Steem represents a fusion of ideas, drawing from each social media and cryptocurrencies to make a replacement reasonably platform. Anybody will produce, share, or upvote content on the Steem network, earning cryptocurrency tokens supported performance among the community.
This info shouldn't be understood as AN endorsement of cryptocurrency or any specific supplier, service or giving. it's not a recommendation to trade. Cryptocurrencies area unit speculative, complicated and involve important risks – they're extremely volatile and sensitive to secondary activity. Performance is unpredictable and past performance is not any guarantee of future performance. contemplate your own circumstances, and procure your own recommendation, before hoping on this info. you must additionally verify the character of any product or service (including its position and relevant restrictive requirements) and consult the relevant Regulators before creating any call. Finder, or the author, could have holdings within the cryptocurrencies mentioned.
What is Steem?
Icon Symbol Launched Algorithm type Max. supply
STEEM
March 2016
SHA-256
No max
Steem’s main platform, known as Steemit, could be a social media network designed on prime of the Steem blockchain. Steemit is analogous to well-liked content-driven social networks like Reddit and Medium, however it rewards users with cryptocurrency for his or her participation. Here’s however it works:
Fundamentally, the a lot of price a selected piece of content provides to a larger variety of individuals, the a lot of the people liable for making and curating that content will earn.
Users forged votes, making a hierarchy of content. The a lot of upvotes a post gets, the a lot of it'll earn. The platform additionally permits for downvotes, giving participants a lot of flexibility once it involves rating content.
Steemit is structure, which means users that hold a lot of currency will forged votes with larger influence.
How is Steem totally different from bitcoin?
Both Steem and bitcoin were designed with a selected operate in mind. Bitcoin was created to function a digital, peer-to-peer currency. Steem is, at its core, a social media platform. several social media platforms use ballot systems, like upvotes, shares, or “likes,” to range content. Steem incorporates these ideas into a singular, blockchain-based platform that pays users in STEEM for his or her contributions to the network. whereas STEEM and bitcoin area unit each cryptocurrencies, STEEM’s usage is particular to social networks.
Steem has 3 cryptocurrencies
There area unit 3 digital tokens that conjure the Steemit ecosystem: STEEM, Steem Power (SP), and Steem greenbacks.
STEEM. STEEM is that the foundational cryptocurrency of the Steemit network. STEEM is changed for bitcoin or different cryptocurrencies via many distinguished exchanges. so as to forged votes, however, you would like to show your STEEM into Steem Power (SP). This method is thought as “powering up.” you'll be able to additionally convert STEEM into Steem greenbacks.
Steem Power (SP). after you flip STEEM into SP, you're finance it within the network as equity. One unit of STEEM, unconditional as SP, equates to at least one vote. Those with the foremost SP to contribute have the best influence over that content is elevated to the highest. Upvotes and downvotes, or “flags,” from users holding massive amounts of SP area unit price over users with less SP. to boot, around ninetieth of latest STEEM that's created goes to users United Nations agency hold plenty of SP, that creates AN incentive for participants to take a position their earnings into the network. Rate limits area unit in situ on changing SP into STEEM, called “powering down.”
Steem greenbacks. Steem greenbacks, valued at 1:1 with the U.S. dollar, area unit a unit accustomed represent a short-run debt. Holding Steem greenbacks is delineated in Steem’s whitepaper as some way of loaning the community the worth of 1 U.S. dollar, that is meant to foster growth.
How to get STEEM
There area unit 2 ways that to urge STEEM: pip out or earn it. you'll be able to get STEEM on many well-liked cryptocurrency exchanges, as well as Poloniex, Bittrex, and ShapeShift. shopping for STEEM is possibly the quickest thanks to acquire this currency. Earning STEEM is completed by participating with the Steemit community, posting content, commenting, sharing, and networking. The a lot of valuable contributions you create, the a lot of STEEM you must earn.
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Payment strategies
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Available Cryptocurrencies
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Can Steem be profitable?
There area unit several opportunities to earn rewards by collaborating within the Steem network. appreciated people for making and curating content that has price to the community is at the core of Steem. That being aforementioned, new users ought to have realistic expectations: it’s rare for a personal to own a primary post go microorganism and earn an enormous reward.
Because Steemit uses a electoral system to range quality content, there's a powerful incentive for participants to deliver. Accumulating Steem Power (SP) is otherwise to grow your influence and earnings on the Steem network. The a lot of you invest within the platform, the a lot of influence your upvotes have, that successively offers you extra chance to earn rewards.
What to stay a watch out for
Currently, Steemit is that the primary application for Steem, though different social networks could integrate the Steem blockchain into new or existing platforms.
Because users with uncountable SP forged votes with a lot of weight, obtaining flagged by one in all these users will have a severe impact.
The supply of STEEM will increase by 100% each year, creating it a extremely inflationary currency.
What’s next for Steem?
The developers behind the Steem blockchain acknowledge that Steemit is one in all several potential applications that would get pleasure from the underlying computer code. The 2017 roadmap for Steem emphasizes extending this technology to third-party developers. Adding microservices and public service endpoints can create the Steem blockchain easier for developers to figure with.
Steem is functioning on mobile apps for iOS and robot.
Free drag-and-drop image hosting is being integrated into the Steemit platform.
Several steps area unit being taken to enhance user expertise, as well as AN updated programme (UI), rebranding of Steemit, and simplification of the signup method.