Steem

Steem is a community-focused blockchain that creates an instant earning opportunity for network users. The protocol is designed to provide customers with the opportunity to earn money depending on their value to the network. It is designed to provide users with a platform where they can post curated content online and get paid in cryptocurrency.

The protocol is a public blockchain database that allows users to interact with each other and earn in return. It uses both social media and cryptocurrency technologies to deliver value to users. The network ensures that members are treated fairly by using a reward structure that reflects each user's contribution.

Steemit is the first app built on the Steem blockchain and launched on July 4, 2016. The goal of the protocol is to deliver value to the user community in the following ways:

Ned Scott, along with blockchain developer Dan Larimer, launched the first application on the Steem blockchain called Steemit in January. The app is similar to other social media apps, except that it is based on blockchain technology, making it decentralized and non-custodial. The web lacks the common data-related challenges faced by traditional social platforms.

Ned Scott worked as a business operator and financial analyst for the American food import company Gellert Global Group from 2012 to 2015. He met Dan, his partner, in 2015, where he learned that they had common interests.

Dan Larimer is a software engineer and serial entrepreneur passionate about blockchain technology, DEX, cryptocurrency, and more. Dan co-founded Steem with Ned Scott and served as CTO until he left the company in 2017.

Many traditional social networks have made a lot of money from content created by their users. However, what sets Steem apart is the support it offers to its users, rewarding them for their valuable contributions to the platform.

One of the unique features of the network is that it is based on blockchain technology, making it the first of its kind. As a result, it is storage-free and decentralized, with no downtime or data abuse, and the platform data is also completely secure. In addition, users are paid in cryptocurrencies for participating on the platform.

Steem is guided by one key principle: those who contribute to the enterprise should be paid by the owners, as startups do by distributing shares during funding rounds. Another core belief is to serve members of your community by providing various financial services and opportunities.

Unlike other blockchains where new coins are created through mining, Steem allocates the bulk of its coins (STEEM) to a reward pool. STEEM is the main coin of the protocol. The pool distributes tokens among platform users based on their input.

The price for today is ₽24.29. with a daily trading volume of ₽664,826,191 We update our STEEM price to RUB in real time. Steem is down 33 in the last 24 hours. The current CoinMarketCap rating is #327 with an income capitalization of ₽9,592,307,024. The circulating supply is 394,951,699 STEEM coins and max. no offer

Witnesses (accounts that create blocks) add new blocks to the Steem blockchain every three seconds. Thus, STEEM is produced daily by the network, and new coins are distributed as follows:

-Curators and content authors receive 75% of the new coins created.

-Users with Steem Power assets (another Steem cryptocurrency) are allocated 15% of the coins.

- The remaining 10% is awarded to witnesses.

-Two other cryptocurrencies besides STEEM are Steem Dollars (SBD) and Steem Power (SP).

After the company was bought by Justin Sun, the founder of the Tron platform, there was a restructuring of Steem activities. Therefore, new blocks are no longer created through mining, and the network does not use proof of work.

There are several cryptocurrency exchanges where users can purchase Steem, SteemPower or Steem Dollars (SBD) tokens or even convert them into local currencies. A user without an account can buy through crypto exchanges, such as Binance. In addition, STEEM and Steem Dollars can be easily exchanged for Bitcoin, which can then be converted into fiat currencies.

Steem is a social blockchain that grows communities and makes immediate revenue streams possible for users by rewarding them for sharing content. It’s currently the only blockchain that can power real applications via social apps like Steemit.

Steem is a unique project in the cryptocurrency market. The platform is a social network within which any participant can receive a reward for generating new content. The latter can be videos, texts and other materials useful to the community.

Social networks have already become an integral part of life. Users share content every day and conduct various activities on such platforms (study, comment, like). As soon as a user has shared some personal information, it ceases to belong to him. All earnings and conversions from such sites go "into the hands" of one or a group of people. Ordinary users do not receive anything for the published content and their data.

Blockchain is able to solve this problem, thanks to its main principle – decentralization. Therefore, the Steemit social network was created (Steem is the name of the cryptocurrency), where each user is personally responsible for their content, but at the same time can receive remuneration.

The project was developed in 2016. Experienced programmers worked on the platform: Daniel Larimer and Ned Scott. The first of them worked for Bitshares, which is in the TOP 50 in terms of capitalization among all existing projects dealing with blockchain technology. Larimer is also known for the EOS project.

Steemit Inc. was headed by Ned Scott. Steemit is the first successful project of a young entrepreneur. All that is known about him is that he graduated from Bates College, a university in the USA.

The company is based in New York and headquartered in Virginia, so it is fully subject to US law. Perhaps that is why this project is one of the most promising and reliable blockchain startups.

After Steemit, a number of similar projects appeared. For example, his Russian-language fork Golos has gained great popularity. Also, the sports media network Scorum was built according to the Steemit concept.

To start earning money on the Steem platform, you need to register on the official website and start creating new content. The amount of remuneration directly depends on the ratings of users of the community.

The platform is not interesting for the content generated by the participants of the Steem social network. The key advantage of the platform is the original structure.

In addition, for most people who are far from cryptocurrencies and blockchain technology, this is a great opportunity to earn their first tokens and better understand what the world of cryptocurrency is.

Theoretically, in order to start earning a "local" token, you do not need to invest anything except your intellectual values. In fact, not everything is so simple, especially with the growing popularity of the social network.

Any user passes a quick registration on the platform. To do this, you only need an email address, and registration will take no more time than in a regular social network.;

Immediately after registration, you can start publishing content. You can publish anything you want – test recordings, music, videos, pictures;

Immediately after publication, users do not receive any money; the reward is based on the votes of other users, the so-called "upvotes". Something like analogs of "likes" in ordinary social networks.networks. The more "upvotes" – the greater the reward;

Remuneration in the form of internal tokens is paid after 7 days after the publication of the content.

At first glance, everything is very simple. But there are a number of some features:

There is no censorship on the platform, and in fact you can publish anything. However, there is a system of protection against plagiarism. You can publish exclusively the author's content, otherwise the "anti-plagiarism" bot will come under the name Cheetah. The first time he will make a warning, and the second time he will ban;

The platform has an "upvote for upvote" system. Do not expect that other users will immediately "attack" the publications. Most often, no one reads the content, but simply "upvote" in gratitude for the attention;

Even if you managed to collect a large number of subscribers, this does not mean that now the posts will receive a large reward. Two people can vote for a post, and you can get a tidy sum for it, or maybe a hundred users - and get almost nothing. It all depends on the strength of the voice;

Not all rewards go to the user who posted the content. Part of the remuneration goes to the so-called curators, that is, those who "voted" for the post and thus promoted it.

That is, to really start earning, you either need to "unwind" your account for a very long time, publishing at least 4 posts a day, and in Russian and English (because most users are still English-speaking) and attract the attention of "whales", or invest a tidy sum in your account and become a whale yourself.

As for whales, it's like on a crypto exchange - large participants. Whales on the platform have "promoted" and strong accounts and their "upvote" is able to reward them with a large sum at once, translated into dollars from 10 to 200 bucks, and even higher.

Another important nuance! "Apvoit" everything in a row will not work. The power of the voice decreases with each subsequent post. In fact, in order to have a normal voting power, you can only vote for 10 posts per day. In the case of a vote for the 11th, and so on, the remuneration for both the author and the curator will decrease.

By the way, Steemit also includes third-party applications, such as D-tube. It is a decentralized video platform that is based on the Interplanetary File System (IPFS). The D-tube protocol has the same features as YouTube, but there is no advertising here, and, again, the Steem internal cryptocurrency is used as monetization. Users will share the video, and together with the authors receive a reward.

Monetization and cryptocurrency: steem (STEEM), steem power (SP), steem dollars (SMD)

The Steemit blockchain platform is based on its own Smart Media Tokens protocol. Interestingly, Ned offers SMT as a token standard for all platforms on which content is published. That is, as a network on which users will be able to develop their own tokens for media monetization using the SMT protocol.

Similar to Ethereum's ERC20 tokens, but with a built-in new PoB (Proof-of-Brain) consensus method and a reward system for token distribution, specifically for the digital content business segment;

Based on the protocol, it is possible to create a blockchain with zero fees, which processes a large number of transactions per second than Ethereum;

After a quick setup, developers can focus on creating valuable content for their community rather than worrying about blockchain settings.

The creators do not stop there, but continue to develop their project and introduce it to the masses, namely, in the sphere of creating any content. Perhaps thanks to Steemit, a new era of blogging awaits us. Bloggers, journalists, clip makers and others will not depend on advertisers, but earn money by monetizing their content using blockchain.

Thanks to SMT, there are 3 tokens on Steemit at once, and each plays an important role in creating a healthy ecosystem of the platform:

Steem (STEEM) is the main token of the platform. The value of the other two tokens depends on the value of the Incentive. Steem is converted to steem power instantly. Incentives increase by 100% per year in order to leave high motivation within the platform for new users. Traded on exchanges. The Incentive rate depends on the market;

Steem Power (SP) is an exclusively internal currency that determines the power of the voice on the platform. Like any startup, Steemit needs long-term investment. SP cannot be converted and output immediately. Even if there is a desire to withdraw SP, they will be converted to STEEM in equal parts during the year, according to the dividend system. The SP course is completely dependent on the Steem course;

Steem Dollar (SBD) is another cryptocurrency that is traded on exchanges. Unlike the previous two, its rate is completely dependent on the dollar. That is, the price of this currency is equivalent to the dollar. SBD cannot be converted to SP. Part of the remuneration for the content creator is paid in SBD, which guarantees its value. In the future, the developers plan to introduce this particular currency into the global economy so that it can be used to pay for purchases and services.

A pool of rewards is formed daily for both content creators and readers (curators). Their size depends on the capitalization of the platform's cryptocurrency. The pool of rewards is divided between authors and readers. (only 75%. Of the total amount of remuneration, 75% are received by authors, 25% by readers (curators).

Certifiers or node holders, that is, those who have a Steemit database on their hosting, receive 10% for the power spent.

15% is received by so-called long-term investors, that is, those who hold their assets in SP. This is a motivation for investors so that they, in turn, do not lower their capacity and are interested in long-term investment.

Cryptocurrency is among the TOP 50 most popular and liquid currencies, so it is traded on most cryptocurrency exchanges.

It will not be possible to buy or sell Steem for fiat on more than one exchange. The largest volumes on the Upbit exchange for the STEEM/KRW pair.

As for storage, each user has a personal wallet right inside the platform. An interesting "feature" is that each user can view the balance of another user, as well as his transfers to wallets of other community members. It is not yet possible to store this cryptocurrency on other multicurrency wallets.