Steem is a social blockchain that is accessible to the public and contains immutable plain text content. It is a distributed blockchain database that keeps all of the records such as text content and transaction data; even reward computations and payments are made on it.
However, in order for content producers and consumers to connect with the Steem Blockchain and access the data stored on it, a front-end web interface is required, which is provided by Steem DApps. Steemit, for example, is a social DApp based on the Steem blockchain that pays users with Steem tokens.
The Steem blockchain, with its built-in incentivization system, aims to build a currency that can reach a wider market, including those who have yet to participate in any digital economy.
It is the Steem blockchain that drives the network’s native digital assets, known as Smart Media Tokens (SMTs). Digital content companies’ go-to tools for monetizing their material and enticing people to do the right thing.
The Steem blockchain powers Steemit, a social media network with many similarities to Reddit but a focus on blockchain technology. User-created and shared material may be rated by other users through likes and votes. For every like and upvote a post gets, the network will provide its author with Steem Power and STEEM Dollars in compensation.
Steem Coin: A Quick Overview
The Steemit platform runs on the cryptocurrency Steem Coin. Like other social networking sites, Steemit allows users to share and generate their own content. In contrast, Steemit’s compensation system is based only on the content its members provide. Steem currency is measured in Steem Dollars and Steem Power.
Steem power is a token that shows how much power you have in your Steemit account, while the Steem Dollar is a currency that is equal to one US dollar.
As your Steem Power increases, you are able to cast more votes, and they have a greater impact. Powering Up or Powering Down, as in an online game, refers to increasing or reducing your Steem Power.
There are currently more than 300,000 users on Steem who upload and curate fascinating content.
Users generate and curate content on Steemit in the same way that they do on other social news platforms (e.g., Reddit, Hacker News) and are paid in Steem for their efforts.
Is the Steem business model viable?
Participating in the Steem network allows you to win rewards in a variety of ways. The basic idea behind Steem is to reward people for generating and curating content that adds value to the community.
The basic idea behind Steem is to reward people for generating and curating content that adds value to the community. However, new users should have realistic expectations because it is unusual for a person’s first post to be popular and obtain a substantial reward.
More than just content, authors are rewarded by the STEEM coin. Users that verify transactions are rewarded with a share of the currency pool by the network.
By creating a Linux server that creates new blocks on the Steem blockchain, every Steemit account may become a “witness.” Steem uses a delegated proof of stake mechanism, in which users vote on who will verify the next block as the “witness.”
So, is STEEM similar to Bitcoin?
No, not exactly. They both employ the same technology but in somewhat different ways. Bitcoin is a peer-to-peer currency, while STEEM is a social network that is supported by the Steem blockchain.
For example, you may share photographs of your products, motivating phrases, and more on other social media networks. Steem, on the other hand, places a premium on value. Users are pickier about the material they upvote because of the monetary incentive. In addition, downvotes from people with a lot of Steem Power have a greater impact.
Where to Purchase Steem Coins
You may purchase Steem coins on any of the major exchanges that offer the currency. When it comes to buying bitcoins, Coinbase is a well-known and often used brand. Bittrex and OpenLedger are two more. Bittrex’s user-friendly design makes it preferable to OpenLedger’s for those just getting started.
Steem currency is a novel concept that rewards user participation with monetary rewards. In some ways, it seems reasonable that users, who generate and curate the majority of internet material, get nothing in return. Some users produce more work than hired authors, yet they are not compensated. Steem Coin is an approach to filling this need and encouraging more quality users to contribute to social media networks.