Steemit History and Money system

On July, 4th, 2016, Steemit, Inc officially launched Steemit, a social media with virtual currency rewards that runs over the Steem blockchain. On March 15, 2017 Dan resigned as a head of technology and a marketing team was announced with Mitchel Loureiro (Hive account@zuvarnic) and Hive account@andrachy. Frank Rimalovski, Andrew Haines and William Mougayar (Hive account@wmougayar) are advisory board members while Hive account@cass, Jeffrey Paul (Hive account@sneak), James Calfee (Hive account@jamesc) and Valentine Zavgorodnev (Hive account@val-a) are a few of the staff members.
The Steem blockchain has two tokens: STEEM and Steem Dollars. There is also a vested or stored interest known as Steem Power. Steem Power is strictly for internal use in the Steem community, while the tokens are used for stored value and trading.

Steem began with a highly inflationary supply model, doubling roughly every year.[3] However, due to community demand, on December 6, 2016 the inflation rate of Steem was changed to 9.5% per year, reducing by 0.5% per year.