Welcome To Steemit
If you are a new Steemit user you must have to know well about Steemit . I will try to write something about something for new Steemit users.
- What is Steemit ?
Steemit is powered by blockchain technology and uses a new cryptocurrency to reward users who upload articles, images, commentary, etc. Other ways users can get paid is through sourcing and up-voting popular content. The earlier a person up-votes a post that becomes popular, the more is the reward. Users are paid half in 'Steem Power' (a vesting currency) and half in Steem Dollars, which can be exchanged for US Dollars.
Steemit is a blogging and social networking website on top of the Steem circlechain database. The Steem blockchain produces Steem and Steem Dollars which are tradeable tokens users obtain for posting, discovering, and commenting on interesting content .
- What is Steem?
Steem is based on the Smart Media Tokens (SMT) protocol, developed by Steemit. As of December 2017, CoinMarketCap.com listed Steem with a $475 million market capitalization, and ranked Steem tokens 32nd of 1358 cryptocurrencies. User actions, such as upvoting facilitates Steem's Proof-of-Brain algorithm, which also factors in the Steem Power a user holds, to provide incentives for content creators and the community by transferring small amounts of the Steem token currency
- What is Steem power?
STEEM Power (SP) is STEEM (see STEEM_Tokens) that has been locked in, vested, meaning it can't be immediately withdrawn to spend.
STEEM Power is what gives you influence on Steemit.The more SP you have, the more money you give to authors with an upvote as well as the greater the curation rewards you can earn. There is a very small 'interest' rate earned by holding STEEM Power.Converting STEEM to SP is called powering up. This can be done by clicking the down arrow next to the STEEM in your wallet and selecting power up. 1 STEEM = 1 Steem Power when powered up.
- What is Steem dollar?
The Steem Dollar is a token that is meant to be worth about $1 USD, making its value much more stable compared to STEEM . To be a bit more technical, a Steem Dollar is a promise to pay one dollars worth of Steem when it's redeemed.
The benefit of Steem Dollars is that business can accept them more comfortably since they have a more stable value. Can you imagine being a shop owner and trying to sell your $50 product for STEEM which a couple months ago would have been for 500 Steem compared to today being less than 50. Pricing their products and services are much easier when using a stable value, as well as knowing that what they've already been paid, won't lose value.
- Concept of Steemit?
Steemit is a brand new way to recognize contributors online, especially those who join our community early and stay long term. New users will be given a portion of Steem when they sign up and those who initiate or improve the quality of discussions, through persuasiveness, clarity, grammar and formatting, will be upvoted faster and more appropriately rewarded.