Steem is a blockchain based, social media platform that is becoming more and more popular. It rewards its content creators and site participants along with the site miners of steemit.com with combination payouts from the three currencies the platform has â Steem, Steem Dollars and Steem Power.
The website, steemit.com was launched in mid 2016, and now has approximately 10 million unique users every single month. The blockchain behind Steem works in a similar way to that of Bitcoin. It is based of a Proof Of Work algorithm. However, that is where most of the similarities end, and one of the biggest differences is that only 10% of the block rewards are given to the miners; the other 90% is distributed between the content creators and holders of Steem power.
Steem encourages its supporters to lock up their holdings as illiquid Steem Power, as opposed to keeping them as liquid Steem, as they are rewarded for doing so. Content creators share 75% of generated coins, distributed partially as Steem and Steem Dollars. The amount is proportional to the number of votes that they have received.
Steem really is different to most cryptocurrencies though, as users do not have to sacrifice money or hardware in order to earn a profit, and a significant one at that. Those who put in the time and effort to create interesting content has the ability to earn thousands. The joy of this as well means that you do not have to have any knowledge on crypto in order to make money.
The developers are constantly working on ways to improve and are currently working on Smart Media Tokens, which will make a great alternative to Ethereumâs token protocol. This would mean that all token issuers will be able to run ICOs, sell tokens, or freely distribute them to members of their communities.
The Steem platform is a great platform that is continuing to grow rapidly. It is a great and innovative way of getting everyone involved in blockchain technology, even if you have no prior knowledge of it.
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