SteemSteem is the cryptocurrency developed by blockchain-based social media content platform, Steemit, which rewards its users with Steem for producing content and using the voting system of the platform.
What is Steem?
Steem is the cryptocurrency developed by blockchain-based social media content platform, Steemit, which rewards its users with Steem for producing content and using the voting system of the platform.
The main objective of Steemit is to incentivise the users of the platform to create quality content and promote content they like along with commenting on stories. According to Steem, the economic incentives provided by the company will potentially result in “fairer and more inclusive” results for the community. Since the platform’s launch in March 2016, the most popular topics on Steemit included cryptocurrencies, politics, and technology.
Steem is the base currency and fundamental unit of the Steem blockchain and the other tokens on the network are derived from Steem.
How does Steem Work?
The Steem network is built upon Graphene which has proven that it can sustain over 1,000 transactions per second. The developers are confident that with various improvements, Graphene could be ‘easily’ scaled up to or over 10,000 transaction per second. The consensus algorithm used is the Decentralized Proof of Stake (DPOS) mechanism.
Steem operates a decentralized exchange on its blockchain and through a public market, the exchange allows uers of the Steem community to trade their STEEM tokens. Order matching is performed automatically by the blockchain while users are able to both buy and sell their tokens by placing orders for the actions.