Steem cryptocurrency is owned and run by Steemit, a platform that launched in March 2016 with the intention of monetizing social media activity on the blockchain database.The platform was founded by Daniel Larimer, founder of BitShares, and Ned Scott, a former financial analyst.Steemit is completely free to use; all you have to do is avail your time and get free crypto money.
Steemit is more than just a website: it is blockchain-built using Graphene technology, which allows for the deployment of application-specific blockchains.The base currency on the network is Steem tokens, which can be traded and transferred by users.The conversion process would take seven days so that it is not possible to convert it immediately and take advantage of price difference in order to earn more than the $1 worth of the smart contract.
The fact that Steemit tags the social activity of commenting, contributing blogs and voting up stories, with monetary rewards, means it has real demand. People can actually get free money on the platform by participating in this social activity because Steem dollars can be redeemed with real-world currency. The amount of compensation is also something to look at when considering if or not more people will join the network.
