Steemit Crypto Academy Contest / S17W3 : Onchain Metrics of Steem blockchain
I sincerely hope that everyone enjoys the educational themes of the Steemit Engagement Challenge S17-W3 . subsequently, the competitors' epic entries under the designated subject. I was eager to learn more about this new topic, so I did some research and shared my own opinions with you all. I hope that my contribution will also be valuable.
What are the main Onchain Metrics indicators used to evaluate user activity on the Steem blockchain, and how can they be explained in terms of their significance?
Several important onchain indicators are utilized to assess user activity on the Steem blockchain. A variety of features of user behavior and the general health of the network are revealed by each of these measures. This is a thorough analysis of the primary onchain metrics that are used to assess user behavior on the Steem blockchain are going to share with you here.
The metric gauges the total number of transactions on a blockchain within a specific time frame, indicating active user engagement and robust platform usage.
Active users are a key indicator of the blockchain's user base health, indicating the number of individuals consistently using its features.
The number of new accounts on the Steem blockchain is a crucial growth metric, indicating the platform's appeal and potential network value expansion.
Steem platform votes are crucial for content curation and community governance, indicating user satisfaction and participation in content curation.
Well, The Steem blockchain's performance is assessed through various onchain metrics, providing insights into user activity, economic health, and community engagement, aiding stakeholders in decision-making.
How can Onchain Metrics data from the Steem blockchain be analyzed to understand user engagement trends and community evolution over time?
Well, There are various phases involved in analyzing Onchain Metrics data from the Steem blockchain to comprehend user interaction trends and community evolution. Both quantitative and qualitative insights are utilized in this process. This analytical method makes use of onchain data to acquire a thorough grasp of the dynamics of communities and user involvement on the Steem blockchain as they change over time. These procedures can be methodically followed to obtain actionable findings that could guide strategic choices to promote a more active and expanding community.
Using an organized analytical strategy that focuses on particular data types and makes use of reliable analysis techniques, We would be able to gain a thorough understanding of user engagement patterns and community evolution over time on the Steem blockchain using Onchain Metrics analysis. Here's a more thorough explanation of the steps and the details:
Data Gathering from On chain Data and also focused on Specific Time Frame is required when important modifications took place (for example, following a big platform update or policy change).
Metrics to Assess Community Development and User Interaction
Data processing techniques include handling anomalies, eliminating spam accounts and bots, and normalizing data in preparation for analysis.
Predictive analytics and machine learning to provide deeper understanding In order to forecast future community patterns or possible areas of user attrition, predictive modeling is used.
Well in short this procedure offers a thorough grasp of how community emotions and user interactions change over time on the Steem blockchain, pointing out areas where user engagement and community management techniques may be strengthened.
What are the specific challenges of interpreting Onchain Metrics on the Steem blockchain, considering its unique social structure and incentives?
The unique social structure and incentive mechanisms of the Steem blockchain present unique hurdles when it comes to interpreting Onchain Metrics. These are a few particular challenges mentioned below as
- As a social networking platform, Steem functions as a blockchain as well. Due to this duality, social behaviors like posting, remarking, and voting have a significant impact on traditional blockchain measures like transaction volumes or wallet activity. Because mostly social behaviors are also transactional and affect economic measurements, this social layer might obfuscate conventional interpretations of economic activity.
User interaction and community assessment significantly influence Steem Power distribution. High rewards for popular content may distort token velocity, limiting network health evaluation and revealing underlying dynamics.
Community voting rewards may be manipulated through 'circle voting' or 'vote buying', potentially artificially inflating onchain metrics, complicating user participation and network growth analysis.
The conversion of Steem to Steem Power, a vested interest influencing voting power, necessitates a balance between liquidity and influence, affecting token velocity and market liquidity.
Well , In short can we say that Accurately analyzing onchain data on the Steem blockchain requires an understanding of these subtleties, which calls for a more sophisticated methodology that combines social platform analytics and blockchain.
How can Onchain Metrics of the Steem blockchain be used to assess the health of its ecosystem, including aspects such as the distribution of voting powers, content diversity, and reward fairness?
The Steem blockchain's onchain metrics, which look at things like reward fairness, diversity in content, and voting power distribution, can give important information about how well the ecosystem is doing. Every one of these components is essential to the overall health and viability of the Steem platform.
The way votes are distributed on Steem is important since it has an immediate impact on content curation and governance. Voting power for witnesses to protect the network is based on the quantity of STEEM tokens held, and Steem uses a delegated proof-of-stake mechanism. By examining how STEEM tokens are distributed among accounts, one can determine if power is distributed more fairly among a larger group of users or concentrated within a small number of top holders, or whales.
A more decentralized distribution is characteristic of a healthy ecosystem, which lowers the possibility of bias or manipulation in decisions about governance and content curation. These metrics can be obtained by using tools that display witness rankings, voting patterns, and account balances, such as SteemDB or Steemd.
Steem's ecosystem health is assessed by its content diversity, which includes a diverse range of topics and creators.
This diversity is measured through tags, categories, unique active creators, and engagement levels. Steemit's tools track active categories, indicating a vibrant ecosystem with diverse user appeal.
Reward fairness is crucial for Steem's content creators, as the blockchain distributes tokens based on user votes. A fair reward system incentivizes high-quality content and supports diverse contributors, rather than focusing on a small group of popular users, by analyzing the correlation between votes and rewards.
In short , I can say that Stakeholders can monitor onchain data on the Steem ecosystem, providing insights for future development to enhance user experience, increase engagement, and ensure blockchain sustainability
How can Steem blockchain developers utilize Onchain Metrics to enhance platform usability, drive adoption, and address scalability issues while upholding community integrity?
Well, In order to improve platform performance and user engagement tactics, Steem blockchain developers can make use of Onchain Metrics by examining transaction volumes and user activity trends. In order to find and fix scalability issues, they can also keep an eye on gas prices and smart contract utilization. Through the evaluation of stakeholder distributions and voting patterns, developers can make governance decisions that uphold openness and fairness, strengthening community integrity and encouraging wider adoption.
| Kind Regards 💐 @uzma4882 |
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Hello friend greetings to you, hope you are doing well and good there.
Your post is sublime as usual. You say onchain indicators are important to utilize and assess user activity on the Steem blockchain. I completely agree with you dear. You have mentioned some, which show us the general health of the network.
You have mentioned that onchain metrics give both quantitative and qualitative insights to the network, which you have done to beautifully explain.
The challenges you have mentioned are quite authentic and your suggestions to steem developers are outstanding. It gives me pleasure to read out your beautiful post here.
I wish you very best of luck in this contest.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Assalamu aleikum, how are you my sister @uzma4882
I got a lot of knowledge by reading your post that we can see the activity of users on Steem Blockchain using onchain metrics and how important it is, I really learned a lot while reading your post.
In your post, you have explained very well how to use all the tools like transactions, active users, new accounts and indicators like platform votes etc.
And you told that it is very important to evaluate the health of the ecosystem with those metrics like distribution of voting power and content diversity.
I hope you will win this contest and I also pray that Allah Pak will make you successful in this contest.
Thanks for reviewing in deep and shared your valuable feedback. It's appreciated.
You don't need to thanks me for this it's increasing my knowledge
@uzma4882 I appreciate the effort you have put into explaining the onchain metrics used to evaluate user activity on the Steem blockchain. It's clear that you've done your research and your insights are valuable for anyone looking to understand the dynamics of our community better. Best of luck in the contest!
Always pleasure to see your insightful analysis of my publication regarding to very meaningful theme of engagement challenge. Good luck too you.
https://twitter.com/UShaharyaar/status/1783030915033117158?t=0yY2vzYRIjRsI5hU4k6v1g&s=19
Saludos cordiales estimada amiga uzma4882, un placer para mi saludarte y leer tu participación en este reto.
Cada ecosistema es diferente, por ello las métricas Onchain de cada cadena de bloques es distinto, en nuestro caso de estudio, es complicado porque las variables a medir cambiar constantemente y dependen de cada usuario.
Buena participación.
Te deseo una feliz y bendecida noche.
Upvoted! Thank you for supporting witness @jswit.
Active user metrics are indeed vital for assessing the vibrancy and engagement level of any blockchain platform. It reflects the ongoing interest and interaction within the community, providing insights into the platform's overall health and growth trajectory.
It shows how looking at on-chain data helps us understand how users behave and how communities change over time. It's important because it helps us use data to improve how we manage communities and get people more involved.
I think making sure that power and influence are spread out more evenly is a big part of how blockchain works fairly. Platforms like Steem aim to build trust and openness among users by doing this, which helps make the whole system stronger and more long-lasting.
All the best
Thanks alot for in deep analysis and shared your valuable feedback. It's appreciated. Stay blessed you too more success.
I'm impressed with the effort you've put into explaining those on-chain metrics of the Steem Blockchain. It's clear that you've done your research well and have got some valuable insights to share about how users are active on the Steem blockchain. Your explanations make it easier for anyone to understand how our community works. Best of luck.