Steemit (STEEM)

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Steemit
Steemit-logo.jpg
Founded 2017
Key People Ned Scott, co-founder, CEO; Dan Larimer, co-founder
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.

STEEM Power (SP) is the means by which a user's influence on the network is determined. The more SP you have, the more say you have on which comments or posts have the most value.

STEEM Dollars (SBD) are stablecoins pegged to the U.S. dollar. Each STEEM Dollar is worth $1. They can be used to buy STEEM tokens.[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

References