What is Steemit?
Steemit is a social network created in 2016, in the same style as Facebook or Reddit. You can create content, take a blog, write articles or share our experiences, travels, ideas, works, photos ... The Steemit model unlike its competitors is based on blockchain technology. You may be wondering now, what does the blockchain mean?
What is the blockchain?
The blockchain is an information storage and transmission technology, transparent, verifiable, secure and protected by powerful algorithms and encryption against forgery. The blockchain is a decentralized system, that is, there is no central authority that can intercept, block, or control a transaction, such as a bank. The blockchain is like a big book of accounts kept, shared, distributed and controlled collectively.
What does this mean for Steemit?
What this means more concretely for Steemit is that there is no censorship or control by a central authority. Your account only belongs to you and when you lose your password for example you can not recover it. That does not mean that we can share anything. A reputation system has been set up, and it is the other users who decide by voting (upvote) or signaling (flag) the content.
Can we really make money?
The biggest advantage of Steemit, what you like and what brings you here is the fact that you are rewarded for your efforts. It must be understood that you are not directly rewarded with real money such as euros or dollars but in virtual money called cryptocurrency. The cryptocurrency can then be exchanged for real money via exchange sites. Then yes! Steemit pays you when you like, comment or post content. However, it is not as simple as it appears to create publications that please. You have to find your place, your audience, gain followers and develop your reputation.
What is cryptocurrency ?
Cryptocurrency is virtual money and a means of payment, always associated with blockchain technology. The first created cryptocurrency was bitcoin in 2009 but now there are many others (Ethereum, Dash, zcash, litecoin ...). Virtual parts are basically created "from scratch" in a process called mining. On the one hand, it can be compared to the central banks that manufacture money notes and distribute them in other banks. With the difference, Cryptocurrency is distributed to minors, people who use the computing power of their computers to solve mathematical problems. These calculations not only create cryptocurrency but also verify and validate transactions. It's money that can not be falsified, duplicated or modified (even better than real money). You need to trust nobody to keep your money safe, bank or otherwise. The fact that the blockchain is for the moment impenetrable, cryptocurrency value and gains more and more (and then it is easier to carry) but is very volatile. Most cryptocurrencies have set a limit on the amount (eg bitcoin at a limit of 21 million with about 16 million already mined). On the other hand, it can be compared to gold or diamonds (hence the "mining"), the more rare it is, the more people ask for more is expensive.
Steemit also uses a cryptocurrency, called the "steem". The steem is no longer "mined" in the traditional way (the mining being finished), the quantity doubles each year. Instead of rewarding computing power, steemit generates and rewards people who bring value to the platform (by voting, commenting, or posting).
How does all this work for steemit?
Since the steem, like other cryptocurrency is quite volatile in value. The steemit ecosystem uses two other currencies, the steem power (SP) and the dollar steem (SBD), which are based on the value of the dollar. When your publication generates a certain amount, this amount is credited to your account after a period of one week. Payment will be made 75% to the author and 25% to the voters. Then by default, 50% of the 75% is credited with steem power and the other 50% with steem dollars (you can choose to be 100% credited with steem power in the options just before publishing your content).
What is steem power?
Steem power is basically your power of influence, which can be considered as shares in a company. The more important your opinion is, and your votes carry weight. In the long run, steem power brings you 90% interest per year. However, in order to remove it (power down), you have to restart it in 13 weeks (if you have 10000, you will have 10000/13 per week).
What is the steem dollar (steem backed dollar)?
The dollar steem is the equivalent to the dollar, commonly used and easily transferable between members of the site. When you convert a dollar steem to a steem, you will have the equivalent of one dollar. For example if a steem has a value of 0.1 dollar you will have 10 steems with a dollar steem. example if a steem has a value of 0.1 dollar you will have 10 steems with a dollar steem. In addition, the dollar steem brings you an interest of 10% per year, much lower than steem power. However we do not need to wait 104 days to convert it to steem. Le steem qu'on peut ensuite échanger simplement en bitcoin ou dans une autre cryptomonnaie pour l'ensuite échanger en argent réel.
Why should we join steemit?
In addition to the benefits of which I spoke to you above:
- no central authority so no censorship per se
- earn income by voting, commenting and publishing - - what you like
- fund projects and causes
- find and meet interesting people
- a secure payment method
☆You have nothing to lose!☆