The unsung hero behind the cryptocurrencies is the blockchain technology which is effectively being applied in a variety of domains. The Distributed Ledger Technology is the backbone of the Blockchain technology which proves to be highly effective when it comes to incorporating security within the system. The Blockchain platforms have been developed in order to improve the working paradigm and in turn efficiency of the entire system. Most of the companies have even found ways to monetize the online media content by incorporating the blockchain revolution. Earning revenue has been made very simple through advertisements, distributed file sharing systems, as well as renting away your computing resources. All of which is powered by Blockchain Technology in order to have at most reliability with the ecosystem. Let us read about Steemit and the tokens which power the platform: Steem, Steem Power and Steem Dollars.
The Steemit community
Steemit blockchain is a blockchain based social media as well as a blogging platform which enables users to earn rewards in the form of revenue by creating quality content and interacting with the website. The only prerequisite for the users is to have its native cryptocurrency token. Here the publishers develop contents very similar to the blogging platforms like Medium and are rewarded by the viewers based on the quality of their content. Many complex mechanisms are being incorporated in order to maintain the dignity of the ecosystem. Further details of the cryptocurrency Tokens used by the blogging platform is explained below.
How to use Steemit?
In order to use Steemit, the users need to register themselves with the website. The registration process requires some amount of money as a fee, in order to prevent the fraudulent creation of the accounts. Apart from some real monetary value, the registration even requires an email address which would be used for confirmation in various stages in future. The users then need to navigate through the website, in order to view the contents. There are different sections of content available on the website like hot, trending, popular, sponsored, etc. There is also a list of tags, which the user can click upon, in order to view the relevant content with respect to that tag. The user may also visit the wallet menu in the profile where info about the amount of Steem, Steem power, as well as Steem Dollars is displayed. This particular section is absolutely public and all the users can view each other’s wallet balances as well as addresses.
The steem token
STEEM is the base liquid currency token used by the Steemit community. One would easily be able to understand STEEM, as it is just like any other cryptocurrency coin like Bitcoin. Cryptocurrency tokens can be powered up into another form of token which is known as STEEM power, along with which, it can be traded with other cryptocurrencies like STEEM Dollars in order to gain some real-world monetary value.
The steem power
STEEM power is nothing but another cryptocurrency token, held by the community members of Steemit, which indirectly represents the amount of influence or power that a particular user has on the blogging platform. Abbreviated as SP, the steem power can be used to influence the value of post as well as comments on the community platform. If a particular user, in any scenario wishes to bring down their STEEM power, then as a compensation they would be receiving the STEEM tokens for a duration of 13 weeks. The STEEM Power cryptocurrency token is less liquid when compared to the other two.
The STEEM Dollars
The next and the last cryptocurrency token used by the community is the STEEM Dollar and often abbreviated as SBD. Steem dollar is highly liquid whose value is pegged to the $1 USD. The STEEM dollars can effectively be used to trade it with STEEM, on various cryptocurrency exchanges. On an average, the conversion process from STEEM dollars to the STEEM token requires 3. 5 days and interestingly the steem dollars can be used as many as online marketplaces which accept it.
Final conclusion for STEEM, STEEM power, as well as STEEM dollars
It’s absolutely worth mentioning that the Steemit community which incorporates STEEM, STEEM power, as well as steem dollars is the only online social media blogging platform which utilizes the applications of cryptocurrencies and in turn Blockchain Technology.