This computer science report comparatively examines the Bitcoin and Steem blockchains. It looks at how the underlying technology facilitating bitcoin and other cryptocurrencies, has been refashioned into the foundational layer of Steemit, a social media website employing cryptocurrency as an incentive mechanism for driving contributory behaviour of its users. This study becomes not only a primer on decentralized blockchain applications, but also a reminder of how what variables exist beneath them and how these can be fitted to meet the purpose of the applications intended to be built on top. With regards to Steem, the Proof-of-Work consensus algorithm utilized in the bitcoin blockchain has been replaced with Delegated-Proof-of-Stake, with a number of consequences. This marked difference not only allows for massive scalability; with the Steem network now superseding Bitcoin in the number of transactions, despite these generally being sizewise larger on Steem. It also affects the level of centralization and how we must approach the ensuing discussion on the issue of security. Lastly, by replacing the computationally expensive mining process, with a governance model wherein users must actively elect so-called Witnesses in charge of block creation, we observe the formation of a somewhat meritocratic online community. The social dynamics of which appear greatly influenced by the presence on a digital economy.
|Uddannelser||Datalogi, (Bachelor/kandidatuddannelse) Kandidat|
|Udgivelsesdato||29 dec. 2017|
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