What Is Steem?
Steem is a cryptocurrency. However it is more than just another cryptocurrency, Steem is a blockchain-based rewards platform.
Most people know about “Liking” other peoples posts and comments on social media platforms.
The concept here is that we get rewarded for it.
The official definition is: ‘Proof-of-Brain’community incentives
Proof-of-Brain is a type of tokens rewards algorithm that encourages people to create and curate content.
It enables tokens to be distributed by “upvote” and “like”-based algorithms and can be integrated with websites to align incentives between application owners and community members to spur growth.
So, when using sites that are connected to the Steem blockchain, you can get rewarded for every time someone clicks on the “upvote” button, yes, when someone ‘likes” your work or comment and they show it by clicking on the button for showing this, you get rewarded for it in cryptocurrencies!
In short, Steem is a blockchain designed to tokenize web content!
Faster than Bitcoin and Ethereum, with no fees!
Running a rewards-based decentralized social network required new advances in blockchain technology. Steem is a next-generation blockchain, uniquely designed to run real-time applications with near instant, fee-free transactions.
Steem has been battled-tested over the last 2 years, already processing more transactions per second than Bitcoin and Ethereum.
Steem Backed Dollars (SBD)
SBD are yet another cryptocurrency on The Steem Blockchain which is often referred to as “Steem Dollars”.
The goal is to peg (fix) the value of SBD to $1 (USD).
This can be achieved because as it’s name suggests it is backed by Steem. Hence making it possibly if not the first of its kind on the Crypto markets.
Why is this so important?
Well, the majority of online business is done in US $, so basically SBD is the first crypto that can be used as a stable cryptocurrency on the internet which shall not offer all the inconsistencies that other cryptocurrencies have as far as fluctuations in their daily value is concerned.
Yes, that is right, the Steem ecosystem has introduced a concept that can for the first time revolutionize the world of online business!
Approx. USD rewards paid since June 2016:
STEEM is a tradeable token that is easily convertible to Bitcoin and Ethereum.
Soon we shall see the addition of Smart Media Tokens (SMT) to The Steem Blockchain.
What are Smart Media Tokens?
An SMT is a native digital asset on the Steem blockchain. SMTs can be launched by anyone to help monetize online content and create incentives to encourage desired user behavior.
SMTs are like Ethereum’s ERC-20 tokens, but with certain built-in ‘Proof-of-Brain’ properties and a token distribution reward system designed specifically for digital content businesses.
& the best part about it is that Steem powers Smart Media Tokens!
What this means is that the more SMT’s get used, the more Steem is needed to power it all and the total invested in the Steem blockchain rises, hence raising the overall value of Steem!
What Webpages Are Currently On The Steem Blockchain:
These are the webpages (front end applications), Developer tools and User Services that are using The Steem Blockchain:
For more information about Smart Media Tokens, feel free to check out:
For more information about Steem:
For more information on:
How to buy, sell and trade Steem
This article on https://www.finder.com.au/how-to-buy-steem offers a step by step process.
The article is subtitled “Your guide to STEEM tokens, how they work and how to buy them in Australia.”
& imo is a great source of information for anyone who is not familiar with Steem.