Steemit is a social network built using blockchain technology. This network will use Steemit's tokens to reward content producers. To put it bluntly, it is to give quality content money! Steemit's goal is to benefit the people in this attention economy. Previously, our attention on major social media was collected by operators and sold to advertisers. Now we can use our attention to reward others or Making wealth, how do you say this? In my opinion, Steem is a decentralized short book or decentralized WeChat public number, which is used to motivate everyone to publish high-quality articles, and the above rewards are automatically distributed through praise and publication. Of course, personal rewards should also be ok, but it seems to be more troublesome, I have not tried. .
How does Steemit work?
Steemit uses blockchain technology to produce its own tokens, just as Bitcoin needs miners to produce their own tokens, but Steemit uses the Graphene blockchain framework to make their own tokens ( No miners). Then admire the people who produce quality content through user comments and votes. So the value of the individual is evaluated by the entire community. The more useful you produce, the more chance you will get more rewards. Everyone knows that decentralization is one of the characteristics of the blockchain, so the designer of Steemit and the team will not sell the user's data (and should not get the user's data), completely with the current social media. Instead, decentralized social media is kept by the entire community. Everyone's information is stored in the blockchain of steemit, no one can steal your information privately.
How to make money through steemit
Haha, this topic is definitely a lot of people interested. Steemit rewards the person who posted the message (feeling nonsense..) and also rewards people who find quality content! This means that if you can find the best quality and forward it out, you will get a curation reward!
Where does Steemit's token come from?
Steem tokens are divided into 3 types: 1.Steem 2.Steem Power 3. Steem Dollar
1.Steem
Steem is the money flowing on the steem platform itself, which can be exchanged for Steem power, traded as steem dollars, or transferred to another account. Steem itself is a virtual currency, just like bitcoin. In analogy, Steem is the stock of the steemit website, which can be used to trade other digital currencies or legal currencies with major exchanges. Prices follow market volatility.
Steem Power (SP) is a measure of a person's influence on steem (power has energy and influence, power). The more SPs a person has, the more he can influence the value of the article and the value of the comment. Steem Power is more like real estate or the company's higher stocks. It can't be transferred directly. If you want to exchange cash for "selling real estate", it will take about 13 weeks to redeem. You can divide Steem every week. In other words, you can't exchange cash directly with SP, but you can use it to redeem steem and use Steem to exchange cash. Although it takes a long time, this is also to let you hold the SP for a long time, so as to better maintain the community. Because Steem is constantly producing, there will be an inflation effect. SP will prevent inflation by high interest income (imagined as rent or interest dividend) and guarantee SP holders long-term income, which is one of the benefits.
Steem Dollars (usually referred to as SBD) is a digital currency that is directly equivalent to the US dollar. How do you do that? That is, when you want to exchange cash, Steem Dollar will be converted into Steem with the current market value equal to 1 US dollar. For example, if you have 1Steem Dollars, the current Steem market value is 1.5 USD, then you will get 0.666667 Steem, then you can Exchange it to $1 in the exchange. Steem can also be used to purchase things directly, such as PeerHub.com accepting SBD payments.
The Steem Network will continue to produce digital currency to reward content producers and communicators. 75% of the newly generated Steem will be sent to the prize pool for content producers, commentators and communicators. 15% will be used as interest for those who hold SP (to support these influential people to maintain the community), and the last 10% are used to pay for verification transfers.
How to cash?
As mentioned above, Steem itself is a virtual currency, just like Bitcoin. Can be used to trade other digital currencies or legal currencies with major exchanges. Prices follow market volatility. It takes about 13 weeks for Steem Power to be converted to Steem, and you will be divided a week, so be prepared in advance of the exchange. After redeeming Steem, you can sell it on the market. But before you redeem it, you have to think clearly, because you will need a higher price Steem than the current price. So don't sell if you want to buy SP later. Note that Steem Power cannot be converted directly to Steem Dollar and can only be converted between Steem (but there is no need to switch to Steem Dollar, as Steem itself can be redeemed). The original text can be viewed here: https://steemit.com/faq.html#What_is_the_difference_between_STEEM__STEEM_Power__and_Steem_Dollars I found a YouTube video that explains it well, you can check it out: https://steemit.com/steemit/@shredlord/steem-steem- Dollars-and-steam-power-explained
Precautions
Blockchain technology is decentralized, so they will record everything that happened, which means that the content you posted can't be completely deleted. You can't let some people see it, but the blockchain still Will save all your published messages. So think twice before you post a comment.