Steemit (STEEM)

From CryptoMarketsWiki
Revision as of 15:37, 24 March 2020 by MattRaebel (talk | contribs)
Jump to: navigation, search
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]

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.[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]

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

History

Key People

Ned Scott - CEO

References