This is my second post. I am trying to understand this platform. So following is my understanding about this platform as of now.
Steemit is a social web platform that provides content creation and content curation rewards to its users.
Content creation rewards are the rewards that the person gets when he or she upload good quality content on the Steemit website.
Curation rewards means the rewards provided to the users when he or she curates good and unique content of other users by upvoting, commenting, and replying.
Now, where does the money come for rewarding? Simple! It comes from the blockchain mining, which is done with the help of users when they do something on the Steemit network. Just like bitcoin miners are rewarded for mining the bitcoins; Steemit users are rewarded for content creation and curation.
Steemit has 3 currencies: Steem, Steem Power, and Steem Dollars.
Steem is a liquid currency like Bitcoin that can be mined like Bitcoins and may change in value just like Bitcoins.
Steem power is the currency that the Steemit platform pays you for content creation and curation. Steem power is like an influencing power of your content and voting power. The more steem power you hold, the more value and power of your content curation and creation has.
Steem dollar is a fix currency that Steemit platform pays you. Steemit platform pays your rewards in 50% Steem power and 50% Steed dollars. You can also buy Steem and power up your Steem power currency through the powering up process. So, this way you can not only earn from creation, but also curation.
To undetstand more you can go to following URL,