submissions are recommended to receive more exposure! We will reveal the winners in a post next Friday.
Upvoting Prizes
Standings will be determined by the Sndbox team and prizes will be as follows -
- First, Second, Third Place = 50% @sndbox upvote
- Fourth and Fifth Place = 25% @sndbox upvote each
- All other contest participants will receive a partial @sndbox upvote!
Inspiration, Tips and Resources
Please remember to share your Steem Stat graphic in the comments below along with a link to your post! Make sure to check out blocktivity’s website for some important up-to-date statistics. Also @penguinpablo’s daily Steem Stat reports that illustrate super helpful and up-to-date metrics! Good luck and Steem on!
Want to support Steemit content like this? Consider joining our curation trail! You can learn more about the @sndbox incubator mission here.
