What is steem?
Steem is a blockchain based social media platform which incorporates concepts like upvotes, likes, posts, shares into a unique blockchain-based platform that pays (in STEEM) individuals who make subjective contributions to its community.
What is steemit (Social Media)?
Steemit (an incentivized blockchain social news service) was the first platform on Steem, it is very similar to popular content-driven social news sites, like Reddit, Medium, Hacker News but it rewards publishers and curators with cryptocurrency for their participation.
By building an online community that is rewarded in cryptocurrency for sharing their opinion, Steem is redefining the world of social media and is quickly building a growing social economy as it is the users who earn rewards from using it instead of only the company shareholders like all other platforms.
There are 3 types of tokens that make up the Steemit ecosystem: STEEM, Steem Power (SP) and Steem Dollars (also known as Steem Back Dollars).
- STEEM: The main currency on the Steem Blockchain. and is the most flexible of these tokens, it is transferrable. You can increase your influence by powering up STEEM at any time. Many exchanges support sale of this for other crypto.
- STEEM POWER: (a.k.a Vests) is a staked/vested token which represents your voting weight/power inside of the steem blockchain. This is influence on steem. Of course, you have to vest it. Because of this it takes 13 Weeks to convert back to STEEM, which means that it is not liquid, but if it were, we’d probably have quite an issue of people powering up, down, up, down…
- STEEM BACKED DOLLARS: (SBD) A debt instrument worth $1 in STEEM. The convert function allows you to do this natively. Of course, this is the stablecoin of steem. Additionally, it is used (in combination with steem) to reward users for posting and voting.
When you are paid on Steemit, you can choose to be paid 50% in Steem Power and 50% in Steem Dollars, or 100% in Steem Power.
The Steemit website has wallet functionality built-in, so by signing up to the site, you have also created your wallet for storing Steem, Steem Dollars and Steem Power. There are some competitors to the original Steemit website now, such as Busy, Steeve, SteemPress and Ulogs. There is also a command line wallet you can download and also mobile wallets called eSteem and Partiko (reflink), which acts as a mobile interface to the social network itself allowing you to access all the main features of the site and also transfer your funds at any time.
Steem is changing the way we use social media, by authorizing users to earn rewards for their participation, and allowing users to build their own Tools for Steem. By putting an incentive behind interaction, this technology is creating a thriving community where quality content really matters.
Disclaimer: The above banner is a referral link and I earn a comission for each purchase made!