Hi,
my name is David and right now I'm trying to wrap my head around this whole steem-system. I've already read the whitepaper, but - obviously - this thing is a bit too complicated to understand everything from first sight.
What I've understood so far:
- There are three different ways to hold the steem-currency
- the most important one is steem power, which gives the holder more "power" to vote for content on steemit (and probably other platforms to come)
- the amount of steem is going to double every year, but because 90% of the new tokens are distributed to steem-power-holders, it will be closer to a 2:1-stock-split than to actual inflation
- the other 10% of new steem are distributed to miners and content-creators
What I've understood partially:
- the steem that is distributed to the content-creators is a fixed amount relative to the current overall-supply.
- there is a somewhat complicated system to prevent users of upvoting too much content in a short period of time.
What I haven't understood yet:
- What is part of the actual blockchain of this system? Is it the whole content or just a pointer (like a hash or something)?
- How does the reputation system work?
I'm thankful for every good link to explanations, further documents or interesting videos and audios.
Thank you!