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Steem is a blockchain that supports community building and social interaction with cryptocurrency rewards. The concept of Steemit is like a decentralized version of reddit.com.
Steem aims to support social media and online communities by returning much of its value to the people who provide valuable contributions by rewarding them with cryptocurrency, and through this process create a currency that is able to reach a broad market, including people who have yet to participate in any cryptocurrency economy.
Steem aims for a fair and inclusive social media through crypto:
Steem's challenge is to create a system capable of identifying the contributions that are needed and their relative worth, using a methodology that can scale to an unbounded number of people. Steem is designed to enable effective micropayments for all kinds of contributions by changing the economic equation:
Readers can vote content up or down and Steem will use their votes to determine individual rewards.
Steem has 3 different asset classes:
Since December 2016, Steem began creating new tokens at an annual inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year.
Of the new tokens that are generated:
Steem’s blockchain (Graphene) is a variation of the Bitcoin Blockchain. It also powers Bitshares and EOS:
In 2020 Steamit.com, the biggest platform where for the Steem blockchain was aquired and it seemed the descentralized advantage vanished as a private actor owned 80% of the coins.
The community forked the project and a competing platform called HIVE launched to compete with Steem.
Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
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