Decentralized social media on the blockchain
Steem (STEEM) is an open-source, highly scalable platform based on blockchain technology with the Evidence Delegation Pasak delegation algorithm and with its own STEEM cryptocurrent, which is used to reward users for creating and sharing exclusive content and interacting with other network users. Steem is the first blockchain platform that focuses on social media and blogging and streaming platforms. The decentralized management model, combined with a reputation system, based on the number of tokens Steem Power (SP) held and end user ratings is to ensure the removal of content that is dangerous, discriminatory, low value and promotes valuable and interesting content. Steem should avoid censorship and moderation, surrender all power to users, what decentralization means. Steem is also intended to allow developers to monetize their content independently, the creator of Steem is Daniel Larimer, who based it on an exclusive blockchain technology called Graphene, first implemented on the BitShares (BTS) platform, which was also initiated by Larimer. In Steem networks, in addition to cryptocurrency STEEM, there are also Steem Dollar (SBD) and Steem Power (SP) tokens.
Blockchain Steem is one of the most active in terms of number of transactions - Steem processes for less than one million transactions per day, which is more than bitcoin (BTC) or Ethereum (ETH).
Steem is a digital currency without a certain maximum supply, which is inflation, whose inflation rate will decrease by 0.005% every year to a minimum level of 0.01% achieved every year. At present, inflation in Steem is 0.085%, while more than 300 million STEEM units are in the market cycle.
History of the Steem rebellion
The creator of the Steem platform is Daniel Larimer, who at the beginning of 2016 decided to release his previous project, namely BitShares (BTS). Steem was founded in New York, in partnership with Larimer and Ned Scott, who later founded the most popular service on Steem Blockchain, the blog platform Steemit Inc. Steem was originally supposed to be a decentralized insurance platform, but the idea quickly developed into social media.
The Steem network was launched on March 24, 2016, and the first remuneration for creating content by users was given in early July 2016. The Steemit blog platform began to be used publicly on May 3, 2016, within a few months it gained very high popularity, because in the remuneration model for published content and lack of top-down moderation and sensors.
The platform did not decide to raise funds during the ICO, rather than making what is called premining, which is to build a number of certain units of cryptocurrency that are in circulation at the time of network loss, which is one of Steem's criticisms.
Assets in the Steem network: STEEM, Steem Dollar (SBD) and Steem Power (SP)
The fact that in a Steem network, in addition to the original cryptocurrency STEEM, there are two other tokens that are initially misleading, so it's a good idea to describe the respective roles:
STEEM is a network Steaming current base, defining its market capitalization. With STEEM, you can get the Steem Power and also convert the Steem Dollars into it. STEEM is a cryptocurrency currency with standard price fluctuations, which are known from other digital currencies. You can buy it or sell it on the cryptocurrency stock exchange, and accept it as part of the exchange of Steem Dollars and Steem Power.
Steem Dollar (SBD) is a liquid token that operates in the Steem network, which is ultimately intended to act as a stable coin, as close as possible to the value of 1 dollar. SBD, such as SP, is given to create content and the reactions it causes to other network users. Each user can determine the proportion of salary he will receive in Steem Dollars and Steem Power, with one limitation - this ratio must be at least 50% Steem Power (also can be 100% SP).
Steem Dollars can be exchanged with STEEM cryptocurrency based on the current exchange rate, and also put up an offer on cryptocurrency, which stores quotes. SBD tokens in the event that an exchange in STEEM is issued from circulation.
It should be noted that SBD has a big problem maintaining the 1 USD exchange rate - currently registered at around 0.8 dollars, and its peak value is more than 12 dollars in December 2017.
Steem Power (SP), unlike STEEM and Steem Dollars, not liquid tokens and can be transferred. Steem Power determines the level of influence (reputation) in the Steem network - users with more SP have more influence in the community, their ratings and comments have more value and can more easily promote or hide certain content. Remuneration for content also depends on the level of reputation of the referral - the more SP, the greater the remuneration.
Steem Power can be obtained by building your position and recognition in the community, and - often the subject of criticism - by supplying them (power ups) with the help of STEEM cryptocurrency in a 1: 1 ratio, which means you can "buy yourself" a reputation. "
The obtained SP Token can also "turn off", turning it into cryptocurrency STEEM. However, to do this, you have to wait 13 weeks, because the conversion of full SP to STEEM occurs at a rate of 1/13 of the value per week. For example: having 1300 SP, we will receive 100 STEEM every week when disarming them.
Currently, the Steem team is working on the introduction of other tokens, which will become Smart Media Token (SMT).
Services operating in the Steem network
At first, it should be noted that Steem is an open source blockchain platform where everyone can run their services. Steemit is the first service on the web, but they may not be identified (despite the same name) because Steemit Inc. is a private company operating in Steem. What's more, content published through one of the services is also available from other service levels (enough to replace the domain itself at the URL - eg Busy.org, instead of steemit.com), which means even after the potential closure of one service, User content and comments will not be deleted.
The most popular and oldest service in Steem blockchain is the Steemit blog service, where you can post articles and comments, and evaluate them.
The mobile blog platform (available on iOS and Android) is eSteem.
The alternative for Steemit is busy.com.
Video streaming services (alternative to YouTube, for example) based on Steem are DTube.
Utopian .io, however, is a platform for open source application developers, so they can monetize their work, and evaluate and comment on other user entries.
Steem Monsters is a game collector based on the Steem network, where you can buy and develop, sell your character.
The services mentioned are the most popular, but not the only ones operating in the Steem network.
What wallet (wallet) for Steem?
The choice of an autonomous portfolio for small systems, because basically every service built on a Steem chain has a built-in web wallet, accessible from the web browser level. The most popular blog site in Steem - Steemit has a default wallet, like Busy. The cellular wallet is located in the eSteem application, available for devices with the Android and iOS operating systems.
The official portfolio for Steem is the CLI Wallet, available from the command line, without a graphical interface, therefore its use is only recommended for users with basic programming knowledge.
The unofficial desktop portfolio for Steem is Vessel, available for Windows, MacOS and Linux operating systems. However, currently it is rarely updated and unstable.
Steem is currently not compatible with hardware wallets, such as Ledger or Trezor.
Value and quote Steem
Steem is currently registered in eight cryptocurrency exchanges, the largest being the Upbit South Korea platform (more than 50% of daily volume) and Binance (more than 30% of daily volume). Steem is also listed on exchanges such as Bittrex, Poloniex and Huobi. At present, there are no Polish stock exchanges that have Steem trade offers. However, it must be remembered that Steem, because of its typical utilitarian character, is rarely treated as a speculative asset, as is the case with most crypts.
The previous Steem quote peaked on January 3, 2018, during the altcoin speculative bubble, when the exchange rate was USD8.57, with a market capitalization exceeding USD2 billion. It should be added that the previous peak of the Steem quote was reached in July 2016, exceeding USD 4.40 (thus becoming the third in terms of cryptocurrency capitalization, with valuations exceeding USD 250 million), then maintaining a level far below USD 1 for a year.
At present, Steem loses more than 96% compared to the historical peak, taking 51st place in CoinMarketCap's capitalization ranking.
As an integral part of the Steem Dollar (SBD) ecosystem, which ultimately aims to maintain exchange rates as close as possible to USD 1, it is currently listed on six cryptocurrency exchanges. More than 70% of the turnover comes from Upbit exchanges (in line with the Korean won - SBD / KRW), while less than 30% liquidity is provided by the Bittrex stock exchange (in hand with bitcoin - SBD / BTC).