What Is Steem? All You Need to Know About STEEM

In an age where social media has become an integral part of our lives, the need to decentralize content sharing has become apparent. It is unfair that centralized platforms generate millions while users receive nothing in return. However, a transformative solution exists. Steem (STEEM) is a blockchain perfectly suited to address this disparity. Steem empowers content creators to earn value for their contributions and fosters a fairer ecosystem. By leveraging the power of blockchain technology, Steem revolutionizes social media, allowing users to reclaim control and be duly rewarded for their creativity and engagement.

What Is Steem (STEEM)?

Steem (STEEM) has a rich history that spans several years. The blockchain-based social networking platform was introduced by Ned Scott and Dan Larimer in 2016, which marked the beginning of everything. Steem aimed to disrupt the traditional social media landscape by offering a decentralized and incentivized ecosystem.

Soon after its launch, Steem gained popularity and attracted a community of content producers and supporters. Still, in 2016, Steemit.com, a user-friendly interface for the Steem blockchain, was unveiled, further enhancing user accessibility.

Over time, Steem witnessed significant milestones. In 2017, the platform introduced Steem Power, a mechanism that incentivized long-term participation and commitment. Steem Power allowed users to earn higher rewards and influence the platform’s governance.

In December 2017, Steem reached its all-time high price, reflecting the growing interest and confidence in the project. Throughout 2018 and 2019, Steem continued to evolve, introducing various improvements and updates to enhance user experience and scalability.

However, in early 2020, Steem encountered significant challenges, resulting in a community split and a contentious hard fork. The acquisition of Steemit by Tron Foundation led to the emergence of Hive, a new blockchain with substantial community support. During this time, allegations of collusion between Justin Sun and Binance triggered a major controversy, but CZ from Binance denied involvement. These events emphasized the importance of unity, transparency, and finding resolutions within the Steem ecosystem.

Despite the split, Steem remains an active blockchain and social media platform, hosting a diverse range of content and maintaining a loyal user base. Its history is a testament to the ongoing evolution of decentralized social media and the pursuit of rewarding content creators fairly and transparently.

How Does Steem Work? Content Monetization and Decentralized Social Media

In the digital era, content creators seek ways to monetize their creations effectively. Steem provides a groundbreaking solution through its content monetization feature. By leveraging blockchain technology, Steem enables content creators to earn rewards for their contributions based on the quality and popularity of their content. This decentralized platform eliminates the need for intermediaries and empowers creators to connect directly with their audience.

Steem’s content monetization mechanism operates on a unique algorithm that factors in user engagement, such as upvotes and comments, to determine the value of each contribution. This incentive encourages creators to create good quality content which appeals to the community, building an ecosystem where contents are varied and engaging.

Moreover, Steem provides users with the option of viewing a variety of content formats such as articles, images, videos, and more that are available for creators to display their work. Through decentralized content monetization, Steem revolutionizes the traditional content creation landscape by offering fair and transparent compensation to content creators, allowing them to earn a living doing what they love.

Steemit

In decentralized social media, Steemit emerges as a pioneering platform that combines the power of blockchain technology with content creation and monetization. It operates on the Steem blockchain, providing a decentralized ecosystem where users can freely share and engage with content.

Steemit is a social media platform where individuals can create and curate content across various formats. Unlike traditional social media platforms, Steemit eliminates the control exerted by centralized entities and redistributes power to the community. Users can earn rewards through Steem cryptocurrency by creating and engaging with valuable content.

The platform’s unique algorithm calculates rewards based on user engagement, including upvotes and comments, ensuring that popular and high-quality content is adequately recognized and compensated. This decentralized approach not only promotes fair compensation for content creators but also fosters a vibrant and engaged community.

Steemit’s innovative model exemplifies the potential of decentralized social media, offering a transparent and democratic platform where users have a direct say in the content’s value and the rewards distributed. Thanks to the Steem blockchain, in Steemit individuals can truly experience the benefits of decentralized social media while enjoying the opportunity to earn rewards for their creativity and participation.

Steem Use Cases

Steem offers a multitude of use cases, harnessing the power of blockchain technology to revolutionize social media and empower developers. Here are some key applications of Steem:

• Content Creators and Curators: Steem provides a platform where content creators can earn rewards for their contributions through upvotes and engagement from the community. Curators are crucial in discovering and promoting valuable content, enhancing the ecosystem’s vibrancy.

• Social Media Apps: Developers can leverage Steem’s blockchain to build various social media applications. Steem allows users to create ingenious platforms that serve interests, from video sharing to music focus groups, through its scalable infrastructure and extensive toolset.

• Access to User Base: By developing on Steem, creators gain access to a thriving community of over one million users. The current user base has huge potential for adoption and engagement of the applications, which will allow developers to establish a ready audience.

• Ecosystem of Tools: Steem’s ecosystem encompasses a range of powerful tools designed to facilitate app development. These tools streamline the process, making it easier for developers to build and launch their social media applications on the Steem blockchain.

Steem’s versatility and expansive ecosystem make it an attractive choice for developers seeking to unlock the potential of decentralized social media and engage with a large user base.

What Is the STEEM Coin?

STEEM is the native cryptocurrency of the Steem blockchain, used for rewards and transactions. As of June 2023, the circulating supply of STEEM is 439,205,104 units, accounting for a total supply of 409,190,981 STEEM.

The Steem token family consists of three tokens: Steem (STEEM), Steem Power (SP), and Steem Blockchain Dollar (SBD). STEEM is the primary unit of account in the Steem ecosystem and is used for various purposes within the platform.

As part of the Delegated Proof-of-Stake (DPoS) consensus mechanism, STEEM rewards network validators called “witnesses” with 10% of block rewards. The remaining 75% of new STEEM tokens are distributed to moderators, content curators, and authors through the rewards pool, while 15% goes to stakers who lock up SP tokens.

SP tokens give holders increased voting power and influence in the network, with less frequent voting resulting in heavier voting weight. STEEM tokens can be converted to SP tokens and vice versa. No pre-mine occurred for STEEM, and tokens were distributed at a fixed rate upon the launch of the Steem blockchain.

The Steem Blockchain Dollar (SBD) was intended to be a stablecoin pegged to the US dollar but currently has a value determined by the market. While content curators and creators earn STEEM tokens, upvoters receive SBD and SP tokens.

Transaction fees on the Steem blockchain are structured as zero-fee to enhance accessibility and encourage adoption. To prevent spam attacks, a bandwidth-limiting mechanism is in place, and participants can increase their bandwidth by holding more SP tokens.

Steem Ecosystem

Steem has fostered the development of various decentralized applications (DApps) within its ecosystem, including notable platforms like Steemit, D.tube, and Dlive.

• Steemit: One of the pioneering DApps built on Steem. It is a social media platform that rewards content creators and curators with STEEM tokens. A variety of functions seen on conventional social media platforms are available, including the capacity to post and share content, participate in conversations, and follow other users. However, Steemit stands out because of its distinctive compensation structure, which encourages the creation and curation of high-quality content.
• eSteem: A social DApp built on the Steem Blockchain that provides a smart frontend for posting, commenting, and getting rewarded for quality content. Users can browse feeds and interact efficiently with friends. To get started, one needs a Steem account and can download the eSteem app from their official website. The app offers features like social interactions, push notifications, multiple accounts, and enhanced security settings. eSteem’s user-friendly interface and availability on Android and desktop make it a convenient choice for experiencing the power of blockchain and earning rewards for social activities.
• D.tube: A decentralized video-sharing platform on the Steem blockchain, offering users a YouTube-like experience without ads and minimal censorship. Content creators earn crypto rewards through upvotes and retain ownership of their videos. DTube’s advantages include blockchain security, no ads, and less censorship compared to YouTube. However, it has less content and a smaller viewer audience. Once uploaded, videos on DTube are permanent and cannot be edited or deleted. Despite its limitations, DTube presents a viable alternative to centralized video-sharing platforms.
• Dlive: A live streaming network that enables content producers to broadcast their work in real time. Similar to Steemit and D.tube, Dlive operates on the Steem blockchain, allowing streamers to earn STEEM tokens through their live streams. The platform prioritizes community engagement, with features such as live chat and tipping mechanisms to enhance viewer interaction.

These DApps, along with many others in the Steem ecosystem, demonstrate the power of blockchain technology in reshaping social media and empowering users with fair and decentralized content sharing and monetization opportunities.

Is Steem a Good Investment?

Users have little control over their data in the age of traditional social media due to the concentration of power in the hands of a few companies, which allows advertising agencies to use it without their knowledge. The rise of Web3 social media sites, such as those based on Steem’s blockchain technology, however, intends to address this problem.

By leveraging the decentralized nature of public blockchains, these platforms eliminate the need for a central authority or a single point of failure. This decentralization empowers users, giving them greater control over their data and fostering a more transparent and consent-driven content-sharing environment.

While considering any investment, it is important to conduct thorough research and make informed decisions based on individual circumstances.

How to Own STEEM?

To own STEEM, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy STEEM.

News on Steem

Even if there is no recent important news regarding the Steem project, it should be reported that the platform faced a significant event known as the “hostile takeover.”

In early 2020, Steemit faced a controversy when a group of investors, including Tron Foundation, acquired a significant stake, leading to concerns about centralization. They attempted to replace consensus witnesses, triggering a backlash from the community. In response, users launched Hive, a replicated blockchain with modified governance rules to promote decentralization. Many migrated to Hive to distance themselves from perceived centralization. This event ignited debates on governance and power dynamics in blockchain communities, highlighting the challenges of maintaining decentralization principles. The incident emphasizes the ongoing need to balance stakeholder interests and uphold the core values of decentralized platforms.

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