Steem (STEEM) is an open-source, suburbanised cryptocurrency created to reward posters on Steemit.com, the blockchain-based social media network. it's a proof-of-work coin accessible for mining by individual users via the project's package application written in Python. The initial code was experimental, with a novel accord rule that daunts mining by massive mining pools. Steemit, whose chief technology officer is BitShares founder Daniel Larimer, guarantees a fast development, together with a easy graphical pocketbook shopper.
Date of Launch: 2016-03-24
Forked from: Written from scratch
Consensus Mechanism: Proof-of-Work
Hashing Algorithm: SHA-256
Supported Platforms: Linux (Ubuntu), macOS
Posting Rewards
Earn STEEM each time you post content valued by others.
Curation Rewards
Earn STEEM by being the primary to upvote standard content
Commitment Rewards
Steem rewards long-run commitment!
Savings Rewards
Steem dollar rewards bring stability to you
Current value - $1.05
Market Cap - $254,406,893
Volume (24h) - $1,584,350
Circulating supply - 241,677,727 STEEM
Total supply - 258,651,821 STEEM
The creators of Steemit have tried and true criticisms like these, action that they need designed bound safeguards into the system to produce users with bigger incentive to carry on to their steem tokens. One such feature is Steem Power.
"Because Steem desires to encourage long-run growth, it's hardwired to apportion 9 steem to Steem Power (SP) stakeholders for each one steem it creates to fund growth through contribution incentives," the steem whitepaper declared. "Over time this drives the quantitative relation of the overall Steem worth of Steem Power balances to the overall of steem balances toward nine-to-one."
"Long-term holders are nearly fully protected against the dilution wont to fund growth" as a results of this setup, the white paper continues. Past that, the "Steem power will solely be converted back to steem over 2 years via 104 equal payments."
The Blockchain social media startup entered the market 2 years past with the thought of sharing revenues with its users.
The financial incentive it absolutely was giving propelled it to higher heights, and in july 2016, Steem rose by over 2,000 % to achieve over $400 mln in market cap inside period of time. At constant time, its value additionally grew from $0.24 to $4.63.
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