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What Is Steem (STEEM)?

Steem is a community-focused blockchain that creates an instant gain opportunity for the network ’ randomness users. The protocol is designed to provide an earn opportunity for customers based on their rate to the network. It is designed to provide users with a platform where they can post curated content on-line, and get paid in cryptocurrency. The protocol is a publicly available, incentivized blockchain database that allows users to interact with themselves and earn in return. It leverages technologies from both social media and cryptocurrency to provide users with value. The net ensures the fair treatment of contributors by running a reinforce structure that reflects each drug user ’ sulfur contribution. Steemit is the first app that was built on the Steem blockchain, and it launched on July 4, 2016. The protocol aims to provide value for its community of users in the pursue ways :

  • To provide thoughtfully chosen news and commentaries.
  • Creating an opportunity to earn.
  • As a source that offers answers to users’ inquiries.
  • Offering a stable cryptocurrency pegged to the USD.

Who Are the Founders of Steem?

Ned Scott, together with a blockchain developer Dan Larimer, launched the beginning app on Steem blockchain in January, called Steemit. The app is like to other social net apps except that it is based on blockchain engineering, hence making it a decentralized and non-custodial app. The net is without the common data-related problems faced by traditional social platforms.

Ned Scott worked as a clientele operation and fiscal analyst at an american Food importing company, Gellert Global Group, from 2012 to 2015. He met Dan, his partner, in 2015 where he found out they shared similar interests. Dan Larimer is a software engineer and serial entrepreneur who is captivated by blockchain engineering, DEXs, cryptocurrency and early technologies. Dan co-founded Steem aboard Ned Scott and was the CTO until he left the company in 2017 .

What Makes Steem Unique?

many traditional social media companies have made lots of money through the contented produced by their users. however, what sets Steem apart is the support it offers to its users by rewarding them for their valuable input to the chopine. One alone feature of the network is that it is based on blockchain engineering —making it the foremost of its kind. As a consequence, it is non-custodial and decentralized, with no downtime or data mistreat, and the platform ’ south data are absolutely secured besides. besides, users are paid in cryptocurrencies for participating on the platform. Steem is guided by one key principle : that those who contribute to a venture should be paid by the owners, good like startups do by allocating shares during funding rounds. Another core impression is to serve its community members by rendering assorted fiscal services and opportunities.

How Many Steem (STEEM) Coins Are There in Circulation?

Token Economics Unlike early blockchains where fresh coins are created through mining, Steem distributes the bulge of its coins ( STEEM ) to the rewards pool. STEEM is the primary coin of the protocol. The pool distributes tokens to users on the platform based on their input. Witnesses ( block-creating accounts ) add newfangled blocks to the Steem blockchain every three seconds. consequently, STEEM is produced by the network daily and the new coins are distributed in this manner :

  • Content curators and authors receive 75% of the new coins created.
  • Users with Steem Power holdings (another Steem cryptocurrency) are allocated 15% of the coins.
  • The remaining 10% is awarded to witnesses.

The other two cryptocurrencies apart from STEEM are the Steem Dollars ( SBD ) and Steem Power ( SP ).

How Is The Steem Network Secured?

After the company was bought by Justin Sun, founder of Tron platform, there was a restructure of Steem ’ mho operations. consequently, new blocks are no longer created through mining and the network does not use proof-of-work. The protocol does not rely on proof-of-work to create raw blocks but schedules witnesses to create a block every three seconds. however, the Steem blockchain uses delegated proof-of-stake to increase transaction travel rapidly on the platform and make it more scalable. Witnesses are rewarded with Steem Power for every block created .

Where Can You Buy Steem (STEEM)?

There are respective cryptocurrency exchanges where users can purchase Steem tokens, SteemPower, or Steem Dollars ( SBD ), or even concert them to local currencies. A exploiter without an account can buy through crypto exchanges, for example, Binance. In addition, STEEM and Steem Dollars can easily be traded for bitcoin, which can then be converted to fiat currencies. Click here to get more information about crypto on the CMC blog .

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