Steem is a blockchain that focuses on community engagement, offering users immediate earning opportunities. It provides a way for individuals to earn cryptocurrency by contributing valuable content to the network. This blockchain allows users to post curated content online and earn digital currency in return.
This open-source, incentivized blockchain database enables interaction and rewards participants based on the value they add. By blending elements from social media and cryptocurrency, it offers significant value to its users, ensuring fair compensation through a reward system aligned with each person's contributions.
Launched on July 4, 2016, Steemit was the first application built on the Steem blockchain. The protocol seeks to benefit its user community by:
* Delivering well-curated news and commentary.
* Creating opportunities for earning.
* Serving as a platform for answering user inquiries.
* Providing a stable cryptocurrency linked to the USD.
Who Are the Founders of Steem?
Steem was co-founded by Ned Scott and blockchain developer Dan Larimer. They launched the first blockchain-based app, Steemit, in January. This app, unlike traditional social networks, is decentralized and non-custodial, thus avoiding common data privacy issues faced by conventional platforms.
What Makes Steem Unique?
Unlike traditional social media companies that profit off user-generated content, Steem distinguishes itself by compensating its users for their valuable contributions.
One standout feature is its foundation on blockchain technology, making it the first platform of its kind. This results in a decentralized and non-custodial structure, ensuring no downtime or data misuse and safeguarding users' data. Participants earn cryptocurrency for their contributions.
Steem operates on the principle that contributors should be compensated for their input, similar to how startups distribute shares. Additionally, it aims to offer financial services and opportunities to its community members.
How Many Steem (STEEM) Coins Are There in Circulation?
Token Economics
In contrast to blockchains that create new coins through mining, Steem primarily allocates its coins (STEEM) to a rewards pool. STEEM is the main currency of the platform, with tokens distributed to users based on their contributions.
Witnesses, who are responsible for creating blocks, add new blocks every three seconds on the Steem blockchain. As a result, STEEM is generated daily and distributed as follows:
* 75% of new coins go to content creators and curators.
* 15% are designated for those with Steem Power holdings.
* The remaining 10% goes to witnesses.
Besides STEEM, the platform has two other cryptocurrencies: Steem Dollars (SBD) and Steem Power (SP).
How Is The Steem Network Secured?
After being acquired by Justin Sun, founder of the Tron platform, Steem underwent operational changes. New blocks are no longer created through mining, and proof-of-work is not employed.
Instead, the network schedules witnesses to generate a block every three seconds. Steem uses delegated proof-of-stake to enhance transaction speed and scalability. Witnesses are rewarded with Steem Power for each block they create.
Where Can You Buy Steem (STEEM)?
Steem tokens, along with Steem Power and Steem Dollars (SBD), are available on various cryptocurrency exchanges. Users can purchase these tokens or convert them to local currencies through platforms like Binance. STEEM and Steem Dollars can also be easily exchanged for bitcoin, which can then be converted to fiat currency. For more details on crypto, visit the CMC blog.
