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You may have heard of a social network that works with blockchain based technology. So what is steem and his complete guide?. This platform is called Steemit and its Steem coins.
It rewards users and content creators. This social media platform aims to eliminate intermediaries and third parties in order to increase the creators’ profits.
Steemit is a social network whose interface is similar to any classic social network. The only difference with platforms such as Facebook or YouTube is that in Steemit users are rewarded with a token for publishing content. Steem is the network token with which any post, article or content creation published is paid.
The platform was created by Ned Scott and Dan Larimer with the aim of achieving a social network built at the top of the Steem network block chain. The platform was launched on March 24, 2016.
In the summer of the same year, steem coins started its take-off. Initially, a total of 5 million crypto currencies were released into the system. In 10 days, the digital currency had reached 4 USD per token.
After a period of time of little growth in the amount of steem, the value of the crypto currency began to rise. Thus, in May 2017 it experienced the highest peak and in December it reached over USD 2 billion market capitalization.
The currency has been evolving with a value that greatly exceeds the initial one, placing it among the first 50 crypto-currencies with the highest capitalization volume.
By creating content for Steemit, creators can make money. The amount of reward depends on the success of the publications. The more publications are shared and the more positive votes they have, the more token creators will earn on the steemit platform. It should be noted that the platform allows negative votes so that the rating of the content can really be evaluated objectively.
All publications on the platform are registered in the Steem blockchain. As it is an open and transparent system, any user can check the publications and the money earned by each one. The community itself is in charge of maintaining the network, since it is a system in which each user is responsible for maintaining certain parts.
Steem has no more and no less than three tokens. Among them are Steem, Steem Power (SP) and Steem dollars.
This crypto is a minable asset, that is, we can obtain tokens through mining. This process is developed through Proof-of-Work. Most of the profits are sent to the miners’ investment fund so that the miners can benefit from their work. For each block of steem mined the miners receive 1 STEEM. The other 10% goes to the content creators who pay for their work in Steem.
If you have already decided to buy Steem you will need a wallet to store them. One of the special features of the Steemit.com platform is that once a user registers, they are assigned a wallet to automatically store their tokens including SteemsPower and SteemDollars.
As a first option you have Trezor Model T. This wallet has a simple design to understand and handle in case you are new to the world of crypto.
Ledger Nano X is also a hardware wallet. Like the previous one, it offers security and peace of mind to our cryptos while being a comfortable way to manage our assets. It is up to you to choose the wallet that best suits your needs.
Now that we know how this crypto works and how it is composed, we can analyze what its advantages and disadvantages are.
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