Steem (STEEM)

Last updated 18/06/2021

Steem social platform: https://steemit.com/

What is Steem (STEEM)?

Steem is a social blockchain that makes immediate revenue streams possible for social media users by rewarding them for sharing content. It currently powers real applications via social apps such as a social blogging platform Steemit, a decentralized video platform called DTube, and Utopian, a platform to fund open source projects. Typically, shareholders of social media platforms make money from user-generated content while the content creators make nothing in comparison. Steem flips this model and returns the value to the people who contribute the most; the content creators. Users become platform stakeholders that maintain control over their data and earn cryptocurrency rewards for each contribution they make. These rewards are paid in Steem tokens, and from June 2020 to June 2021, $59,595,935 were paid out as rewards to Steem users.

The Steem blockchain has very fast transaction speeds, processing one every 3 seconds. It is considered the only blockchain that can support social applications at scale. Steem sometimes processes a much larger number of transactions compared to Bitcoin and Ethereum as it is already used by over 1 million people on more than 324 Steem-based apps.

The Steem blockchain allows native digital assets, SMTs (Smart Media Tokens), on the network. SMTs are similar to STEEM tokens and can be integrated into web applications and also be used as incentives to grow and expand platforms built on the Steem ecosystem. More information regarding Steem and SMTs can be found here.

Team

Steem is supported by a team of full-time individuals, open-source contributors and community members. As well as creators, curators are also a significant component to the network. Participants who upvote and asssit in evaluating content are called 'curators' on Steemit. As a progammer or developer, users can even build and create on the Steem blockchain themselves. You can find more information about the open-source network here.

Steem do demonstrate a notable team and network of partnerships. Dan Larimer is a software programmer and co-founder of Steem, as well creating the delegated-proof-of-stake (DPoS) consensus model. He is also the Chief Technology Officer of EOS.IO. Larimer also co-founded the decentralised exchange Bitshares in 2013.

Ned Scott is another co-founder and CEO of Steemit.Inc. He is an advisor to major cryptocurrency projects and regularly makes guest appearances in crpytoasset events and conferences. He is an advocate for free sprech and often discusses the relationship between blockchain technology, social media and digital communication.

Multiple companies have also partnered with Steemit for upcoming projects and services. More recently, this includes a $20 million fund from Global Blockchain Technologies, who aim to implement more developments on the Steem ecosystem. DataWallet is another partner who are too helping the platform develop. Datawallet have teamed up with Steem to address the transparency of stored personal data from users on the site.

Roadmap

Steem was established in early 2016.

March 2016:

Genesis block - The genesis block of the Steem blockchain was broadcasted to the world on 24 March 2016.
First app on Steem - Steemit was the first app to run on Steem, giving people an easy place to earn cryptocurrency rewards by creating and curating content.

July 2016:

First pay-out - The first rewards pay-out was on 4 July 2016. This kickstarted the growth of Steem and they have been up-scaling ever since.

2017:

Improving systems - In 2017, Steem produced over 19 hardforks and other major improvements to the stability and scalability of the blockchain.

What's next?

"A smarter way to grow" - The next evolution of Steem will begin with the upcoming launch of Smart Media Tokens (SMTs). Smart Media Tokens will allow anyone to create their own token, similar to STEEM, and use those tokens to fundraise, monetize content, and grow their own social communities.

Where to Store Steem (STEEM)

There are multiple ways to store Steem tokens. Compatible wallets include eSteem and Steemit.

eSteem is a mobile wallet specifically made for STEEM tokens and is available to be downloaded from both Google Play and the Apple store. It is a user-friendly wallet that allows you to send, receive and store Steem coins whilst giving people access to blog material and posts. eSteem is looking to become a full-fledged desktop wallet in the near future. This wallet will be linked to your Steemit platform account, so you must use your password and private keys from your Steemit account to set it up. You may download the eSteem wallet here.

Steemit is the social platform powered by STEEM tokens and it is also an online wallet, where your assets are held securely on the website. The website stores your private keys, which you can access through your settings menu. It is critical to have a secure password for your account, which if lost can be recovered by a passphrase and please note that there is no 2FA. The Steemit wallet is free to set up and use, and you may find more information here.

Where to Buy and Sell Steem (STEEM)

You can Buy & Sell Steem (STEEM) here at BC Bitcoin.

You can Buy STEEM by heading over to the Buy Coins page of our website. STEEM is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying STEEM has never been easier, simply place your order and provide your wallet address. Once your payment arrives, STEEM will be sent directly to your wallet.

If you choose to Sell Steem (STEEM), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Steem (STEEM) Resources

Website: https://steem.com/

Block Explorer: https://steemdb.io/

Twitter: https://twitter.com/steemnetwork

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.