Steemit is incredibly interesting, for the service it provides yeah, and the community it builds, but more so for the fact that it seems to be the first DApp since bitcoin with a shot at widespread use. Steemit is a platform where individuals post and rate content, and get rewarded for doing it well.
Hello, and welcome to a new episode of Crypto Tips. If you are new to cryptocurrency and you're still not familiar with the lingo being used in the articles online, especially those being published recently, you're probably wondering what is a hard fork and why is it such a big deal? Thank you to investtopia.com for this well-worded definition. A hard fork is a radical change to the protocol that makes previously invalid blocks or transactions valid or vice versa.
And as such, requires all nodes or users to upgrade to the latest version of the protocol software. In other words, a hard fork is a permanent divergence from the previous version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version. Ethereum and the Steemit platform both chose to undergo hard forks recently, both for very different reasons. Ethereum chose to hard fork as a way to prevent against future DOS attacks on their network, and the Steemit platform chose to hard fork as a way to address the issues concerning hyperinflation.
If you're not familiar with Steam or the Steemit social network, I think you should check it out. Here's what it looks like, and these are the top paid trending posts. What made Steemit's hard fork less controversial could possibly be credited by the fact that Steemit is a social network that values its users and their opinions. The decision to hard fork was made after many inquiries and deliberation, and taking into account concerns from the users themselves.
As if getting paid to post an upboat wasn't a hint enough, this is a good example of how Steemit is changing the way that we think about social media. I mean, when was the last time that Facebook asked you your opinion on their practices? I'll leave you with that little nugget until my next video. But until then, thanks for watching this episode of Crypto Tips.
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