It is easily noticeable when a Cryptocurrency with an overall market capitalization of roughly $14 million jumps to more than $400 million.
Skepticism and excitement follow through when the same Cryptocurrency makes up the framework of a social media body. It goes further to reward its users for content creation.
This company is none other than Steem. It was founded by Daniel Larimer and Ned Scott and established in July 2016. Also, it is a private company and has its headquarters in Virginia.?utm_source=blockchainwatching
Steem is basically a Cryptocurrency used in powering the Steemit platform. And, Steemit is a blockchain platform that encourages its users with Steem Cryptocurrency for creating contents.
The Steemit platform also entails a Steem blog where creative ideas are written and users vote for the best content creator. The video underneath explains what Steemit is all about.
The Core Business of Steem
Like Bitcoin that was built as a computerized, peer to peer currency, Steem has a social media platform known as Steemit. Steemit is similar to other social platforms that utilize a system of voting like upvote, shares, and likes.
Moreover, the users are paid with Steem as a reward for their participation in the network. Though it is a Cryptocurrency like Bitcoin, it is streamlined to the social network.
The Steem platform makes use of the Steemit Blockchain to reward its publishers and curators on the platform. Meanwhile, the Steemit value is one in which 1 Steemit is equal to 1 USD.
What Does Steem Offer?
Generally, Steem has three distinct Cryptocurrencies to offer its users on the Steemit platform. These computerized currencies form the Steemit platform ecosystem. They are;
It is the basic crypto of the Steemit platform. The Steem crypto can be exchanged for either Bitcoin or any other Cryptocurrency. This exchange is done through diverse popular exchanges.
In the same vein, Steem can also be converted into seem dollars. To cast votes in the Steemit platform, Steem is changed into Steem Power (SP). The process of changing Steem into Steem Power is referred to as Powering Up.
When Steem is changed into Steem Power, it is invested in the system as equity. A unit of Steem dressed as Steem Power is equal to a single vote. Users with the largest amount of Steem Power to add are big influencers.
Furthermore, these users can determine the content to be placed at the top of the Steemit platform. The downvotes and Upvotes from users with big amounts of Steem Power are generally valued more than those of users with smaller Steem Power.
Similarly, when Steem Power is transformed back to Steem, it is referred to as Powering Down.
Generally, Steem dollars is worth 1:1 when placed with the dollars. Steem dollars are units that signify short term debts. Holding the Steem dollar is a method of giving back to the community the worth of a distinct dollar.
However, this boosts growth according to the Steem whitepaper. As mentioned earlier, Steemit value is essentially equal to the dollar. And so, 1 Steem is equal to USD.
It is a well established fact that the Steemit platform relies on the Steemit Blockchain to reward its users both curators and authors alike for building value all over the platform.
Through the Blockchain, apps are also created on the platform.
Some of the Steemit apps include;
More information on Steem can be found on the Steem Whitepaper.
Steem arranges events such as the Steemfest. The purpose of this event is to educate those individuals still trying to grasp an understanding of Blockchain and Cryptocurrencies.
To Wrap It Up
Steem signifies an integration of concepts that was drawn from not only Cryptocurrencies but social media as well. These concepts were drawn to build a new platform different from what we know. Also, different apps can be created on the Steemit Blockchain.
Nevertheless, steem has successfully integrated these ideas to form a distinct Blockchain based platform known as Steemit. Uniquely, cryptocurrency tokens are earned on the Steemit platform via sharing, upvoting contents or creating contents within the network.
The Steemit platform can be likened to other prominent social media networks such as Medium and even Reddit. However, it rewards its members with Cryptocurrencies instead.
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