Steem (STEEM) Social DeFi Blockchain

Steem (STEEM): Social DeFi Blockchain With Steem (STEEM)

Cryptocurrency, a groundbreaking innovation in the realm of digital finance, refers to a form of decentralized and secure digital currency operating on cryptographic principles. Unlike traditional currencies issued and regulated by governments, cryptocurrencies leverage blockchain technology to ensure transparency, immutability, and decentralized control. At the core of this technology is a distributed ledger that records all transactions across a network of computers, known as nodes, in a secure and transparent manner. One of the prominent examples of such a cryptocurrency is Steem (STEEM), which goes beyond the conventional financial use cases and is specifically designed for social media interactions.

Steem introduces a unique approach by integrating cryptocurrency with social media. On the Steem blockchain, users are rewarded with STEEM tokens for creating and curating content. This innovative incentive system encourages active participation and contribution to the platform, creating a vibrant ecosystem of content creators and consumers. Additionally, Steem employs a delegated proof-of-stake (DPoS) consensus mechanism, ensuring faster transaction processing and efficient governance. As users engage with the platform, they earn STEEM tokens that can be traded on various cryptocurrency exchanges, providing a tangible value to their social interactions. Understanding Steem’s fusion of blockchain and social media sheds light on the transformative potential of cryptocurrencies beyond financial transactions.

Steem STEEM Price (USD)

Table of Contents

What is Steem (STEEM)?

Steem (STEEM) stands as a pioneering blockchain-based platform designed to revolutionize the landscape of social media and content creation. Launched in 2016, Steem employs decentralized technology to provide users with a unique ecosystem where they are rewarded for their contributions to the platform. Unlike traditional social media networks, Steem operates on a decentralized blockchain, ensuring transparency, security, and resistance to censorship. At the core of Steem’s innovation is its native cryptocurrency, STEEM, which serves as both a medium of exchange and a form of incentive for content creators and curators. Users on the Steem platform can earn STEEM tokens based on the popularity and quality of their content, thereby creating a self-sustaining economy within the social media ecosystem.

Steem’s groundbreaking approach extends beyond mere content rewards, incorporating a delegated proof-of-stake (DPoS) consensus mechanism for efficient governance and transaction processing. This means that the platform is not only capable of supporting a large number of transactions but also ensures a fair and decentralized decision-making process. As a result, Steem empowers its user community to actively participate in the development and evolution of the platform, fostering a dynamic and engaged network of individuals who contribute to and benefit from the decentralized social media experience that Steem offers.

Steem (STEEM)

How Does Steem Work?

Steem (STEEM) operates on a blockchain-based platform that combines cryptocurrency with social media, introducing a unique ecosystem where users are rewarded for their contributions. At the core of Steem’s functionality is the concept of content creation and curation. Users can create and share content on the Steem platform, ranging from blog posts to images and videos. What sets Steem apart is its decentralized reward system, where users earn STEEM tokens based on the popularity and quality of their contributions.

The platform utilizes a delegated proof-of-stake (DPoS) consensus mechanism, ensuring efficient transaction processing and decentralized governance. Users who hold STEEM tokens can vote for witnesses, who play a crucial role in validating transactions and maintaining the integrity of the blockchain. This DPoS system enhances scalability and responsiveness, making Steem well-suited for the dynamic and interactive nature of social media. Users not only earn STEEM through content creation but also through curating content by upvoting or liking posts. The more valuable the content, the higher the rewards for both the creator and the curators, creating a self-sustaining economy within the Steem ecosystem.

STEEM tokens earned on the platform can be traded on various cryptocurrency exchanges or staked within the Steem ecosystem for influence, allowing users to amplify their impact on content rewards and platform governance. Overall, Steem’s innovative blend of blockchain technology, cryptocurrency incentives, and decentralized governance redefines the traditional social media paradigm, empowering users to actively contribute to and shape the platform while earning tangible rewards for their engagement.

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Who Are The Founders of Steem?

Steem’s founding story has two key figures:

  1. Ned Scott: He served as the CEO of Steemit Inc., the company initially responsible for developing and launching the Steem blockchain and the first application built upon it, the social media platform Steemit. He played a major role in the conceptualization and implementation of the project, focusing on the vision and community aspects.

  2. Daniel Larimer: A renowned blockchain developer, Larimer acted as the Chief Technology Officer (CTO) of Steemit Inc. during its early days. He brought his considerable expertise in blockchain technology to the table, designing the Steem blockchain’s architecture and consensus mechanism.

It’s important to note that Larimer left Steemit Inc. in March 2017, not long after the project’s launch. Since then, the Steem network has undergone significant changes, including a controversial “hostile takeover” by Justin Sun, the founder of TRON, in March 2020. This led to a split in the community, with many users and developers migrating to a new blockchain called Hive.

What Makes Steem Unique?

Steem (STEEM) stands out in the cryptocurrency space due to its unique integration of blockchain technology with social media, creating a decentralized ecosystem that sets it apart in several ways:

  1. Content Rewards System: Unlike traditional social media platforms, Steem incorporates a cryptocurrency reward system. Users are incentivized to create and curate content through the native cryptocurrency, STEEM. This innovative approach allows content creators to earn tokens based on the popularity and quality of their posts, fostering an engaged and vibrant community.

  2. Decentralized Governance: Steem utilizes a delegated proof-of-stake (DPoS) consensus mechanism, providing efficient and decentralized governance. Users who hold STEEM tokens can vote for witnesses, who play a crucial role in validating transactions and maintaining the integrity of the blockchain. This allows the community to actively participate in decision-making processes, ensuring a more democratic and inclusive platform.

  3. Incentive for Engagement: Beyond the traditional financial use case of cryptocurrencies, Steem introduces a tangible value to social interactions. Users not only earn STEEM tokens for their content but also for curating and upvoting others’ posts. This dynamic rewards system encourages active engagement, creating a self-sustaining ecosystem where users are motivated to contribute positively to the platform.

  4. Fast Transaction Processing: The DPoS consensus mechanism employed by Steem enhances the speed and scalability of the platform. This is crucial for a social media platform where interactions are frequent and real-time, ensuring a seamless user experience.

  5. Token Utility: STEEM tokens earned on the platform have utility beyond just trading. Users can stake their tokens to increase their influence on the platform, thereby impacting the distribution of rewards and participating more actively in the governance of the network.

In summary, Steem’s unique combination of content rewards, decentralized governance, and the integration of blockchain technology with social media make it a pioneering platform that redefines the way users engage with and contribute to online communities.

What Gives Steem Value?

Several factors contribute to the value of Steem (STEEM) as a cryptocurrency and blockchain platform:

  1. Content Rewards System: Steem’s primary value proposition lies in its innovative content rewards system. Users are rewarded with STEEM tokens for creating high-quality and engaging content. This incentive structure encourages a vibrant community of content creators and consumers, driving increased user participation and interaction on the platform.

  2. Decentralized Governance: The decentralized governance model powered by delegated proof-of-stake (DPoS) adds value to Steem. Users holding STEEM tokens have the ability to vote for witnesses who validate transactions and participate in decision-making processes. This democratic approach enhances the security and integrity of the network while giving users a sense of ownership and control over the platform’s direction.

  3. Social Media Integration: Steem’s integration with social media differentiates it from traditional cryptocurrencies. By combining blockchain technology with social media, Steem provides users with a unique platform where they can not only transact but also share content, engage with communities, and be rewarded for their contributions.

  4. Real-world Utility: STEEM tokens earned on the platform have real-world utility. Users can trade them on various cryptocurrency exchanges, converting their earned tokens into traditional currency. Additionally, users can stake their STEEM tokens to gain influence and impact the distribution of rewards on the platform, adding another layer of utility to the cryptocurrency.

  5. Transaction Speed and Scalability: The delegated proof-of-stake (DPoS) consensus mechanism employed by Steem contributes to fast transaction processing and scalability. This is crucial for a social media platform, ensuring that users can interact in real-time without delays, enhancing the overall user experience and platform efficiency.

  6. Censorship Resistance: As a decentralized blockchain, Steem is resistant to censorship. This characteristic is particularly valuable in the context of social media, where concerns about content control and freedom of expression are prevalent. Users on Steem have the assurance that their content won’t be subject to arbitrary censorship.

In summary, Steem’s value is derived from its unique combination of content rewards, decentralized governance, social media integration, real-world utility, and technical features like transaction speed and scalability. These factors collectively contribute to a platform that provides users with an innovative and rewarding experience in both the cryptocurrency and social media spaces.

How Many Steem are in Circulation?

There are approximately 452.97 million STEEM coins in circulation. This represents around 45% of the total supply of 1 billion STEEM coins.

Here’s a breakdown of the total STEEM supply:

  • Circulating supply: 452.97 million STEEM (45%)
  • Vested supply: 340.03 million STEEM (34%)
  • Team/advisor/foundation reserve: 134 million STEEM (13%)
  • Airdropped to users: 73 million STEEM (7%)
 

The circulating supply of STEEM fluctuates slightly over time as new coins are minted and existing coins are lost or destroyed. The rate at which new coins are minted is determined by the Steem blockchain’s consensus mechanism, which is called Proof-of-Stake (PoS).

Here are some resources where you can find the latest information on the circulating supply of STEEM:

  • CoinMarketCap
  • CoinGecko
  • Steemit

How to Use Steem?

Using Steem (STEEM) involves several steps, including creating an account, navigating the platform, and participating in the decentralized social media ecosystem. Here’s a guide on how to use Steem:

  1. Create a Steem Account:

    • Visit the Steem platform or use a supported Steem interface (e.g., Steemit.com, Busy.org).
    • Sign up for a new account by providing the necessary information.
    • Securely store your account’s private keys, as they are crucial for accessing and managing your STEEM tokens.
  2. Explore the Platform:

    • Familiarize yourself with the platform’s interface and navigation menus.
    • Discover trending and popular content by exploring different categories and tags.
    • Follow users and communities that align with your interests.
  3. Create Content:

    • To contribute content, click on the “Submit a Story” or equivalent button.
    • Craft your post, including text, images, and any relevant links.
    • Use appropriate tags to categorize your content.
  4. Engage and Interact:

    • Engage with other users’ content by upvoting, commenting, and resteeming (similar to retweeting).
    • Build connections with the community by actively participating in discussions and providing valuable input.
  5. Earn STEEM Rewards:

    • As users engage with your content (upvote, comment, resteem), you earn STEEM rewards.
    • The more valuable and engaging your content is, the higher your potential rewards.
  6. Stake STEEM Tokens:

    • Consider staking your earned STEEM tokens to increase your influence on the platform.
    • Staked tokens can be used to participate in the platform’s governance and influence content rewards distribution.
  7. Explore Communities:

    • Join and participate in various communities or groups based on your interests.
    • Communities provide a focused space for like-minded individuals to share content and engage in discussions.
  8. Trade or Convert STEEM:

    • If you wish to convert your earned STEEM into other cryptocurrencies or fiat currency, you can do so on supported cryptocurrency exchanges.
    • Withdrawals and conversions are typically facilitated through the exchange of STEEM tokens.
  9. Stay Informed:

    • Keep an eye on platform updates, community announcements, and any changes to the reward system.
    • Follow official Steem social media channels or community forums to stay informed about the latest developments.
 

Remember to always prioritize the security of your account by safeguarding your private keys and following best practices for online security. Additionally, engage with the community in a positive and constructive manner to make the most of your experience on the Steem platform.

How to Choose Steem Wallet?

Choosing the right wallet for your Steem (STEEM) can be crucial for securing and managing your digital assets. With various options available, it’s essential to consider factors like security, convenience, and Steem-specific features. Here’s a guide to help you make an informed decision:

Key factors to consider when choosing a STEEM wallet:

  • Security: This should be your top priority. Look for a wallet with a strong reputation for security and features like two-factor authentication (2FA) and multi-signature support.
  • Support for STEEM: Not all wallets support STEEM. Ensure the chosen wallet explicitly states STEEM storage and transaction compatibility.
  • Wallet type: Different types of wallets offer varying levels of security and convenience. Here’s a brief overview:
    • Hardware wallets: These are the most secure option, storing your private keys offline on a physical device. Popular hardware wallets for STEEM include Ledger and Trezor.
    • Software wallets: More convenient than hardware wallets but less secure. They come in two main forms: desktop wallets and mobile wallets. Popular software wallets for STEEM include the Bybit Wallet, the official Steemit wallet, and Exodus.
    • Exchange wallets: These are wallets provided by cryptocurrency exchanges. They are convenient for trading STEEM but generally less secure than hardware or software wallets.
  • Ease of use: The wallet should be user-friendly, even for beginners.
  • Additional features: Some wallets offer features like staking, voting, and dApp integration. Consider what features are important to you and choose a wallet accordingly.
 

Why Bybit Wallet might be a good option for STEEM:

Bybit Wallet ticks many boxes when it comes to choosing a STEEM wallet. Here’s why you might consider it:

  • Security: Bybit Wallet boasts robust security features like 2FA, multi-signature support, and industry-leading security practices.
  • Supports STEEM: Bybit Wallet seamlessly handles STEEM storage, sending, and receiving.
  • Mobile wallet convenience: Access your STEEM anytime, anywhere, with Bybit Wallet’s user-friendly mobile app.
  • Ease of use: The interface is designed for intuitive navigation, making it suitable for both beginners and experienced users.
  • Additional features: Bybit Wallet offers features like staking, earning rewards, and integrating with select dApps.
 

Bonus points for STEEM users:

  • Seamless integration with Bybit exchange: If you already use Bybit for trading, Bybit Wallet makes transferring STEEM between your wallet and the exchange effortless.
  • Competitive fees: Bybit Wallet charges reasonable fees for transactions, making it a cost-effective option for managing your STEEM.
 

Remember, the best wallet for you ultimately depends on your individual needs and preferences. By carefully considering the factors mentioned above and researching available options, you can find the perfect wallet to securely store and manage your STEEM tokens.

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Perl.eco (PERL):

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Perpetual Protocol (PERP):

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Phala Network (PHA):

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Pirate Chain (ARRR):

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PIVX (PIVX):

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Power Ledger (POWR):

  • Overview: Power Ledger (POWR) is a blockchain-based energy trading platform that enables decentralized energy transactions. It allows users to buy and sell renewable energy directly, promoting sustainability in the energy sector.
  • Key Features: POWR leverages blockchain technology to create a transparent and efficient energy marketplace. It facilitates peer-to-peer energy trading, enabling consumers to directly engage in sustainable energy practices.

Pundi X (NPXS):

  • Overview: Pundi X (NPXS) is a blockchain-based point-of-sale (POS) solution that aims to simplify cryptocurrency payments. It provides merchants and consumers with a user-friendly platform for transacting in digital currencies.
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Pyth Network (PYTH):

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Final Thoughts on Steem (STEEM)

In conclusion, Steem (STEEM) represents a pioneering foray into the intersection of blockchain technology and social media, reshaping the way users interact with online platforms. By introducing a decentralized content rewards system, Steem not only empowers content creators to earn tangible incentives but also fosters a dynamic and engaged community. The integration of delegated proof-of-stake (DPoS) governance ensures a scalable and efficient platform, allowing users to actively participate in decision-making processes and contribute to the evolution of the network. With its unique approach to combining cryptocurrency with social media, Steem not only provides a secure and censorship-resistant space but also introduces a novel paradigm where user contributions hold significant value.

As users continue to explore and engage with Steem, the platform’s commitment to decentralization, content rewards, and user empowerment positions it as a groundbreaking force in the crypto-social landscape. Steem’s resilience against censorship, real-world utility of its native STEEM token, and the ability for users to shape the platform’s future make it a compelling example of how blockchain technology can redefine social interactions in the digital age. Whether you are a content creator seeking fair compensation for your contributions or a user looking for a more inclusive and decentralized social media experience, Steem stands as a testament to the transformative potential of blockchain technology in shaping the future of online communities.

Frequently Asked Questions on Steem (STEEM)

To earn STEEM on Steem, you can contribute to the platform by creating and curating content. Content creators receive STEEM rewards based on the quality and popularity of their posts, while users who upvote or engage with content also earn STEEM. The more valuable and engaging your contributions, the higher your potential rewards.

Staking on Steem involves locking up your STEEM tokens to increase your influence on the platform. The more STEEM you stake, the more impact you have on the content rewards distribution and governance decisions. Staked tokens also contribute to the platform’s overall security. Keep in mind that staked tokens are not immediately liquid, so it’s essential to balance between staking for influence and maintaining liquidity.

The governance of the Steem platform is decentralized, and users holding STEEM tokens can actively participate. By voting for witnesses, who validate transactions and contribute to network security, users play a role in shaping the platform’s direction. Additionally, stakeholders can engage in discussions on proposed changes and updates, ensuring a democratic decision-making process.

Yes, you can convert your earned STEEM into other cryptocurrencies or fiat currency. To do this, you need to use supported cryptocurrency exchanges where STEEM is listed. You can withdraw your STEEM from the Steem platform to your chosen exchange, trade it for your desired currency, and then withdraw the converted funds. Always use reputable exchanges and follow best security practices when handling your cryptocurrency assets.

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