Stratus Tech News
What is Steem Money?
Dec 08, 2018
New Social Platforms of Steemit Are Utilizing Crypto-Currency Called Steem, But What Exactly Is It?
The easy answer is that it is a Cryptocurrency Commodity and by utilizing it the Steemit Community has its own economy to share a pool of cryptocurrency that can be exchanged for US Dollars. Steemit has added Steem Power as an incentive to hold on to the cryptocurrency to build prestige and influence within the community and of course with the added benefit of continuing to grow the economy of Steem. Take a look at this Mind Map Infographic:
by Stratus Meridian Enterprises
The Steem Dollar Is Based On The US Dollar.
With the Volatility of Steem Commodity, known as Steem (STEEM), Payments would be subject to the Market going up or down so to solve that the Steem Dollar is a Guarantee that each Dollar is worth how ever much Steem it takes to equal a US Dollar. An IOU of sorts to secure your Steem Dollar (SBD) to the US Dollar. As a digital currency that is liquid, it is exchangeable into fiat and other digital currencies on cryptocurrency exchanges like Bittrex, UpBit and many others.
Steem Power For Influence And Long Term Investment.
Steem (STEEM) is the cryptocurrency commodity that runs the Steemit network. Earning or buying Steem can gain you Steem Power (SP) on the Steemit Network. This number of your Steem Power (SP) is called your Vest. Steem Power (SP) is in direct relation to the amount of the rewards that are paid out to account users for contributing to the Steemit platform for instance upvotes or comments. Plus due to the distribution ratio of Steem (STEEM) to Steem Power (SP) being 9:1 there is an accumulating interest for the Vest of Steem Power (SP) holders. Though the interest does not compound upon itself it is only awarded for the amount of Steem Power (SP) Vest an account holder has in their account.
Pick Check Article Here About Interest on Steem Power (SP)
This looks to be a promising and interesting development for the internet highways. With the introduction of Dtube to the Steemit Community, which is much like youtube but uses the Steem cryptocurrency to power it, the skies are getting less limited. The ability to make money without as much saturation since the platform is new is also very inspiring.
DISCLAIMER:
I by far am not an expect on cryptocurrency or these platforms. This blog is derived directly from research not as an account holder or from expertise of the subject. Please do your own due diligence before committing yourself to any internet platform.
© Stratus Meridian Enterprises
