Back
Project Review
19 min read

What is STEEM? Powering Communities and Opportunities

I. What is Steem?

STEEM

 

Steem (STEEM) is known as a Blockchain-based social networking platform, supporting community development and making it easier for users to interact with cryptocurrency rewards. With Steem, users may publish articles and earn rewards according to how many people vote for them. Members receive STEEM Tokens as their reward, which they can swap for cash on exchanges.

As of now, only Steem’s blockchain can power actual applications on social application networks like Steemit. Ned Scott and Dan Larimer started the Steem project in 2016. Bitshare and Steem both use the same graphene technology, which is the foundation of Steem. Dan Larimer established the Blockchain network known as Bitshare.

Steem’s main objective is to develop the social network sector while enabling the development and operation of dApps on the blockchain. Currently, Steemit, a social blogging platform built on the project’s blockchain, is the main product of Steem.

II. History of Steem

The co-founders of the Steem platform are Dan Larimer and Ned Scott. In August 2017, the Steem platform’s whitepaper was released. The BitShares founders Ned Scott and Dan Larimer created the initiative in 2016. They funded the creation of this cryptocurrency platform, established Steemit Inc., administering the Steemit website. Dan Larimer made his retirement from the firm public on March 15, 2017.

III. Striking Features of Steem

In fact, today, users have created a lot of content, worth up to billions of dollars, on social networking platforms like Facebook, Instagram, Twitter, etc. However, the profit belongs to those who use it. own this platform.

Meanwhile, the content creators do not benefit, so the benefits are not divided equally between the parties.

Because of this, STEEm seeks to build a decentralized social network that is clearer and more effective by utilizing blockchain technology. This entails the absence of censorship, centralized control, timeouts, data vulnerabilities, and data abuse. Additionally, it pays users in cryptocurrency.

Curators of material are equally as vital to the Steemit community as producers. On Steemit, the people who support and assist in evaluating the value of content are referred to as “curators.” Because they assist with preserving the caliber of the information, they are rewarded on Steemit.

Here are a few Steem project highlights.

  • Free of user fees
  • The cheap transaction fees on Steem make it easier for people to sell their goods there.
  • Additionally, it gives these products a chance to compete with popular platforms like Facebook, Youtube, etc.
  • It reduces the price of creating products on the Steem ecosystem in addition to having no transaction costs.
  • Making it more competitive with today’s powerful Smart Contracts like Ethereum, NEO, and EOS
  • SMT, or Smart Media Tokens: When it comes to allowing content creators to build their own native tokens, SMT is essentially equivalent to ERC20.
  • The ability to earn more money with these SMT Tokens encourages content creators to produce more original content.

IV. Core Technology of Steem 

What problem does Steem solve?

The value of user-generated content to today’s social media sites like Reddit, Facebook, and Twitter is in the billions of dollars. However, the majority of this profit goes to the platforms or the stockholders.

The authors of such information, however, do not reap much rewards. The parties concerned are receiving advantages inequitably as a result of this.

Steem seeks to build a social network that is more open and effective. By utilizing the Blockchain’s transparency and its reward system, which is based on the contributions of each entity.

Steem’s Solution

 Steem’s solution is to create a two-tier ecosystem:

  • Layer 1 – Steem: Is the Blockchain that stores all transaction data and handles all events that take place. STEEM is considered as currency and can be used in the system.
  • Level 2 – Dapps on the Steem Blockchain: With the central and first product in the ecosystem, Steemit Platform – a Social Blogging, owned by Steemit Inc with the main Website is Steemit.com.

STEEM solution

How Steem works

We must first grasp how Steemit functions in order to comprehend it properly. New Steem units will be created daily and distributed to users via Steemit. The units will then be traded on the Bitcoin market by Steemit. Like many other cryptocurrencies available today, Steemit operates in a similar manner.

For Bitcoin, actual units of currency are created every day and given to the owner of a program that runs the Bitcoin network with a sizable amount of BTC mining. While this is happening, users who mine Steem will produce new Steemit currencies and share them among other users.

Steemit allows users to mine currency but is not a way to make money. People who participate in the site every day are distributed in the currency Steemit. The more you join the Steem platform, the more benefits you will receive.

V. What is STEEM?

1. Detailed Information about STEEM

STEEM uses a system of 3 different tokens, including:

  • STEEM (STEEM): The main currency of the STEEM ecosystem (and also the coin you need to buy if you want to invest in this project).
  • SBD (STEEM Dollars): A Stablecoin backed by STEEM and pegged to the price of the US dollar.
  • SP (Steem Power): measures the user’s influence on the Steem platform. You can convert STEEM tokens to SP for a period of time. The more SPs you have, the higher your upvotes in determining the value of a piece of content to both creators and voters.
  • SMT (Smart Media Tokens): for Content Creators who can create their own Native token.

When users post or comment on the Steemit platform, they are paid with a combination of STEEM, SP and SBD tokens.

The amount of STEEM a user owns determines the amount of bandwidth they are allowed to comment on Steemit and the amount of coins redeemed.

SP also allows users to receive new STEEM tokens as they are created on the blockchain. 15% of newly created STEEM tokens are allocated directly to SP holders.

  • Ticker: STEEM
  • Blockchain: Steem’s Blockchain
  • Consensus: DPoS
  • Function: Currency
  • Total Supply: Not Fixed
  • Circulating Supply: 324,344,715 STEEM
  • Annual Inflation: Starts at 9.5%, decreases 0.01% every 250,000 Blocks (equivalent to 0.5% per year).
  • The Annual Inflation rate will decrease until it is 0.95% (about 20 years).

2. STEEM Allocation

STEEM allocation

 

3. STEEM Noticeable Milestones

Token Sale

The project does not conduct Token Sale. The initial supply of the project is 0.

4. Use Cases of STEEM

STEEM is used with 5 main functions:

  • Pay block rewards to Validators (there are 21 Validators in total).
  • Pay rewards to the Stakers.
  • Pay rewards to Content Creators on the Steemit platform.
  • Property Backed for SBD.
  • Vote for 21 Validators.

VI. How to earn & own STEEM?

A number of exchanges, including Huobi Global, Binance, MEXC Global, Bittrex, Poloniex, Bitvavo, ProBit Global, WazirX, Huobi Korea, Bithumb, CoinEx, HitBTC, etc., currently list and support trading of STEEM Token.

STEEM Token accounts for 78.39% of all trading volume on Huobi Global, making it the most widely traded cryptocurrency. To purchase and sell STEEM Token, you can refer to and pick one of the exchanges listed above.

In addition to purchasing STEEM Token directly on exchanges. On Steemit.com, you may start creating content. You will receive STEEM Token if the community follows and votes for you frequently. To earn STEEM Token, users can also join Stake, Locked STEEM.

VII. Which Crypto Wallets are suitable for STEEM?

Steem is a project born very early. Therefore, the development team has built for the platform a separate electronic wallet to store STEEM Token. To create a wallet and use it, users can choose:

  • Web Wallet: Steemit is Steem’s main social networking platform, integrating Steem e-wallet to save STEEM Token, STEEM Dollar, STEEM Power. And Busy – an alternative interface to Steemit, is in beta.
  • Mobile Wallet: eSteem and Steemwallet.app are two Steam-specific apps, developed by the team and the community.
  • PC Wallet: Vessel is a desktop wallet platform for Steem, developed by Jesta. Currently, Vessel is available on platforms such as: Windows, Mac OS, Linux.

VIII. STEEM Recent Developments

  • Explanation of (Project Token) growths recently

IX. Teams, Funds & Partners of STEEM

1. Team

In 2016, Steem was founded by Ned Scott and Dan Larimer – the creators of BitShares. They are the organization’s founders and are in charge of the website Steemit, which provides funding for the creation of this cryptocurrency platform. Additionally, BitShares and EOS were both founded by Ned Scott and Dan Larimer.

Dan Larimer withdrew from the project on March 15, 2017. The growth and functioning of Steem are significantly impacted by this. Ned Scott and the rest of the development team have nonetheless managed and advanced Steem admirably in a short period of time.

2. Investment Funds

updating…

3. Partners

updating…

X. Where can STEEM information be updated?

Currently, Crypto users can fully consult, research, and analyze information about STEEM through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.

These media are constantly updated with useful information, new activities, outstanding events of STEEM and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.

XI. FAQs about Steem

  • How is the liquidity of the coins in the Steem platform?

STEEM Token and STEEM Dollar are liquid and STEEM Power is not.

  • How does Steem manage the community’s budget?

In the process of creating a post, the content creator will receive a reward of tokens needed in the network corresponding to the value of each post, including:

No. Transaction fees are not assessed to users of the Steem project. As a result, Steem has been able to lessen the entry barriers for its goods. Additionally, since there are no transaction fees, products in the Steem ecosystem can more effectively compete with other smart contracts like those on Ethereum, EOS, NEO, etc.

Conclusion

In conclusion, STEEM coin is a blockchain platform that supports community building and social interaction. It operates on a fair accounting system that consistently reflects the contributions of each person.

While Steem has been able to create a market for itself with a lot of advantages, it faces many challenges and the fact that STEEM tokens are created every day, making it much more prone to inflation. time out. Hope investors will consider carefully when investing in this project.

The above is Meta Lion’s comment on the Steem project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions. 

Leave a Reply

Your email address will not be published. Required fields are marked *

We use cookies to give you the best experience. Cookie Policy
error: Content is protected !!