What is Steem?
Steem’s main platform, called Steemit, is a social media network built on top of the Steem blockchain. Buy Steem (STEEM) India with BuyBitcoin. Steemit is similar to popular content-driven social networks like Reddit and Medium, but it rewards users with cryptocurrency for their participation. Here’s how it works:
- Fundamentally, the more value a particular piece of content provides to a greater number of people, the more the individuals responsible for creating and curating that content can earn.
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- Users cast votes, creating a hierarchy of content. The more upvotes a post gets, the more it will earn. The platform also allows for downvotes, giving participants more flexibility when it comes to rating content.
- Steemit is meritocratic, meaning users that hold more currency can cast votes with greater influence.
Steem is a custom blockchain responsible for rewarding content creators and site participants of steemit.com. Through a complex algorithm, the site’s participants, content creators, and miners receive some combination of payouts from the platform’s three currencies: Steem (STEEM), Steem Dollars (SBD), and Steem Power (SP).
As shared on the Steemit website, as part of the community you can earn digital tokens by:
Posting – By sharing your posts, you can earn upvotes from community members. Depending on the upvotes you receive, you will get a portion of the ongoing Steem reward pool.
Voting and curating – If you discover a post and upvote it before it becomes popular, you can earn a curation reward. The reward amount will depend on the amount of Steem Power you have.
Purchasing – Users can purchase Steem or Steem Dollar tokens directly through the Steemit wallet using bitcoin, Ether, or BitShares tokens. They are also available from other markets and exchanges including BlockTrades, Poloniex, Bittrex, Shapeshift.io, and Changelly. Steem tokens that are powered up to Steem Power earn a small amount of interest for holding.
What makes Steem different?
Although there are many other tipping platforms emerging at the moment, Steem is different from the rest. Many other cryptocurrency tipping platforms require their users to give something up in order to reward others for their contributions. However, to reward others on Steem all a user needs to do is to vote for another users’ content or post, much like you would like a post on Facebook or upvote a post on Reddit. This encourages users to participate in the community and rewards the best contributions with currency which can be collected in their own personal wallet and exchanged at any point for real-world fiat currency.
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