Steem (STEEM) — Blockchain-based social media platform

Priyab Dash
Aug 20, 2017 · 3 min read
  • Symbol: STEEM

Description

Steem.it is a blockchain-based social media platform where anyone can earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest.

Features

There are three main currencies in Steemit: Steem, Steem Power (SP) and Steem Backed Dollars (SBD).

  • Steem is liquid and can be bought in an exchange and converted into steem dollars or steem power.
  • Steem Power is basically Steem that is locked in a vesting fund for 3 months. Users can use steem power to upvote content and get curating rewards. When a user upvotes content his steem power gets depleted and then slowly regenerated. Steem Power holders receive interest from their holdings. The more Steem Power a voter has the more revenue he’ll generate for himself (in form of SP) and for the content creator (In SBD).There is also an incentive to upvote content early, as the rewards are distributed according to time. The earliest votes gets the biggest share of the reward.
  • Steem Backed Dollars are there to protect content creators from volatility and can be traded for roughly 1 usd worth of steem, in order to cash out from steem. Converting Steem backed dollars into STEEM takes 5 days. Users also recieve interest from holding SBD.
  • Underneath the hood of Steemit.com there is a tradeable cryptocurrency token, called Steem, and it’s performing well on the US-based exchange, bittrex.com, and blockchain-based exchange openledger.info. With Steemit.com, posts, comments and votes are immutable. Attribution is a given. Accreditation is not taken for granted. And community appreciation is an actual reward.

Issues with Steem

  • While Create an account Password length should be 16 characters or more is shown which is sometimes very difficult to remeber
  • This number will fall as there is more content added and people vote on it. In effect, all existing payouts are diluted by payouts to new content.
  • Steem.it is a blatant ripoff of Synereo
  • In terms of mining, the difficulty is insanely easy relative to the rewards right now!
  • Short POW — Specially after the 4 week long (extreme short pow) is over now (only 1 out of 21 blocks is a pow block) and they mined 80–90% of the supply, which stakes for them
  • Lack of instructions and wallets so 99% of the people can’t mine a coin that is meant for the people
  • Relaunched because their miners crashed
  • Coins staking now
  • 4th ANN, thread to burry the past
  • 1 out of every 21 blocks is a POW block, rest is staking, mostly the coins they own
  • Blogging the new mining, while they centrally issue some of the premine through a website is kinda humorous

Source: https://bitcointalk.org/index.php?topic=1466593.40

Key Pointers

Don’t buy the coin on exchanges, because the developers will dump on you from the millions of coins they hold and stake (80%+ of the supply). Get it ONLY for free from the website, from where it’s centrally issued for content.People can still get their coins for free on the website, the only reason it’s not there is because the developers need to dump to gain funding.

Technology

Steem is a proof of work currency with a scheduled blocktime of 3 seconds. Steem PoW mining is done in rounds of 63 seconds by 21 miners (witnesses). 19 of the miners are pre voted, one is the other with the most computational power, and the last one is selected from a queue of witnesses that did not get on the top 19 voted witnesses.

90% of the block reward is allocated to a vest fund to reward curators and PoW miners, the other 10% are made liquid in the form of steem and are used to reward content creators. Steem gets converted to Steem Backed Dollars and sent to the content creator.

  • Total Coin Supply: 99692126
  • Total Coins Mined: 99692126
  • Proof Type: Pow

Reference

CRYPT BYTES TECH

Articles on ICO, Cryptocurrency, Blockchain. If you like the blog then please help support the publication via https://www.patreon.com/cryptbytestech. You can join to chat with me at https://t.me/joinchat/E-6WAkQsiIyJ2tQ4423hrA.

Priyab Dash

Written by

CRYPT BYTES TECH

Articles on ICO, Cryptocurrency, Blockchain. If you like the blog then please help support the publication via https://www.patreon.com/cryptbytestech. You can join to chat with me at https://t.me/joinchat/E-6WAkQsiIyJ2tQ4423hrA.

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