Steem represents the idea of combining social media and currency coding to create a new kind of platform. Anyone can create, share, or update content on the Steem network, earn tokens based on community interactive performance.
a.What is steem coin?
Steem's main platform, called Steemit, is a social network built on Stech blockchain. Steemit is similar to social networking sites like Reddit and Medium, but it will reward users with currency coding as they join the network. Here's how it works:
Essentially, content creators will get more money as their content approaches and gets more support from the community.
Users will vote, creating a hierarchy of content. The more content gets upvotes, the more content the creator gets. The platform also allows for downvotes, allowing participants to be more flexible when evaluating content.
- Difference between Steem and Bitcoin
Both Steem and Bitcoin are designed with individual features. Bitcoin was created with the goal of becoming a P2P digital currency, while Steem's goal is to become a broad media and social networking platform. Many social networking platforms use voting systems, such as "upvote", "likes", "share" to evaluate content. Steem combines these concepts into a single platform, paying for STEEM users based on their contributions to the evolution of the network.
+Steem has three different currency coding
- STEEM. STEEM is the basic coding currency of the Steemit network. STEEM can be converted to Bitcoin or other coded currencies through a number of major trading platforms. To vote for content on the network, you need to convert STEEM to Steem Power (SP). This process is called "powering up." You can also convert STEEM into Steem Dollars.
- Steem Power (SP). When you turn STEEM into Steen Power (SP), you will invest in this network. A unit of STEEM, called SP, is equivalent to one vote. The people with the most SP, the most influential for any content, the content will be put on top. Votes such as: Upvotes and downvotes, or "flags", from users who own large amounts of SP will be more valuable than users with less SP. In addition, about 90% of STEEM will be created for users with multiple SPs, creating motivations for them to reinvest their profits into the network. The rate limitation is set when the SP conversion becomes STEEM, which is called "powering down".
- Steem Dollars. Steem Dollars, worth 1: 1 against the USD. This is the unit used to represent a short-term debt. In Whitepaper, "keeping" the Steem Dollars is seen as a way to help grow the community.