What is a Steem Token (STEEM) and a Steem Dollar (SBD).Social media space has become a dynamic one these days. Social media platforms are now nestled into our daily lives.People like Reddit,Twitter, Facebook and Instagram are gaining popularity every day.
The platform also appeals to people who want to engage with their peers from all over the world.As a result,Steemit revolutionized the world of social media and networking using blockchain STEEM in addition to its prize unit of Steem Dollar (SBD).
Understanding the STEEM Token Network Platform
Many users find it difficult to understand the concept of the Steemit network platform along with its blockchain and reward system.It is important that we clean up this widespread confusion.
Steemit
Steemit is the platform itself,in other words,it allows users to create and organize content,and you can view it as Reddit.The platform was launched in 2016,
they post on this platform either in Steem Dollars (SBD) or Steem Power (SP).
Steem Token (STEEM)
As mentioned above other units consist of Steem Dollar and Steem Power.STEEM is not really a currency,though more or less a gateway between Steemit (platform),and platform currencies (Steem Dollar) and even the common currency (Steem Power).Steam Token (STEEM) can be traded and can be converted to Bitcoin or Ethereum.
Steem Dollars (SBD)
Steemit platform in this cryptocurrency unit is called as Steem Dollar (SBD).
They usually earn 10% interest per year.SBDs can be converted to STEEM,redeemed to STEEM in the internal market,in addition to being redeemed at various exchanges such as Bittrex or OpenLedger DEX.
Steem Power (SP)
This currency can not be traded on external exchanges; however,this can be referred to as an internal "currency" in the Steemit network.Investing in Steem Power (SP) can be seen as acquiring a stake in STEEM.directly in the pool of Steem gifts,in addition, their voting power increases which can mean that the user can choose to increase the authors'rewards including oneself.
In conclusion
STEEM is the award winner in the Steemit ecosystem.In addition,it is also a stock proof for users who hold Steem Power (SP).Steem Dollar (SBD),on the other hand,provides the stability of other currencies on the platform.
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