What is steem and what is solana

Solana


Inroduction

Solana is a web-scales blockchain that provides fast, secure, scalable, decentralized apps and marketplaces. The system currently claims to support up to 60,000 TPS (Transactions
per second) and was created for the primary reason of facilitating creation of DApps (Decentralized Applications).

Solana, unlike other blockchain can be refers to as a hybrid protocol that combines the underlying proof of stake consensus of the blockchain with their architecture built based on POH (Proof of History) consensus a proof for verifying order and passage of time between events.

With Proof of History, you can create a historical record that proves that an event has occurred at a specific moment in a particular time.

Who Is the Founder of Solana


Anatoly Yakovenko can be regarded as the original founder of Solana as he was the one who initially conceived the idea. Along the line, He teamed up with his Qualcomm colleague
Greg Fitzgerald, and they founded a project called Solana Labs.

While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

What Makes Solana Unique


One of the essential innovations Solana brings to the table is the proof-of-history (PoH) consensus developed by Anatoly Yakovenko.

Solana is also known in the cryptocurrency space because of the incredibly short processing time and speed the blockchain offers.

How Is Solana Network Secured


Proof-of-history is the main component of the Solana protocol, as it is responsible for the bulk of transaction processing. PoH records successful operations and the time that has
passed between them, thus ensuring the trustless nature of the blockchain.

The proof-of-stake (PoS) consensus is used as a monitoring tool for the PoH processes, and it validates each sequence of blocks produced by it.

 

Steem


Inroduction


Steem is a custom built community focused on blockchain that is designed to contain information far more than any other blockchains.The protocol was designed to provide earning opportunities for customers based on their value to the networks. It is designed to provide users with a platform where they can post contents online, and get paid in cryptocurrency.

Steem network was built to give cryptocurrency reward to its users. Rewards are allocated to the network users based on the value they add to the network. Every post is recorded on
the steem blockchain, thereby making social networking immutable and censorship-resistant.

 Founder of steem


Steem was founded in the year 2016 by Ned Scott, together with a blockchain developer Dan Larimer. They had an idea of creating a blogging platform where blockchain was used to ensure that the content was preserved, uncensorable and data secured.

Ned Scott worked from 2012 to 2015 as a financial analyst in an American Food importing company Gellert Global Group. He met Dan, his partner in 2015. Dan is a software engineer

and serial entrepreneur who previously founded BitShares. Dan takes interest in Blockchain development, DEXs, cryptocurrency and other technologies. Dan co-founded Steem
alongside Ned Scott and was the CTO until he left the company in 2017.

What Makes steem unique


Unlike regular social media companies that make huge sums of money from contents provided by their users without giving these users any reward, steem stands out by being the first

Social media platform that rewards its users for their valuable input to the platform.

Another unique feature of the steem network is that it is built on the blockchain technology which makes it non-custodial and decentralized. 

The blockchain technology ensures that there is zero downtime or data abuse, and the platform’s data are perfectly secured too.

Milestones

On Jul. 4, the Steemit decentralized application (dApp) launched on the steem network, unlocking the ability for users to claim their token rewards.

Prior to the release of the Steemit users were unable to withdraw their rewards from the steem blockchain. The influx of new tokens to the circulating supply saw the market spike from about $15 million to about $400millionIn Feb 2020, the tron foundation acquired Steem Inc. The firm behind the steem network as well as the company's substantial steem holdings (known as the ninja-mined stake). Concerns over centralization made the steem community to move to a new chain called HIVE

How Is Steem Network Secured


Steem utilizes a dynamic fractional bandwidth reserve model instead of a traditional fee system where the blockchain automatically adjusts the reserve ratio for the network during
times of congestion.


To prevent attacks, there is a minimum account balance to be able to make transactions which is typically as low as a dollar. The reasoning behind this is that the opportunity cost of lost interest is a more acceptable cost to users than micro-fees on every transaction.


 

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