What is Steem?
Steemit is typically a block-chain based social media network/website that provides incentives to the quality content writer in the form of its own crypto-currency i.e STEEM, Steem dollar & Steem Power.
The major difference between the three variants of this crypto-currency is stated as follows:
· The STEEM is a unit that can actually be traded against the crypto-coins like Bitcoin and its peers that can further be converted into Steem Power or Steem Dollar.
· The case with Steem Dollar is that it guarantees the value of Steem equalling to $1 and is generally used to reward the efforts of writer/blogger/publisher of content.
· Steem Power is more like an equity stake in steem network that is utilized to provide the tip or to up vote the well written content. The majority share of Steem Power enjoys the say in regulating the available content on the website.
STEEM and Steem Dollar are essentially liquid in form unlike Steem Power.
There is as such no maximum coin limit for the Steem. The content over the Steemit is easily readable without even creating an online account, plus the writer can float their content in this platform with anonymity as well. The current market cap of Steemit stands at $234 million. The symbol used to denote Steem is STEEM itself. It works on the POW algorithm signalling SHA-256.
History and Founders of Steem:
Steemit is a social media website invented in the year 2016 by Ned Smith Steem and Dan Larmier.
How to have a possession of Steem token?
Steem employs two ways of getting a hold of Steem coin. One is to earn it by publishing or up voting content. Another mode is to buy it against the virtual currencies like Bitcoin, and several other crypto-coins from the recognised exchanges. The eminent ones are listed below:
Best Steem Exchanges:
Poloneix: Trading in Steem since July 2016
Changelly: Trading in Steem since August 2016
Bittrex: Trading in Steem since July 2016
Hitbtc: Trading in Steem since August 2016
OpenLedger: Trading in Steem since July 2016
Korbit: Trading in Steem since January 2017
ShapeShift: Trading in Steem since August 2016
Best Steem Wallets:
Steem Wallet (Official Wallet)
eSteem (Mobile Wallet)
How is Steem different from Bitcoin?
The aim and intention behind the creation of Bitcoin was to run a parallel decentralised currency regime giving the power and authority in the hands of the common masses (general public).
The intention behind creating the Steem network is to incentivise the quality content online.
Steem generally prevails in its internal network unlike Bitcoin, which is experiencing a wide acceptability from the diverse range of outside parties.
Key Competitiors of Steem:
Stand out pointers for Steem:
· Steem has a genuine and noble idea of tipping the writers community offering quality content to the web community promoting a positive sentiment.
· The prevailing mechanism of Steem encourages a constructive use of crypto-coins for rewarding the genuine/deserving section of the society.
Disadvantages of Steem:
· The limitation of Steem to be confined in its own network is one of the potential disadvantages of Steem in contrast to the other models of crypto-currencies.