Steem is a delegated proof-of-stake (DPOS) blockchain-based rewards and DApp platform for publishers to monetize content and grow communities. The first DApp of Steem is Steemit, a blockchain-based social network which rewards its users for posting commenting, and curating content. STEEM is the native cryptocurrency of the platform, besides Steem Dollar (SBD) which is a Steem-backed USD stable coin.
Steem cryptocurrency ( STEEM) is the unit of account on the Steem blockchain. Besides, there exist other units such as Steem Power and Steem Dollar. Both of them derive there value from Steem. Steem Dollars and Steem Power can be earned by by posting and curating articles on Steemit. Steemit is a social network that runs on top of Steem. The approach of Steemit can be seen as an implementation of the popular social network Reddit on the blockchain.
Steem can currently be bought on Upbit, Binance, Huobi, Bittrex and Poloniex.
The official Steemit website has a built-in wallet feature, so by signing up for The site you have also created your wallet for storage, Steem, Steem Dollars and Steem Power. There is also a command-line wallet that you can download, as well as a mobile wallet known as eSteem, which acts as a mobile interface for the social network itself , allowing you to access all the basic functions of the site as well as transfer your funds.
The Steem is a very attractive project for investors, so the team had no needs to hold Steem ICO.
Steemit — Steem, Steem Dollars, Steem Power
Steem has several types of tokens, Steem, Steem Dollars (SBD) and Steem Power. Steem and Steem Dollars are liquid, while the Power from the side is not.
When you are paid on the Steemit website, you can pay 50% in Steam Power and 50% in Steam Dollars, or 100% in power. Here’s an example of a 50/50 payout: if you earn $200 in the mail, you’ll get $100 Steam Dollars and 50 STEEM Power (assuming Steam Power costs $2 each, for now).
As reported on the Steemit website, within the community you can earn digital tokens:
- Wiring. By sharing your messages, you can earn advances from community members. Depending on what you receive, you will receive a portion of your current Steam rewards pool.
- The vote and supervision. If you discover a message and boost it before it becomes popular, you can get a reward for learning. The amount of reward will depend on the amount of Steem Power you have.
- Purchase. Users can purchase Steam or Steam Dollar tokens directly from the Steemit wallet using Bitcoin, Ethereum, or BitShares tokens. They are also available in other markets and exchanges.
Earning digital tokens is easy, and Steemit’s policy allows you to fairly rate all users no matter how often they participate and publish. Digital tokens are constantly generated by the Steem network. Some tokens are provided to users who add real value to Steemit by posting content, commenting on other users ‘ content, and voting on the content of others, and the rest of the daily digital token is distributed to Power owners and witnesses who run the blockchain.
Steem Platform Review
Unlike other cryptocurrencies Steem has a built in increasing inflation of currently 8.5% annually (as of March 2019) and no coin limit. The inflation decreases at a rate of about 0.5% per year until the overall inflation rate reaches 0.95%. The platform itself (Steemit) has grown considerably since the Coin launched on July 4th 2016 and currently has over 70,000 users however it seems that the number of active users is much lower.
Steem was created to reward ordinary people for their contributions to online communities, with the goal of empowering people around the world. Since the platform’s technology is built on the ability to process thousands of actions per second, rewards are numerous and can be quickly earned when digital tokens are rewarded within 24 hours of submitting content and votes.
Groups of Steem people say they can greatly benefit from using platform, including:
- Internet readers;
- Head of organisation;
- To register participants;
Social media platforms like Reddit, Facebook and Twitter have seen user-generated content posted by its members create billions of dollars worth of shareholder value. However, Steem works differently. Much of the value created by people who provide contributions to social networks and online communities is rewarded with virtual currency.
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Originally published at https://cryptonomad.info on July 6, 2019.