What is STEEM?
Steemit is a blockchain-based blogging and social networking platform that provides users with the cryptocurrency STEEM in exchange for posting and curating material. It is operated by Steemit Inc., a privately run firm with offices in New York City and Virginia.
Steemit rewards users for their content with the STEEM cryptocurrency.
Users will determine the payoff of articles and feedback by voting on them. Users will also win “Curation Prizes” for discovering and upvoting material that is then upvoted by other users.
How does STEEM work?
Steemit is based on blockchain technologies and rewards users who post blogs, photographs, comments, and other content with a new cryptocurrency.
Users will also be compensated for sourcing and up-voting common material.
The most up-votes an individual gives to a common message, the higher the award. Users are charged half in ‘Steem Power’ (a vesting currency) and half in Steem Dollars (a currency that can be traded for US Dollars).
The money Steem is at the heart of the system, and is a transferable, fungible, freely moveable token similar to bitcoin, ethereum, or some other cryptocurrency.
However, depending on the benefit needed, the same Steem may be used in two separate forms of smart contracts.
The first is referred to as Steem Power, and it offers value and control. The backbone of an account’s voting ability is Steem Strength.
To put it another way, the more Steem Power an individual has, the more powerful their vote on Steemit is.
The team decided to include a mechanism for people to take a long-term interest in the project while encouraging others to begin speculating, according to Scott.
Steem Power is related to long-term capital investments in the white paper, equivalent to what a venture capitalist would do.
Although consumers may spend their money right away, they can expect to see a return on their investment over time.
If a person wants to transfer Steem Power back to the base currency of Steem, they would have to do so in 104 weekly conversions.
Steem Dollars is the term of the second smart contract. This is a debt-like instrument that guarantees the token holder can receive $1 worth of Steem at any time in the future.
What is the History of STEEM?
Steemit, Inc., a company established by Ned Scott and Dan Larimer, introduced the social networking site Steemit as the first framework based on the Steem blockchain on July 4, 2016.
Steemit revealed on their website on July 14, 2016, that they had been hacked. According to them, approximately 260 accounts have been compromised as a consequence of the attack. The perpetrators are said to have taken around $85,000 worth of Steem Dollars and STEEM.
Daniel Larimer stepped down as Steemit’s Chief Technical Officer in March 2017 and left the company.
Steemit got into financial difficulty when the STEEM price plunged during the 2018 cryptocurrency crisis, and had to lay off 70% of its employees.
Steemit revealed strategic improvements in their leadership team on January 22, 2019.
How do I Hold STEEM?
Despite the fact that the Steem coin was first released in 2016, the number of wallets accessible is extremely limited.
The Steem platform is the obvious option for saving your Steem coins. In reality, if you are a writer who is lucky enough to earn money on Steemit, your coins would be placed in the Steemit network wallet at first.
Remember how I said Steemit is a decentralized platform? Since there is no central server for hackers to strike, it is a safe place to hold your Steem coins.
When you register with a Steemit account, you are immediately granted keys to your own wallet.
You may transfer funds from another wallet (such as a cryptocurrency exchange), submit your Steem coins to another wallet, or just hold them in your wallet for safekeeping. However, there are several other options available to you.