Steemit is a blogging and social media website that is built on the STEEM BLOCKCHAIN, It rewards authors as well as other users with it's cryptocurrency STEEM for publishing articles and curating contents.
The steemit blockchain runs on the social consensus algorithm known as the "PROOF OF BRAIN". This means that rewards are alloted on the basis of the ability of users to apply sense of judgement and use their brains maximally.
There are 2 types of Rewards:
1. Author Rewards.
Here Authors are rewarded for posting useful contents and the value of the reward is based on the number and value of upvote and comments it gets.
2. Curators Rewards.
Here, users are rewarded for upvoting and commenting on useful post. More like the rewards are split between the author and the users.
There are three currencies on the steemit platform known as:
1. STEEM
This is the official token of the steemit network, it is a cryptocurrency that is built and based on the STEEM blockchain. It can be transferred to other accounts, traded for steem dollars and powered up into STEEM power.
2. STEEM POWER
This is basically steem that has been frozen. It determines how much influence a user exerts on the steemit community. When a user powers up steem to steem power, he automatically makes the STEEM unable to be traded for a particular period of time.
The more steem power a user holds the more value his upvote and comments would hold and the more citation rewards he would earn.
3. STEEM DOLLARS
It is also known as SBD - Steem Backed Dollar or Steem blockchain Dollar. It is a token value designed to be pegged to the value of 1 USD. It can be employed for exchange and transferred to other accounts.
To be a part of STEEMIT requires very simple steps:
1. Click on this link: https://signup.steemit.com/
2. Enter a username
3. Enter your email address
4. Check your email for confirmation message
5. Click on the link in the mail to continue registration
6. Insert your phone number
7. Your details would be checked and a password would be sent to you, that must be stored safely
