Difference between revisions of "Steemit (STEEM)"

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== Overview ==
 
== Overview ==
  
Steemit is primarily a content sharing platform where users can create text posts or comments on existing posts, upload videos, music, and photos, and vote on other users' content. Steemit's "upvote" system allows users to gain [[digital assets]] called STEEM tokens based on the popularity of their posts and comments. Their popularity is quantified by the number of "upvotes" each post or comment receives. New STEEM tokens are minted every day; most of which are distributed to users who receive higher "upvotes," though many go towards the costs of maintaining the platform. STEEM tokens also be used to increase a user's "STEEM Power," which enable users to vote on big decisions that affect the entire platform, such as which of two or more system-wide upgrades to implement when necessary. The more STEEM power you have, the greater your voting power.<ref>{{cite web|url=https://steemit.com/faq.html#How_does_Steemit_work|name=How Does Steemit Work?|org=Steemit|date=March 24, 2020}}</ref>
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Steemit is primarily a content sharing platform where users can create text posts or comments on existing posts, upload videos, music, and photos, and vote on other users' content. Steemit's "upvote" system allows users to gain [[digital assets]] called STEEM tokens based on the popularity of their posts and comments. Their popularity is quantified by the number of "upvotes" each post or comment receives. New STEEM tokens are minted every day; most of which are distributed to users who receive higher "upvotes," though many go towards the costs of maintaining the platform. STEEM tokens also be used to increase a user's "STEEM Power," which enable users to vote on big decisions that affect the entire platform, such as which of two or more system-wide upgrades to implement when necessary. The more STEEM power you have, the greater your voting power.<ref>{{cite web|url=https://steemit.com/faq.html#How_does_Steemit_work|name=How Does Steemit Work?|org=Steemit|date=March 24, 2020}}</ref><ref>{{cite web|url=https://steemit.com/faq.html#How_are_the_new_tokens_distributed|name=How are the new tokens distributed?|org=Steemit|date=March 24, 2020}}</ref>
  
STEEM tokens can be traded on a number of [[cryptocurrency]] [[exchanges]], including [[Binance]], [[Bithumb]], BitShares, [[Bittrex]], BlockTrades, Changelly, GOBADA, GOPAX, [[HitBTC]], [[Huobi]], LocalBitcoinCash, [[Poloniex]], Shapeshift.io, UpBit, and Yensesa.<ref>{{cite web|url=https://steemit.com/faq.html#How_are_the_new_tokens_distributed|name=How are the new tokens distributed?|org=Steemit|date=March 24, 2020}}</ref>
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Steemit is one of several websites run using the STEEM blockchain. Other sites include Busy.org and SteemPeak.com, which are websites similar to Steemit or Reddit.com; DTube, a video sharing platform similar to YouTube.<ref>{{cite web|url=https://busy.org/|name=Busy Beta|org=Busy.com|date=March 24, 2020}}</ref><ref>{{cite web|url=https://d.tube/|name=DTube|org=DTube|date=March 24, 2020}}</ref><ref>{{cite web|url=https://steempeak.com/about/faq|name=STEEM Basics|org=Steempeak|date=March 24, 2020}}</ref>
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=== STEEM tokens vs. STEEM Dollars ===
  
Steemit is one of several websites run using the STEEM blockchain. Other sites include Busy.org and SteemPeak.com, which are websites similar to Steemit or Reddit.com; DTube, a video sharing platform similar to YouTube.<ref>{{cite web|url=https://busy.org/|name=Busy Beta|org=Busy.com|date=March 24, 2020}}</ref><ref>{{cite web|url=https://d.tube/|name=DTube|org=DTube|date=March 24, 2020}}</ref><ref>{{cite web|url=https://steempeak.com/about/faq|name=STEEM Basics|org=Steempeak|date=March 24, 2020}}</ref>
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STEEM tokens are the native [[digital tokens]] of the STEEM blockchain, and can be exchanged on a number of [[cryptocurrency]] [[exchanges]] including [[Binance]], [[Bithumb]], BitShares, [[Bittrex]], BlockTrades, Changelly, GOBADA, GOPAX, [[HitBTC]], [[Huobi]], LocalBitcoinCash, [[Poloniex]], Shapeshift.io, UpBit, and Yensesa for other cryptocurrencies, or for fiat currency.<ref>{{cite web|url=https://steemit.com/faq.html#How_are_the_new_tokens_distributed|name=How are the new tokens distributed?|org=Steemit|date=March 24, 2020}}</ref><ref>{{cite web|url=https://steemit.com/faq.html#What_is_the_difference_between_STEEM__STEEM_Power__and_Steem_Dollars|name=What is the difference between STEEM, Steem Power, and Steem Dollars?|org=Steemit|date=March 24, 2020}}</ref>
  
 
=== Witnesses ===
 
=== Witnesses ===
  
Like any blockchain, STEEM requires a distributed network of computers to create new [[block]]s in order to add to the blockchain. While [[proof-of-work]] protocols like [[bitcoin]] rely on [[nodes]] to accomplish this, STEEM uses a [[delegated proof of stake]] mechanism instead of proof-of-work. STEEM's community vote on individuals to become "Witnesses," who govern the blockchain and produce new blocks. There are 20 Witnesses
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Like any blockchain, STEEM requires a distributed network of computers to create new [[block]]s in order to add to the blockchain. While [[proof-of-work]] protocols like [[bitcoin]] rely on [[nodes]] to accomplish this, STEEM uses a [[delegated proof of stake]] mechanism instead of proof-of-work. STEEM's community vote on individuals to become "Witnesses," who govern the blockchain and produce new blocks. There are 20 Witnesses, with a backup 21st Witness position shared between multiple individuals to become active or inactive as the needs of the network change. Witnesses are compensated with STEEM power and tokens.<ref>{{cite web|url=https://steempeak.com/about/faq|name=STEEM Basics|org=Steempeak|date=March 24, 2020}}</ref><ref>{{cite web|url=https://steemit.com/faq.html#How_are_the_new_tokens_distributed|name=How are the new tokens distributed?|org=Steemit|date=March 24, 2020}}</ref>
  
 
== History ==
 
== History ==
  
 
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Ned Scott, a former financial analyst, and [[Dan Larimer]], who would later go on to create [[EOS]], began collaborating with each other in 2015, seeking to find new applications for blockchain technology.<ref>{{cite web|url=https://www.wired.com/story/the-social-network-doling-out-millions-in-ephemeral-money/|name=The Social Network Doling Out Millions in Ephemeral Money|org=WIRED|date=March 24, 2020}}</ref> Work began on Steemit in 2017. The STEEM whitepaper was published in 2018. The original concept for Steemit was "a blockchain database that supports community building and social interaction with cryptocurrency rewards."<ref>{{cite web|url=https://github.com/steemit/whitepaper|name=Steemit Whitepaper|org=Github|date=March 24, 2020}}</ref><ref>{{cite web|url=https://steem.com/steem-whitepaper.pdf|name=Steem An incentivized, blockchain-based, public content platform.|org=Steem|date=March 24, 2020}}</ref>
  
 
== Key People ==
 
== Key People ==
  
Ned Scott - CEO
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Ned Scott - CEO, co-founder
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[[Dan Larimer]] - Co-founder
  
 
==References==
 
==References==

Revision as of 16:01, 24 March 2020

Steemit
Steemit-logo.jpg
Founded 2017
Key People Ned Scott, CEO
Products Decentralized social and commercial platform
Website Steemit Homepage

Steemit is a decentralized digital commerce and social media platform built via a blockchain.[1]

Overview

Steemit is primarily a content sharing platform where users can create text posts or comments on existing posts, upload videos, music, and photos, and vote on other users' content. Steemit's "upvote" system allows users to gain digital assets called STEEM tokens based on the popularity of their posts and comments. Their popularity is quantified by the number of "upvotes" each post or comment receives. New STEEM tokens are minted every day; most of which are distributed to users who receive higher "upvotes," though many go towards the costs of maintaining the platform. STEEM tokens also be used to increase a user's "STEEM Power," which enable users to vote on big decisions that affect the entire platform, such as which of two or more system-wide upgrades to implement when necessary. The more STEEM power you have, the greater your voting power.[2][3]

Steemit is one of several websites run using the STEEM blockchain. Other sites include Busy.org and SteemPeak.com, which are websites similar to Steemit or Reddit.com; DTube, a video sharing platform similar to YouTube.[4][5][6]

STEEM tokens vs. STEEM Dollars

STEEM tokens are the native digital tokens of the STEEM blockchain, and can be exchanged on a number of cryptocurrency exchanges including Binance, Bithumb, BitShares, Bittrex, BlockTrades, Changelly, GOBADA, GOPAX, HitBTC, Huobi, LocalBitcoinCash, Poloniex, Shapeshift.io, UpBit, and Yensesa for other cryptocurrencies, or for fiat currency.[7][8]

Witnesses

Like any blockchain, STEEM requires a distributed network of computers to create new blocks in order to add to the blockchain. While proof-of-work protocols like bitcoin rely on nodes to accomplish this, STEEM uses a delegated proof of stake mechanism instead of proof-of-work. STEEM's community vote on individuals to become "Witnesses," who govern the blockchain and produce new blocks. There are 20 Witnesses, with a backup 21st Witness position shared between multiple individuals to become active or inactive as the needs of the network change. Witnesses are compensated with STEEM power and tokens.[9][10]

History

Ned Scott, a former financial analyst, and Dan Larimer, who would later go on to create EOS, began collaborating with each other in 2015, seeking to find new applications for blockchain technology.[11] Work began on Steemit in 2017. The STEEM whitepaper was published in 2018. The original concept for Steemit was "a blockchain database that supports community building and social interaction with cryptocurrency rewards."[12][13]

Key People

Ned Scott - CEO, co-founder Dan Larimer - Co-founder

References