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In this video one of the Steem team explains how they have created a block chain that is based on POW (Proof Of Work) where the "work" is content providers, providing content.
The rewards are based on the number of transactions of "votes" to create the internal currency.
It's 30 minutes long, but it's not really "Geeky" at all, so even if you're not totally sure what the blockchain is, this video should help you to understand it a little deeper.
OH and the crypto currency?
Well it's STEEM which is what powers STEEMIT (you;re on it).