What is Steem?
A social-media network and content-focused powered by the blockchain which was created on March 24, 2016 by Ned Scott. Steem represents a fusion of ideas, a combination of imaginative minds which combines a social media and a cryptocurrencies.
Steem has a goal of providing a platform for decentralized application hosting as well as decentralized data storage. Steem’s main platform, called Steemit, is a social media network built on top of the Steem blockchain. By using delegated proof-of-stake as consensus protocol, a fast block time of three seconds and transactions free for content creators are made possible.
How does it works?
- Steemit is meritocratic, meaning Content creators with more currency can give votes with greater influence.
- The greater the quality of a particular piece of content provides to a greater number of people, the highest the rate of earning it will get.
- Users gives votes, making a hierarchy of content. The more upvotes a post gain, the more it will earn. Steemitalso allows for downvotes, allowing participants to rate contents base on quality and efforts.
What is the difference of Steem and Bitcoin?
These two cryptos are both designed with a particular function. At its core, “Steem” for a social media platform, while Bitcoin is digital a peer-to-peer currency.
