What is Steem (STEEM)?
Steem is a cryptocurrency that was created for a social blogging platform. Blog posts and comments posted by users are hosted on the Steem blockchain, with the content being curated by users through upvoting and downvoting posts. When users upvote, they not only curate content but also earn an income for both the author as well as the upvoter. Steem and Steem Backed Dollars (SBD) are awarded to the author of the content that received upvotes and the upvoter as well.
Whatever action Steem users take, whether it be blog posting, commenting, or upvoting/downvoting, is done on the blockchain. That makes it necessary for the blockchain to be fast, scalable and free to provide the best user experience. The Steem platform works based on a unique consensus algorithm and monetary system. Although some people question the kind of content on the Steem blockchain, the platform boasts one of the best user experiences of any crypto project to date.
How is Steem Different From Bitcoin?
Both Steem and Bitcoin were designed to serve a particular function. Bitcoin was created to be a digital, peer-to-peer currency. Steem was created to serve as a social media platform. Voting systems are used on many social media platforms to prioritize content. These voting systems include upvotes/downvotes, shares or likes. Steem adds this concept into its blockchain-based platform that pays for contributions to the network. STEEM, like Bitcoin, are cryptocurrencies. However, STEEM’s usage is geared towards social networks.
Steem has Three Cryptocurrencies
In the Steemit ecosystem, there are three digital tokens. These are:
- STEEM: STEEM is the Steemit network’s foundational cryptocurrency. STEEM is exchangeable with other cryptocurrencies on the popular crypto exchanges. However, to be able to cast votes, your STEEM has to be turned into Steem Power (SP) in a process called “powering up”. Also, STEEM can be converted into another token on the ecosystem, Steem Dollars.
- Steem Power (SP): When STEEM is converted to SP, it is being invested back into the network as equity. One unit of STEEM converted into SP is equal to one vote. People with the most SP exert the highest influence over the content that is elevated to the top. When users with large amounts of SP upvote and downvote or flag content, they are more powerful than those with less SP. In addition, up to 90% of newly created STEEM goes to users who have large amounts of SP, which incentivizes participants into investing earnings back into the network. Rate limits exist when converting SP back into STEEM in a process known as “powering down”.
- Steem Dollars: Steem Dollars have a value of 1 STEEM to 1 US Dollar and are a unit used to represent short-term debt. The Steemit whitepaper describes holding Steem Dollars as a way of lending the value of one US Dollar to the community, which fosters the growth of the ecosystem.
Steem (STEEM) will be Listing on Atomars
Steem (STEEM) has announced that it will be listing on Atomars on November 1st with the trading pairs STEEM/BTC and STEEM/ETH.
Atomars is a new digital assets trading platform on the cryptocurrency marketplace that is currently bridging the gap between fiat and cryptocurrencies. The Atomars platform is a fast, safe, secure and user-friendly platform that seeks to make trading easy for everyone. You can find any of the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, DASH, USDT and more on the platform. Their web and mobile apps make it easy and fun trading on the go.