What is Steem Blockchain ?
Steem is a social blockchain that grows communities and makes immediate revenue streams possible for users by rewarding them for sharing content. It's currently the only blockchain that can power real applications via social apps like Steemit.
What is Steem ?
Steem is a cryptocurrency used to power the platform Steemit - an incentivized blockchain social media platform. Users create and curate content on Steemit just like other social news platforms (e.g. Reddit, Hacker News) and get rewarded in Steem for their work.
What is Steem Power ?
STEEM Power (SP) is STEEM (see STEEM_Tokens) that has been locked in, vested, meaning it can't be immediately withdrawn to spend. STEEM Power is what gives you influence on Steemit. The more SP you have, the more money you give to authors with an upvote as well as the greater the curation rewards you can earn.
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.
Steem has three cryptocurrencies !
STEEM. STEEM is the foundational cryptocurrency of the Steemit network. STEEM can be exchanged for bitcoin or other cryptocurrencies via several prominent exchanges. In order to cast votes, however, you need to turn your STEEM into Steem Power (SP). This process is known as “powering up”. You can also convert STEEM into Steem Dollars.
Steem Power (SP). When you turn STEEM into SP, you are investing it in the network as equity. One unit of STEEM, vested as SP, equates to one vote. Those with the most SP to contribute have the greatest influence over which content is elevated to the top. Upvotes and downvotes, or “flags”, from users holding large amounts of SP are worth more than users with less SP. Additionally, around 90% of new STEEM that is created goes to users who hold a lot of SP, which creates an incentive for participants to invest their earnings back into the network. Rate limits are in place on converting SP back into STEEM, known as “powering down”.
Steem Dollars. Steem Dollars, valued at 1:1 with the US dollar, are a unit used to represent a short-term debt. Holding Steem Dollars is described in Steem’s white paper as a way of lending the community the value of one US dollar, which is designed to foster growth.
How to get STEEM ?
There are two ways to get STEEM: buy it or earn it. You can buy STEEM on several popular cryptocurrency exchanges, including Poloniex, Bittrex and ShapeShift. Buying STEEM is probably the fastest way to acquire this currency. Earning STEEM is done by engaging with the Steemit community, posting content, commenting, sharing and networking. The more valuable contributions you make, the more STEEM you should earn.
