Steemit is a social news service that functions as a blog and a social web page on the network, in addition to a database of block chains, known as Steem.
History
The project was founded in 2016 by Ned Scott and Dan Larimer, creator of BitShares. The two founders of the Steemit Inc. company that manage the Steemit website and fund the continued development of the platform. On March 15, 2017 Dan Larimer announced his resignation from the company.
Monetary system
The block chain Steem has two tabs: STEEM and Steem Dollars.
Steem started with a highly inflammatory bid model, which doubled approximately every year. However, due to community demand, on December 6, 2016 the Steem inflation rate was changed to 9.5% per year, reducing it to 0.5% per year.
STEEM
The STEEM token is the base token of the network. It is quoted in multiple markets and cryptocurrency markets. Its market value determines the value of the set of rewards paid by Steem. Its value is also backed by the value of Steem Dollars.
STEEM Power (sp)
It is STEEM that has been entered into an intelligent contract and represents the amount of influence that an account has contracted with the rest of the network. The more STEEM Power has an account, the more influence your vote has on the messages or comments. STEEM Power also determined the weight of an account for the witness approval vote.
The accounts are created with a small amount of STEEM deposited in the form of STEEM Power. 100% liquid (a combination of STEEM and Steem Dollars) and 50% of STEEM Power. Users and investors also have the option of converting STEEM liquid into STEEM Power, called power up.
STEEM Power can not transfer or trade directly, but the owner of the account may choose to recover liquid STEEM in weekly payments at a rate of up to 1/13 of the total STEEM Power of the account. The account will lose its voting influence in proportion to the withdrawal of STEEM.
Steem Dollars (SBD)
It is a vehicle destined to be a dollar of the United States. Steem Dollars can be traded in cryptocurrent exchanges, and used for payments of goods and services.
There is an internal market in the Steem chain and it is integrated into the Steemit website where STEEM can be negotiated with Steem Dollars and vice versa. Steem Dollars can be converted into an equivalent amount of STEEM in a process that takes 3.5 days. Wallet
The Steemit Wallet page shows the tokens belonging to an account. The web-based portfolio allows red transfers of Steem Dollars and STEEM. Savings balances are as a security measure and take 3 days for a withdrawal.
Rewards
The rewards of post and comment are divided into 75% for the author and 25% for the curators. A 50/50 split of STEEM Power and liquid letters is given to authors and commenters 7 days after a post or comment is made.