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Steem Blockchain
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.
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The principles behind Steem
Steem aims for a fair and inclusive social media through crypto:
- Everyone who contributes to a venture should receive pro-rata ownership & payment from the venture. Just like when startup allocate shares through investement rounds.
- All forms of capital are equally valuable. This means that those who contribute their scarce time and attention toward producing and curating content for others are just as valuable as those who contribute cash. This is the sweat equity principle.
- The community creates value to serve its members: curated high quality news, stable cryptocurrency pegged to the US dollar etc...
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Measuring Contribution through interactions
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.
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STEEM's Ways to Contribute
Steem has 3 different asset classes:
- Steem (STEEM)- the liquid currency. You can earn it by posting, commenting etc...
- Steem Power (SP) - Users are able to commit their STEEM to a 13-week vesting schedule, providing them with additional benefits within the platform. Committed STEEM is called Steem Power (SP). When users vote on content, their influence is directly proportional to the amount of SP that they have.
- Steem Dollars (SBD) is similar to convertible notes, for startups. It allows the holder to convert to the backing token with minimum notice at the fair market price of the token.
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Steem Allocation & Supply
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:
- 75% go to fund the reward pool, which is split between authors and curators.
- 15% of the new tokens are awarded to holders of SP
- 10% pays for the witnesses to power the blockchain.
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How to earn STEEM
- Content creation
Create interesting and valuable content on Steemit to earn STEEM as a content creator - Freelance work
Offer your skills to the community - Take part in Contests and Challenges
- Lease/Renting out your Steem Power
Buy some STEEM from exchanges and power up your STEEM to Steem Power then rent/lease it out to other Steemit users for daily Steem payment to your wallet.
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Technical Details of Steem
Steem’s blockchain (Graphene) is a variation of the Bitcoin Blockchain. It also powers Bitshares and EOS:
- A block is created every 3 seconds.
- The consensus algorithm involves 21 witnesses who verify the blocks.
- Each block contains: the texts of all posts and comments, transactions of Steem between users, upvotes and downvotes , follow, unfollow, etc.
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The HIVE fork
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.
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IDEAS CURATED BY
Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
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