DEFINITION of 'Steem'
Steem is a cryptocurrency that was launched in March 2016 and is used to power the Steemit platform. The cryptocurrency and the associated platform ran in beta testing mode through July 4, 2016, at which point they were made live to the public.
Through Steemit – a blockchain platform making use of social media structures – users create, vote on, and curate content as they would on other social news services. Those users are then rewarded in Steem tokens for their work based on the voting process.
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