In this article, I will make a Steem Review and try to cover some topics about Steem Blockchain.
What is Steem?
Steem was created in 2016 by Ned Scott (the CTO of Steemit) and Daniel Larimer (founder of bitShares). The Steem network is built upon Graphene, the same coding technology that powers BitShares.
The genesis block of the Steem blockchain was broadcasted to the world on 24 March 2016.
Steem is a blockchain-based content incentivizing system. Everyone who contributes content on a Steem-based app has a chance to earn money from the rewards pool.
In addition, Steem-apps allow creators to make money via their shared content.
Community determines the value of your content.
How does Steem operate?
STEEM, a cryptocurrency token, is the fundamental unit of account on the Steem platform, in which the operation functions on the basis of one-STEEM, one-vote.
Within this system, individuals’ contributions are measured by their account balance and those who contributed the most have the highest influence.
Moreover, on the condition of being committed to a vesting Schedule, Steem lets its members to vote with STEEM.
In addition, members also gain from voting in a way that the long-term value of their STEEM is maximized.
STEEM Consensus Mechanism
Everyday new tokens are minted. 5% of these tokens goes the holders of SP, 75% percent goes to the community pool and 10% percent goes to DpoS witnesses.
Steemit was the first app to run on Steem blockchain, giving people an easy place to earn cryptocurrency rewards by creating and curating content. It is partially blogging platform, partially social network. Just like Reddit, you can upvote and downvote of a content.
However, Steemit differs from Reddit with its revenue model. By getting upvotes to your content or with commenting to other posts, you will earn STEEM and Steem Dollars (SBD).
Earning With Steemit
The Steemit website explains it as follows:
By posting contents and getting upvotes, you can get a portion of the ongoing Steem reward pool.
Voting and Curating:
If you upvote a post before it became popular, you can earn a curation reward. You will get the reward depend on your Steem Power.
You can buy Steem or Steem Dollars by exchanges. If you hold them, you will get paid with yearly inflation.
When you earn rewards on the Steemit platform, you can request payment in either 50% Steem Dollars and 50% Steem Power, or in 100% Steem Power.
It has 3 different tokens :
Steem, Steem Dollars (SBD) and Steem Power (SP).
It is the fundumental unit of the Steem Blockchain. All other tokens derive their value from the value of STEEM.
It is a liquid currency, as a result, you can buy or sell it on exchanges.
Steem Power (SP):
Steem Power (SP) is a long term investment. Additionally, it is a token that shows the power of a user on the Steemit platform. The more SP you have, the more your vote will affect the award of a content.
In addition, SP holders earn new tokens based on their stake. SP holders are paid 15% of the yearly inflation.
The amount of token received is directly propotional with the amount of SP you hold.
On the other hand, SP is not a transferable token that means you can not trade it like STEEM or Steem Dollars.
Transferring from STEEM to SP called “powering up,” while transferring from SP to STEEM is referred to as “powering down.”
When you power down your SP, it is a process that takes over a period of thirteen weeks, via 13 equal weekly payments, starting one week after the power down is initiated.
Steem Power Delegation:
Steem allows a user to delegate out Steem Power to other users which means that someone can barrow your SP.
On the other hand, someone also can delegate SP to you.
The person who receives the delegation can not power down.
Moreover, you can always end your delegation and after 7 days, your SP that you lend someone will be available for you.
Delegating SP can be done by using https://steembottracker.com/delegation.html .
Donating your SP can be useful if you do not have enough time to read or search contents.
Moreover, with delegating SP, several small accounts coming together to form a stronger voting account to help each other.
If you do not have enough time, delegation can be a good way to earn passive income.
Also, with borrowing SP, you will have more influence over the platform, so you can easily gain more followers.
Steem Dollars (SBD):
Steem Dollars were designed to bring more stability to the cryptocurrency world. Content creators will earn SBD when they get upvotes.
Steem Dollar holders will earn 10% interest every year. Moreover, you can convert your SBD to STEEM anytime.
Smart Media Tokens (SMT’s):
SMT will exist within the future Steem 2.0 platform.
“SMTs are STEEM-like cryptocurrency tokens that can be integrated it into web applications”.
Furthermore they can be used to create incentives to entice your users to participate in, and grow, your platform.”
Another platform connected with the Steem blockchain is Utopian.
In this platform, the reward mechanism depends on the contribution of individuals to an Open Source Project.
A project that qualified as open source when its source code is available to the public for use, modification and distribution via following the open source licence.
What Utopian.io offers is that by improving these Open Source Projects through revising the documents or adding new properties, people get reward in STEEM.
Contributions of individuals are evaluated by moderators of Utopian.io before they’re published on the Utopian feed.
After the moderators’ approval, you can see the contributions on the Utopia. Similar to Steemit website, contributions get vote from users on the platform.
It is a Steem-based mobile app. With e-Steem applications, you can create your own posts, surf your friend feed and upvote contents.
Steem Monsters is a digital trading card “MMORPG” game on the Steem blockchain. To get started, you have to purchase 30 pre-selected cards.
For players, a decentralized gaming ecosystem means that every collectible card is a unique token.
You are the one that own the tokens which means you can trade, buy or sell them just like physical trading cards.
As it is a decentralized blockchain, no one, even the creators can tamper with battle results.
D.Tube is a video platform, where people can get rewards by uploading, watching or commenting on videos.
It’s like an alternative to YouTube, but different than YouTube, users of D.Tube earn Steem via voting videos.
The more a video gets upvotes, the more reward, i.e. Steem, the user earns.
While YouTube pays users depending on the number of views and subscribers, on D.Tube, upvotes of the video that matters.
However, this sitution lasts for 7 days. That is, on D.Tube, one can earn rewards for 7 days after the post is done.
Once the seventh day passed, no more reward can be received from the videos.
Dlike is a social media app based on Steem blockchain which gives users to share their content with their followers.
It is a platform where you can share links, text posts and images.
Dlike is a decentralized platform which rewards its users for their contents.
“Steemhunt is a blockchain based community platform for geeks, alpha nerds, and product enthusiasts who love to dig out new products and talk about them with others.
Most importantly, you will be rewarded with STEEM tokens for bringing your finds to the attention of the Steemit community.”
There are too many Steem-based apps. You can check some of them from the link.
How to Buy STEEM and Steem Dollars (SBD)?
You can easily buy or sell STEEM from these exchanges (click to see).
For SBD, you can buy or sell from these exchanges (click to see).
For buying and selling STEEM and SBD, personally I use Bittrex exchange to buy STEEM and SBD.
How to Store Steem Currencies?
Steem’s official website has wallet functionalities.
As a result, you do not have to download a wallet as you can do it online.
Moreover, you can download mobile app, eSteem.
The mobile wallet — eSteem can be used to transfer funds and access the social network.
According to the CoinMarketCap, the total supply of STEEM is 328.472.007. The circulating supply is currently 311.497.913.
Steemit partnered with some global blockchain technology companies to form a $20 million fund for upcoming projects.
Furthermore, Steemit has partnered with DataWallet for Steemit users to store their personal data from using the site.
Finally, APPICs, a next-generation social media app will allow their users to reward content creators on the platform.
- It is one of the most secure blockchains in the cryptocurrency market.
- Transactions only takes a few seconds. Steem blockchain is the only blockchain that can handle social applications at scale.
- It’s already used by over 1 million people on more than 324 Steem-based apps.
- Some of the Steem-based apps are very easy to use. Therefore, it may help for more adoption.
- Its creator, Dan Larimer, is one of the most respected developers in the cryptosphere.
- A good way to earn passive income.
- Still it may be early for decentralized social media platforms.
- Some of the Steem-based apps have less adoption now as they are in the early phase.
In my opinion, Steem is one of the platforms that brings a value to the cryptocurrency market.
It’s one of the few platforms where content creators can be rewarded for their contents.
Of course, the platform needs some improvements but I truly believe that Steem brings some adoption to the market.
Moreover, it’s already used by over 1 million people on more than 324 Steem-based apps.