When you first join a new platform, it can be an exciting time. It can also be a bit intimidating if you are seeing ideas and concepts for the first time. Minnow University is here to help you understand the concepts and language used on Steemit to access the STEEM blockchain.
Let's get started on the first lesson:
What is Steemit?
What is Steemit? Steemit is a blogging platform that accesses the STEEM blockchain, allowing you to write posts, vote on posts, and gain rewards in the form of SBD and STEEM. There are other ways to interact with the STEEM blockchain, but that will be covered in a future post.
STEEM
Steem is a cryptocurrency much like Litecoin, Bitcoin, and many others. It is the main unit of liquid currency from the blockchain and can be sold, bought, or powered up into SP
SBD
Or also knows as a STEEM DOLLAR, is a "twin" to STEEM but it is set to be pegged to the US Dollar and should stay around the 1 U.S. dollar range. You can buy STEEM with SBD or also buy SBD with STEEM.
SP
SP is simply powered up STEEM. It is the power behind the value of your upvotes and curation rewards. The more SP you have, the more your vote is worth. Unlike STEEM and SBD, you can not withdraw SP from your account at will. You can power down your SP into STEEM over 13 weeks. This is built to bring stabiliazation to the currency and prevent large dump and runs.
You earn SP by powering up steem or through payout rewards from blogging and curation.
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