This is a nice layman's write up. Just a small clarification, Steemit runs on a blockchain, but you could be careful saying "the blockchain". Some people may get the impression there is one big blockchain that everything runs on.

Blockchain is like an accounting ledger book recording transactions. There are many of these blockchains and in general different cryptocurrencies are running their own blockchains. Just like each company would have its own accounting ledger, each cryptocurrency usually is on its own blockchain.

Today Bitcoin is the oldest and biggest by market value, so when you say the blockchain, people may think you're referring to the Bitcoin blockchain.