Steem (STEEM) is a decentralized cryptocurrency that runs on the Steem blockchain, which powers the Steemit social media and blogging platform. The digital currency STEEM is not mineable like bitcoin or ether. Instead, the Steem blockchain allocates the majority of newly produces STEEM tokens into a reward fund, which is used to pay Steemit users for contributing to the platform. Additionally, Steem – like most cryptocurrencies – can also be used to make digital peer-to-peer payments.
Steem is primarily used on the Steemit platform. However, there are also a handful of other social media networks that support STEEM, such as Steepshot, Busy, and the Esteem app.
Currently, Steem has a market capitalization of $1.5 billion and ranks in the top 25 of the largest cryptocurrencies. Its daily trading volume is at around $50 million, and it can be traded on leading altcoin exchanges such as Bittrex and Poloniex, among others.
