Posted on April 2, 2018
Steem provides a scalable blockchain protocol for publicly accessible and immutable content, along with a fast and fee-less digital token (called STEEM) which enables people to earn the currency by using their brain (what can be called “Proof-of-Brain”).
Compared to other blockchains, Steem stands out as the first publicly accessible database for immutably stored content in the form of plain text, along with an in-built incentivization mechanism. This makes Steem a public publishing platform from which any Internet application may pull and share data while rewarding those who contribute the most valuable content.
The tokens you receive when using the Steem platform are called Steem Blockchain Dollars (SBD). SBD tokens are designed to be pegged closely to one USD, so that users who receive them can know approximately how much they are worth in “real dollar” terms.
The STEEM blockchain is the backbone for the steemit.com social network with over 340k users.
– Steem already has a lot of activity and exposure through the steemit.com social network
– It allows for content creator and users to get rewarded directly
– Very fast transaction time (10 000 tx/s)
– Lots of features missing. (likes, chats, pages, groups etc). The current app is mostly a discussion forum
– There are a lot of new tokens being created each year (9.5%/year in December 2016, decreasing by 0.5%/year) which dilutes the ownership of current holders
– Users currently have to be approved by Steemit to be able to join which defies decentralization and creates an additional barrier to entry.
The Steem network has been up since 2016. Steemit.com is still in beta.
In 2018, Steem plans to improve their account signup process along with the Hardfork 20 “Velocity” and to implement Smart Media Tokens (SMT) which can be used to reward users who use a new website that was built on Steem.
Steem uses a delegated proof-of-stake algorithm. By defining the rules for when a Hardfork occurs, the witnesses elected within the DPoS framework can quickly and efficiently decide on whether or not to move forward with a proposed hardfork, allowing the Steem blockchain protocol to evolve more rapidly than most others. The Steem blockchain has already successfully forked 19 times, and each time a Hardfork has occurred, only a single chain has persisted after the fork.
To promote activity on their platform, Steem introduced Proof-of-Brain. 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.
Of the supply of new tokens created by the Steem blockchain every year, 75% of those tokens compose the “rewards pool” which are distributed to content creators and content curators. 15% are distributed to vested token holders, and 10% are distributed to Witnesses, the block producers cooperating inside Steem’s DPoS consensus protocol.
Steem is similar to Basic Attention Token since they both allow content creators and users to be remunerated for using the platform.
Steemit recently announced a partnership with Datawallet
STEEM is traded on Upbit, Bittrex, Poloniex and HitBTC.
Steem is a blockchain layer.
Reddit: 2 336 subscribers
Twitter: 72.5k followers
Jan-25-2018: 6.45 USD
Dec-2017: 0.988 USD
Sept-2017: 1.53 USD
July-2017: 1.55 USD
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.