Steem represents a fusion of ideas, drawing from both social media and cryptocurrencies to create a new kind of platform. Anybody can create, share, or upvote content on the Steem network, earning cryptocurrency tokens based on performance within the community.
Steem’s main platform, called Steemit, is a social media network built on top of the Steem blockchain. Steemit is similar to popular content-driven social networks like Reddit and Medium, but it rewards users with cryptocurrency for their participation. Here’s how it works:
Fundamentally, the more value a particular piece of content provides to a greater number of people, the more the individuals responsible for creating and curating that content can earn.
Users cast votes, creating a hierarchy of content. The more upvotes a post gets, the more it will earn. The platform also allows for downvotes, giving participants more flexibility when it comes to rating content.
Steemit is meritocratic, meaning users that hold more currency can cast votes with greater influence.
How is Steem different from bitcoin?
Both Steem and bitcoin were designed with a particular function in mind. Bitcoin was created to serve as a digital, peer-to-peer currency. Steem is, at its core, a social media platform. Many social media platforms use voting systems, such as upvotes, shares, or “likes,” to prioritize content. Steem incorporates these concepts into a unique, blockchain-based platform that pays users in STEEM for their contributions to the network. While STEEM and bitcoin are both cryptocurrencies, STEEM’s usage is specific to social networks.
Both Steem and bitcoin were designed with a particular function in mind. Bitcoin was created to serve as a digital, peer-to-peer currency. Steem is, at its core, a social media platform. Many social media platforms use voting systems, such as upvotes, shares, or “likes,” to prioritize content. Steem incorporates these concepts into a unique, blockchain-based platform that pays users in STEEM for their contributions to the network. While STEEM and bitcoin are both cryptocurrencies, STEEM’s usage is specific to social networks.
