Did you know that public ledgers have been used for centuries? Blockchain is essentially a more advanced digital version.

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Stephen Kendal is an advocate of blockchain technology & the applications the tech has for global financial markets and in particular the effects on derivatives & global trade.

Kendal recently wrote an article on Steemit.com detailing a great explanation for blockchain using old fashioned public ledgers:

IT’S JUST A DATABASE

Once you have managed to fix someone’s attention on a Database being nothing more than a digital list of records it is easily then to explain that this digital list of records is no different than the old fashioned written/typed ledger that were around before computers.

By simply breaking it down into bite sized chucks most people will be able to keep up.

Now that they are thinking of a written/typed ledger explain to them that in some occasions these ledgers were made public for everyone to see.

By simply referring back to the old fashioned Public Ledger that have been around for Centuries for the ones that struggle to understand what Blockchain is this is where you have to take them.

Now that they are focused on this old fashioned Public Ledger you are getting close to seal the deal and finally explain what Blockchain is.

PUT THE TWO TOGETHER

Having now explained and focusing their mind on Databases and Public Ledgers simply tell them to put the two together.

At this point you simply say that Blockhain is nothing more than a generic name for a Digital Distributed Public Ledger and is in essence a Database that is shared identically across a network of computers.

Read the full post on Steemit.com

About the author: Will Long is the Marketing Manager of Follow My Vote.

The post Public Ledgers Are Not New – Blockchain Technology Is Just a Digital Version appeared first on Follow My Vote.

Stick with me, I know I had my doubts about this too. The ability for early joiners to make a lot of money sounds like a ponzi scheme, but Steemit has created some measures to keep the market from being volatile and increase it’s long-term viability.  This beautiful post on Steemit describes the long-term business model, and how Steemit is not going away. I’ve linked it but also I’ll provide an excerpt. Just a little background, there are three types of Steem Currency Units: Steem Power Units, Steem, and Steem Dollars.

“Owning Steem Power Units is essentially like making a long term investment in the currency because you can’t sell Steem Power Units for 2 years. But there are a lot of good reasons to have Steem Power.

By keeping your currency as Steem Power Units, you will be able to make considerably more money in the long run because you essentially have ownership in the network. As the network grows, so will your piece of the pie.

And you’ll be heavily rewarded along the way. The way things are set up now, 90% of the new Steem Currency that is generated every single day is distributed to the people who already hold Steem Power Units in the form of additional Steem Units. (The other 10% goes to content creators and curators).

Half of the pay you receive for your content will be in Steem Power Units.

Also, the more Steem Power Units you have, the more your curation vote will count. You will have more influence on the site and you will also get paid more for upvoting other people’s work. (When you upvote someone’s work, they will get paid more as well.)

Steem Power Units also play one final and very important role. They prevent massive price swings and volatility on the open markets. Because everyone is locked in for 2 years, we can’t all sell our currency all at once if the market starts to dip, which would crash the price were it to happen.”

The post Steemit – The future of Social Media appeared first on Follow My Vote.