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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...
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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 ...
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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...
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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 au...
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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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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 econom...
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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 contai...
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Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
MORE LIKE THIS
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...
Why are cryptocurrencies so popular?
Some of the reasons:
- Some see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
- Some like the fact that cryptocurrency removes central banks from managing the money supply since over time t...
What is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias
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