Steemit This social media project was founded in 2016 by Ned Scott and Dan Larimer, the creator of BitShares. Both are founders of Steemit Inc. Company, which manages Steemit's website and funded the ongoing platform development. On March 15, 2017, exactly a few months ago for the steemit development which is now samakin much in demand by various circles.
Concepts and Ideas
The concept of steemit is generally similar to a blog website or other social news sites such as Reddit, Twitter as well as facebook but the text content is stored in a blockchain of transparent storage. Using blockchain allows helpful comments and posts with a safe value mark as in upvote. as well as images that can be uploaded and hosted on Steemit, Other multimedia content such as video views from youtube can also be embedded from other web hosts to post articles alongside story and video images. For formatting, there are editors displayed in steemit even though unlike bloggers in general, in Steemit editor users can also choose to use the Down to down format with HTML elements.
Steem System
=>Steem Power
STEEM Power or abbreviated SP is STEEM which has entered into smart contract and represents the amount of influence of the account compared to other networks. The more power of our STEEM Power, the higher the effect of voting on posts or comments.
STEEM Power also determines the account weight for witness approval. This means that if someone has the Power STEEM power, most likely will be a great person in steemit. STEEM Power can not be transferred or traded directly, but the account owner can choose to withdraw the liquid STEEM in weekly payments at a price up to 1/13 of the total STEEM Power. This is called powering down. This account will lose the effect of voting in proportion to the withdrawn STEEM. This means that if the Power Steem in Drag with Liquid Steem will affect your Power Power Steem. Better Power Steem running as is and can be in Steem from SBD to Power Steem.
=>Steem Dollars
In Steemit itself Steem dollar is written in the form of SBD (abbreviation SBD) Steem Based Dollar is the assets obtained from the results of the post paid by the Author and Curator through Upvote and Comments, intended to be pegged against the US dollar.
Steem Dollars can be traded on cryptocurrency exchanges, and are used for the payment of goods and services. On the Steemit site where STEEM can be traded with Steem Dollars and vice versa. Steem Dollars can also be converted to STEEM equivalent values in a process that takes 3.5 days. If the Steem Dollars are trading below the market with the US dollar and Steem Dollars inventory is not too high compared to the liquid STEEM inventory, the interest rate may rise.