Steem (STEEM): Get Social and Get Rewarded
STEEM QUICK STATS
|CREATION DATE:||March, 2016|
|DEVELOPMENT STAGE:||Full Release|
|ALGORITHM:||Smart Media Token (SMT)|
|BLOCK TARGET:||1-3 seconds|
Steem is a totally unique and brilliant cryptocurrency used to power the Steemit social platform. It’s an incentivized blockchain integrated with a social media rewards platform. Users publish and curate content on Steemit just like other social news platforms (e.g. Reddit, Hacker News) and get rewarded in Steem for their work.
First published as a whitepaper in March 2016, the currency and platform were in Beta until July 2016. Unlike how other cryptocurrencies work, there is no need to hold on to Steem in its cryptocurrency form, it’s meant to be used either to buy Steem power, Steem dollars or be converted to Bitcoins. For this reason, we have integrated this cryptocurrency onto our platform to allow for automated Steem payment processing.
Steem dollars are the units used to reward users for posting and curating content. Each Steem dollar represents the amount of Steem equivalent to 1 USD.
How it Works?
The Steemit ecosystem is run by users who publish and curate content and are then rewarded with Steem dollars. On the platform anyone can read content posted without an account, and users can be entirely anonymous if they choose. There are no set behavior guidelines yet, like on Reddit, but they are being created organically and are self-enforced by the Community through their combined voting power called Steem Power.
These guiding principles in many ways encourage quality original content from fellow Steemians, otherwise the user is simply wasting their time since they will likely not earn any rewards for posting low quality, undesirable content or spam.
Voters on Steemit are called “curators” and are encouraged to evaluate content, sources and links to find high quality information, then vote and moderate based on the information’s factuality, relevance and quality, rather than on opinions. Giving credit where it’s due and citing sources is encouraged, since the original poster is being rewarded for the content, original content is preferred when it comes to handing out rewards.
Why choose Steem?
Unlike other cryptocurrencies Steem has a built-in inflation of about 9% annually, decreasing by about 0.5% per year. Because of this, the platform itself (Steemit) has grown considerably since the Coin launched a few years ago. It currently has over 900,000 users.
Unlike most digital currencies which are difficult to access for most of the world without any money to invest, Steem removes the friction for the average person to join in the cryptocurrency world by allowing earnings via posting without needing to buy in first.
It’s a totally unique platform that, although is in its infancy, is making large in-roads with its unique approach to social media, curation, cryptocurrency exchange and more. Start accepting Steem payments in your business today by installing any of the CoinPayments pre-built plugins or integrations for ecommerce.